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Investments - Summarized Financial Information, BKFC (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Schedule of Equity Method Investments [Line Items]
Depreciation and amortization	$ 2.4	$ 3.0	$ 5.0	$ 6.1
Interest expense	1.2	3.3	3.5	7.1
Operating loss	(56.8)	(60.9)	(78.9)	(82.3)
Losses of unconsolidated affiliates	(9.1)	(1.7)	(12.8)	(3.7)
Net income (loss) attributable to BKFC	28.4	(240.5)	(7.4)	(355.5)	$ (536.7)
BKFC
Schedule of Equity Method Investments [Line Items]
Total revenues	88.7	61.2	166.7	132.5
Depreciation and amortization	47.7	28.0	79.1	55.2
Interest expense	8.5	5.8	16.0	10.1
Operating loss	(20.7)	(23.7)	(35.9)	(36.8)
Losses of unconsolidated affiliates	0.0	2.3	(3.6)	(3.1)
Net income (loss) attributable to BKFC	$ 23.8	$ (26.1)	$ 6.1	$ (47.5)

- Definition

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

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- Definition

Amount of Net Income (Loss) attributable to noncontrolling interest.

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The net result for the period of deducting operating expenses from operating revenues.

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

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Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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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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+ Details

Basis of Financial Statements

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Financial Statements

The following describes the significant accounting policies of Cannae Holdings, Inc. and its subsidiaries (collectively, "we," "us," "our," "Cannae," "CNNE," or the "Company"), which have been followed in preparing the accompanying Condensed Consolidated Financial Statements.

Description of the Business

We primarily acquire interests in operating companies and are engaged in actively managing and operating a core group of those companies, which we are committed to supporting for the long term. From time to time, we also seek to take meaningful equity ownership stakes where we have the ability to control or significantly influence quality companies, and we bring the strength of our operational expertise to each of our subsidiaries. We are a long-term owner that secures control and governance rights of other companies primarily to engage in their lines of business, and we have no preset time constraints dictating when we sell or dispose of our businesses. We believe that our long-term ownership and active involvement in the management and operations of companies helps maximize the value of those businesses for our shareholders. Our primary assets as of June 30, 2026 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"); Space Exploration Technologies Corp. ("SpaceX"); Computer Services, Inc. ("CSI"); Watkins Holdings, LLC ("Watkins"); JANA Strategic Investments Benchmark Fund ("JANA Fund"); Exeter Rugby Group ("Exeter" or "ERG"), 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.

Principles of Consolidation and Basis of Presentation

The accompanying Condensed Consolidated Financial Statements are prepared in accordance with generally accepted accounting principles in the United States ("GAAP") and the instructions to Form 10-Q and Article 10 of Regulation S-X and include the historical accounts as well as wholly-owned and majority-owned subsidiaries of the Company. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All adjustments made were of a normal, recurring nature. This report should be read in conjunction with our Annual Report on Form 10-K (our "Annual Report") for the year ended December 31, 2025.

All intercompany profits, transactions and balances have been eliminated. Our ownership interests in non-majority-owned partnerships and affiliates are accounted for under the equity method of accounting or as equity securities. Earnings attributable to noncontrolling interests recorded on the Condensed Consolidated Statements of Operations represents the portion of our majority-owned subsidiaries' net earnings or loss that is owned by noncontrolling shareholders of such subsidiaries. Noncontrolling interest recorded on the Condensed Consolidated Balance Sheets represents the portion of equity owned by noncontrolling shareholders in our consolidated subsidiaries.

Management Estimates

The preparation of these Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates made by management include the fair value measurements in accounting for certain equity investments (Note B - Investments and Note C - Fair Value Measurements), and the valuation allowance recorded on our federal net operating loss ("NOL") carryforwards, state net operating loss carryforwards, and certain deferred taxes related to our investments (see information below under the heading Income Taxes for further information). Actual results could differ from estimates.

Recent Developments

Black Knight Football

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 BKFC now holds a 100% ownership interest in the club. During the six months ended June 30, 2026, the Company invested $14.6 million in BKFC. As of June 30, 2026, we held a 42.4% 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.

Exeter Rugby

On June 29, 2026, Cannae, through its newly formed subsidiary Black Knight Rugby, LLC ("Black Knight Rugby" or "BKR"), acquired 100% of the ownership interests in Exeter (the "Exeter Acquisition"), a professional rugby club based in England which competes in the top division of the English rugby union system.

See Note L - Acquisitions for further discussion of our accounting for the Exeter Acquisition.

Brasada Ranch

On July 15, 2026, Cannae closed on the sale of its 87% equity interest in Brasada Ranch to a company owned by William P. Foley, II ("Mr. Foley") for $20.7 million (the "Brasada Sale"). The Brasada Sale represents an estimated enterprise value for Brasada of approximately $40 million, including the assumption of approximately $17 million of debt on the property by the buyer. As a result of the Brasada Sale, the assets and liabilities of Brasada are presented as held for sale on our Condensed Consolidated Balance Sheet as of June 30, 2026.

The sales price of the Brasada Sale was satisfied in exchange for the termination of the Put Right (as defined below). In connection therewith, the Company entered into a letter agreement (the "Letter Agreement") with Mr. Foley dated July 15, 2026 that amends the Director Services Agreement by and between the Company and Mr. Foley dated May 12, 2025 (the "DSA") to delete the portion of the DSA which permitted Mr. Foley to exercise the Put Right.

The Brasada Sale was reviewed and unanimously approved by Cannae’s Related Person Transaction Committee, as well as by Cannae’s Board of Directors, and Mr. Foley did not participate in the Board’s deliberations and did not vote on the Brasada Sale.

See Put Right section below and Note C - Fair Value Measurements for further discussion of the fair value of the Put Right and Note K - Assets Held for Sale for further discussion of accounting for the Brasada Sale.

Watkins

On July 30, 2026, Cannae completed the sale of its 49.3% ownership interest in Watkins to KDSA Investment Partners for $90.0 million in cash proceeds.

Other Developments

On March 6, 2026, Cannae Funding A, LLC ("Cannae Funding A"), an indirect wholly owned special purpose subsidiary of the Company, prepaid in full all outstanding obligations under the Margin Loan Agreement, dated as of November 30, 2020 (as amended, the "Margin Loan Agreement") and terminated its revolving loan facility with Bank of America which was secured by shares of Alight common stock. There was no outstanding principal or interest advances under the Margin Loan Agreement as of the pay-off date.

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 three months ended June 30, 2026, we repurchased a total of 2,242,500 shares of Cannae common stock for approximately $29.1 million in the aggregate, or an average of $12.99 per share under the 2025 Repurchase program. During the six months ended June 30, 2026, we repurchased a total of 3,427,500 shares of Cannae common stock for approximately $44.3 million in the aggregate, or an average of $12.94 per share under the 2025 Repurchase program. Since the original commencement of the 2025 Repurchase Program through market close on August 7, 2026, we have repurchased a total of 8,128,413 shares of Cannae common stock for approximately $124.9 million in the aggregate, or an average of $15.36 per share. As of the date of this Quarterly Report, there are 1,871,587 shares available for repurchase under the 2025 Repurchase Program.

On March 9, 2026, our Board authorized a new stock repurchase program (the "2026 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 2026 Repurchase Program does not obligate us to acquire any specific number of shares and may be suspended or terminated at any time. The 2026 Repurchase Program does not supersede or impact the repurchase capacity under the prior authorizations. We have not made any purchases under the 2026 Repurchase Program. As of the date of this Quarterly Report, there are 10.0 million shares available for repurchase under the 2026 Repurchase Program.

The following dividends were declared by our Board in 2026:

Declaration Date

Record Date

Payment Date

Dividends Per Share

February 23, 2026

March 17, 2026

March 31, 2026

$0.15

May 7, 2026

June 16, 2026

June 30, 2026

$0.15

August 6, 2026

September 16, 2026

September 30, 2026

$0.15

Related Party Transactions

During the three and six months ended June 30, 2026, we did not record any management fee and termination fee expenses with Trasimene Capital Management, LLC ("Former Manager"). The Company's agreement with our Former Manager was terminated in May 2025 and all expenses for the termination were recorded in 2025. The Company paid the Former Manager $11.4 million in the six months ended June 30, 2026 associated with the termination.

During the three and six months ended June 30, 2025, we incurred management fee expenses with our Former Manager of $17.1 million and $19.0 million, respectively, and termination fee expenses with our Former Manager of $8.3 million and $9.9 million, respectively. These expenses are recorded in Other operating expenses on our Condensed Consolidated Statement of Operations.

Earnings Per Share

Basic earnings per share, as presented on the Condensed Consolidated Statement of Operations, is computed by dividing net earnings 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 loss per share is equal to basic loss 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 and restricted stock units that 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 three and six months ended June 30, 2026, there were no antidilutive shares of restricted stock outstanding which were excluded from the calculation of diluted earnings per share. For the three and six months ended June 30, 2025, shares of restricted stock outstanding were excluded from the calculation of diluted earnings per share as inclusion of restricted stock would be antidilutive due to net losses.

Put Right

On May 12, 2025, we entered into the DSA with Mr. Foley which included a provision for Cannae to repurchase half of the common stock beneficially owned by Mr. Foley 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 could have been exercised at the option of Mr. Foley beginning January 1, 2026. As of June 30, 2026 there were 2,421,174 shares of the Company's common stock that were subject to the Put Right which represented 50% of the shares held by Mr. Foley. Based on the price of the Company's common stock as of June 30, 2026, the gross amount that could have been paid to settle the Put Right and repurchase the underlying common stock was $47.2 million.

In connection with the Brasada Sale, the Put Right was terminated effective July 15, 2026, by amending the DSA pursuant to the Letter Agreement.

Prior to the termination of the Put Right, the Company accounted for the Put Right as a liability at fair value in accordance with the guidance in Accounting Standards Codification ("ASC") 480 and ASC 815. The liability for the Put Right is included in Accounts payable and other accrued liabilities, current on our Condensed Consolidated Balance Sheets as of June 30, 2026. The initial measurement and subsequent changes in fair value of the Put Right are recorded in Recognized losses, net in our Condensed Consolidated Statements of Operations for the three and six month period ended June 30, 2026.

See Note C - Fair Value Measurements for further discussion of the fair value of the Put Right.

Goodwill

During the three months ended June 30, 2026, in connection with the Company's ongoing evaluation of strategic alternatives for the Restaurant Group as well as management's review of the reporting unit's operating results and future cash

flow projections, the Company determined that it was more likely than not that the fair value of its 99 Restaurants reporting unit was less than its carrying value.

As a result, the Company performed a quantitative goodwill impairment test as of June 30, 2026 in accordance with ASC 350. Using a market approach, we determined the estimated fair value of our 99 Restaurants reporting unit was $38.0 million as of June 30, 2026. The estimated fair value of $38.0 million was compared to the reporting unit's carrying amount of $70.1 million, resulting in an excess of carrying amount over fair value. As a result, the Company recognized a goodwill impairment loss of $32.1 million during the three months ended June 30, 2026, which is reflected within Goodwill impairment in the Condensed Consolidated Statements of Operations. Following the impairment, the goodwill balance associated with the 99 Restaurants reporting unit, which is included in the Company's Restaurant Group segment, was reduced from $53.4 million to $21.3 million.

Income Taxes

Our effective tax rate was 6.0% and 1.3% in the three months ended June 30, 2026 and 2025, respectively, and (183.3)% and (12.1)% in the six months ended June 30, 2026 and 2025. The change in the effective tax rate in the six-month period ended June 30, 2026 compared to the corresponding prior year period was primarily attributable to recording a valuation allowance in the prior year period of $84.8 million and the varying impact of equity in losses of unconsolidated affiliates on income tax expense (benefit).

Recent Accounting Pronouncements

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.

Immaterial Revision of Prior Period Financial Statements

In connection with the preparation of our Condensed Consolidated Financial Statements for the quarter ended March 31, 2026, we identified an error in the Company’s previously issued consolidated financial statements as of and for the year ended December 31, 2025. The error relates to the Company’s income tax receivable and was primarily the result of an incorrect treatment of certain business tax credits utilized in prior year tax returns which were reflected in the current income tax receivable rather than deferred tax assets.

Management evaluated the materiality of the error on a qualitative and quantitative basis in accordance with SEC Staff Accounting Bulletin No. 99, Materiality, codified in ASC 250, Accounting Changes and Error Corrections. Based on this assessment, the Company concluded that the error is not material and did not result in a material misstatement to its previously issued consolidated financial statements as of and for the year ended December 31, 2025. However, correcting the cumulative effect of this error in the first quarter of 2026 would have had a material effect on the results of operations for that period. Therefore, the relevant prior periods’ financial statements and related footnotes, for this error for comparative purposes, have been corrected. Previously reported financial information for this immaterial error will be corrected in future filings, as applicable.

A summary of the corrections to the impacted financial statement line items in the Company’s previously issued Consolidated Statements of Operations, Comprehensive Operations, and Equity as of and for the year ended December 31, 2025 is provided below. The corrections did not result in any changes to the Company’s total consolidated cash flows from operations, investing or financing activities.


	As of and for the year ended December 31, 2025
	As Reported		Correction		As Corrected
	(In millions)
Balance Sheet
Income taxes receivable	$	60.6	$	(11.8)	$	48.8
Total assets	1,320.7		(11.8)		1,308.9
Retained earnings	23.3		(11.8)		11.5
Total equity	990.9		(11.8)		979.1

Statement of Operations
Income tax expense	$	13.0	$	11.8	$	24.8
Net loss	(524.9)		(11.8)		(536.7)
Net loss attributable to Cannae Holdings, Inc. common shareholders	(513.2)		(11.8)		(525.0)
Net loss per share	$	(9.08)	$	(0.21)	$	(9.29)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Cash flows from operating activities:
Net income (loss)	$ 28.4	$ (240.5)	$ (7.4)	$ (355.5)	$ (536.7)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	2.4	3.0	5.0	6.1
Equity in losses of unconsolidated affiliates	(1.8)	95.7	4.0	97.6
Distributions from investments in unconsolidated affiliates			0.6	3.1
Recognized (gains) losses and asset impairments, net			(34.1)	69.0
Lease asset amortization			5.9	6.8
Stock-based compensation expense			4.2	14.9
Net loss from discontinued operations - see Note J			0.0	87.3
Changes in assets and liabilities:
Other assets			3.3	2.9
Lease liabilities			(8.2)	(7.7)
Accounts payable, accrued liabilities, deferred revenue and other liabilities			(2.7)	20.3
Income taxes			3.0	42.7
Net cash used in operating activities			(26.4)	(12.5)
Cash flows from investing activities:
Additions to property and equipment and other intangible assets			(4.9)	(3.9)
Proceeds from sales of property and equipment			0.0	1.7
Proceeds from sale of investments in unconsolidated affiliates, equity securities and other long-term investments			7.1	103.1
Additional investments in unconsolidated affiliates			(15.0)	(30.1)
Purchases of other long-term investments			(3.3)	(7.0)
Distributions from investments in unconsolidated affiliates			4.7	7.5
Proceeds from sale and maturity of short-term investment securities			0.0	6.2
Consideration transferred for acquisition of Exeter Rugby Group			(9.6)	0.0
Net cash (used in) provided by investing activities			(21.0)	77.5
Cash flows from financing activities:
Borrowings			1.5	0.6
Debt service payments			(2.3)	(0.7)
Other activity in non-controlling interests			(0.1)	0.2
Payment for vested shares withheld for taxes and in treasury			(1.3)	(1.6)
Dividends paid			(13.5)	(15.4)
Treasury stock repurchases			(46.9)	(112.9)
Net cash used in financing activities			(62.6)	(129.8)
Net decrease in cash and cash equivalents			(110.0)	(64.8)
Cash and cash equivalents classified as held for sale	(1.6)	0.0	(1.6)	0.0
Cash and cash equivalents at beginning of period			182.0	131.5	131.5
Cash and cash equivalents at end of period	$ 70.4	$ 66.7	$ 70.4	$ 66.7	$ 182.0

Discontinued Operations - Narrative (Details) - USD ($) $ in Millions		6 Months Ended
	Aug. 26, 2025	Jun. 30, 2026	Jun. 30, 2025
Disposal Group, Including Discontinued Operations [Line Items]
Dividends received		$ 0.6	$ 3.1
Dun And Bradstreet Corporation
Disposal Group, Including Discontinued Operations [Line Items]
Proceeds from sale of investments in unconsolidated affiliates, equity securities and other long-term investments	$ 540.3
Sale of stock (in shares)	59,048,691
Dun And Bradstreet Corporation \| Discontinued Operations, Held-for-Sale or Disposed of by Sale \| Dun And Bradstreet Corporation
Disposal Group, Including Discontinued Operations [Line Items]
Impairment charges			68.1
Dividends received			$ 3.5

- Definition

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.

+ References

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+ Details

Investments - Summarized Financial Information, JANA (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Schedule of Equity Method Investments [Line Items]
Operating income	$ (56.8)	$ (60.9)	$ (78.9)	$ (82.3)
JANA
Schedule of Equity Method Investments [Line Items]
Total revenues	5.2	5.8	11.1	25.7
Operating income	$ 1.5	$ 2.1	$ 3.8	$ 16.7

- Definition

The net result for the period of deducting operating expenses from operating revenues.

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.

+ References

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+ Details

Revenue Recognition

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Disaggregation of Revenue

Our revenue consists of:


		Three Months Ended June 30,				Six months ended June 30,
		2026		2025		2026		2025
Revenue Stream	Segment	Total Revenue
Restaurant revenue:		(In millions)
Restaurant sales	Restaurant Group	$	92.0	$	101.9	$	183.9	$	201.0


Total restaurant revenue		92.0		101.9		183.9		201.0
Other operating revenue:
Real estate and resort	Corporate and other	10.2		8.3		14.5		12.3
Other	Corporate and other	—		—		—		0.1
Total other operating revenue		10.2		8.3		14.5		12.4
Total operating revenues		$	102.2	$	110.2	$	198.4	$	213.4

Restaurant revenue consists of restaurant sales and, to a lesser extent, franchise revenue and other revenue. Restaurant sales including 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 restaurant and other operating revenues are generated in the United States.

Contract Balances

The following table provides information about trade receivables and deferred revenue:


	June 30, 2026		December 31, 2025
	(In millions)
Trade receivables, net	$	7.1	$	7.6
Deferred revenue (contract liabilities)	19.5		16.1

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

Deferred revenue is recorded primarily for restaurant gift card sales. With the Exeter Acquisition, the deferred revenue also includes match day tickets, season tickets, corporate boxes, VIP memberships, and sponsorships. The unrecognized portion of such revenue is recorded as Deferred revenue in the Condensed Consolidated Balance Sheets. Revenues of $2.2 million and $2.3 million was recognized in the three months ended June 30, 2026 and 2025, respectively, and $3.6 million for each of the six month periods ended June 30, 2026 and 2025, respectively, that was included in Deferred revenue at the beginning of the period.

There was no impairment related to contract balances.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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+ Details

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Assets and Liabilities Measured at Fair Value on a 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 June 30, 2026 and December 31, 2025, respectively:


	June 30, 2026
	Level 1		Level 2		Level 3		Total
	(In millions)
Assets:
Cash and cash equivalents	$	70.4	$	—	$	—	$	70.4

Equity securities:


SpaceX	110.9		—		—		110.9
Total equity securities	110.9		—		—		110.9
Total assets	$	181.3	$	—	$	—	$	181.3
Liabilities:
Put Right	$	—	$	20.7	$	—	$	20.7
Total accounts payable and other accrued liabilities, current	—		20.7		—		20.7
Total liabilities	$	—	$	20.7	$	—	$	20.7


	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

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

Schedule of Purchase Obligations

Purchase obligations as of June 30, 2026 are as follows (in millions):


2026 (remaining)	$	22.3
2027	8.4
2028	3.1
2029	—
2030	—
Thereafter	—
Total purchase commitments	$	33.8

Basis of Financial Statements - Corrections to Impacted Financial Statement (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2024
Schedule of Equity Method Investments [Line Items]
Income taxes receivable	$ 47.2		$ 47.2		$ 48.8
Total assets	1,258.4	$ 1,785.8	1,258.4	$ 1,785.8	1,308.9
Retained earnings	3.4		3.4		11.5
Total equity	911.9	1,356.7	911.9	1,356.7	979.1	$ 922.4	$ 1,696.7	$ 1,815.3
Income tax expense	1.7	(1.8)	2.2	18.4	24.8
Net income (loss)	28.4	(240.5)	(7.4)	(355.5)	(536.7)
Net loss attributable to Cannae Holdings, Inc. common shareholders	$ 37.5	$ (238.8)	$ 5.4	$ (351.8)	$ (525.0)
Net loss per share (in usd per share)	$ 0.86	$ (3.93)	$ 0.12	$ (5.72)	$ (9.29)
Net loss per share (in usd per share)	$ 0.86	$ (3.93)	$ 0.12	$ (5.72)	$ (9.29)
As Reported
Schedule of Equity Method Investments [Line Items]
Income taxes receivable					$ 60.6
Total assets					1,320.7
Retained earnings					23.3
Total equity					990.9
Income tax expense					13.0
Net income (loss)					(524.9)
Net loss attributable to Cannae Holdings, Inc. common shareholders					$ (513.2)
Net loss per share (in usd per share)					$ (9.08)
Net loss per share (in usd per share)					$ (9.08)
Correction
Schedule of Equity Method Investments [Line Items]
Income taxes receivable					$ (11.8)
Total assets					(11.8)
Retained earnings					(11.8)
Total equity					(11.8)
Income tax expense					11.8
Net income (loss)					(11.8)
Net loss attributable to Cannae Holdings, Inc. common shareholders					$ (11.8)
Net loss per share (in usd per share)					$ (0.21)
Net loss per share (in usd per share)					$ (0.21)

Basis of Financial Statements - Recent Developments (Details) - USD ($)			1 Months Ended	6 Months Ended
	Jul. 30, 2026	Jun. 29, 2026	Jan. 31, 2026	Jun. 30, 2026	Jun. 30, 2025	Jul. 15, 2026
Line of Credit Facility [Line Items]
Equity investment				$ 15,000,000.0	$ 30,100,000
Brasada Ranch \| Subsequent Event
Line of Credit Facility [Line Items]
Ownership interest disposed (as a percent)						87.00%
Consideration received						$ 20,700,000
Brasada Ranch \| Discontinued Operations, Held-for-Sale \| Subsequent Event
Line of Credit Facility [Line Items]
Estimated enterprise value						40,000,000
Debt on the property						$ 17,000,000
Exeter Rugby Group
Line of Credit Facility [Line Items]
Consideration transferred		$ 1
BKFC
Line of Credit Facility [Line Items]
Ownership percentage				42.40%
BKFC \| FC Lorient
Line of Credit Facility [Line Items]
Voting equity interest acquired, percentage			60.00%
Consideration transferred			$ 70,300,000
Payments to acquire businesses, gross			40,700,000
Consideration transferred, equity interest, share issued			$ 29,600,000
Ownership percentage			100.00%
Equity investment				$ 14,600,000
Black Knight Rugby, LLC \| Exeter Rugby Group
Line of Credit Facility [Line Items]
Voting equity interest acquired, percentage		100.00%
Watkins
Line of Credit Facility [Line Items]
Ownership percentage				49.30%
Watkins \| Subsequent Event
Line of Credit Facility [Line Items]
Ownership percentage	49.30%
Cash proceeds	$ 90,000,000.0

Basis of Financial Statements - Put Right Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	May 12, 2025	Jun. 30, 2026
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, percentage	20.00%
Shares held and subject to put right, percentage		50.00%
Common Stock \| Put Right
Temporary Equity [Line Items]
Shares repurchase ( greater of) (in usd per share)	$ 19.50
Settlement amount		$ 47.2

- Definition

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.

+ References

+ Details

Basis of Financial Statements - Dividends Declared (Details) - $ / shares		3 Months Ended
	Aug. 06, 2026	Jun. 30, 2026	Mar. 31, 2026
Schedule of Equity Method Investments [Line Items]
Common stock, dividends declared (in usd per share)		$ 0.15	$ 0.15
Subsequent Event
Schedule of Equity Method Investments [Line Items]
Common stock, dividends declared (in usd per share)	$ 0.15

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5A

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
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-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
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-Topic 323
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

+ Details

Basis of Financial Statements - Other Developments (Details) - USD ($)	3 Months Ended		5 Months Ended	6 Months Ended		16 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Aug. 10, 2026	Jun. 30, 2026	Jun. 30, 2025	Aug. 07, 2026	Mar. 09, 2026	Mar. 06, 2026	Dec. 31, 2025	Mar. 24, 2025
Line of Credit Facility [Line Items]
Long-term debt	$ 69,900,000			$ 69,900,000					$ 70,800,000
Stock repurchases cost	$ 29,400,000	$ 112,300,000		$ 44,800,000	$ 112,300,000
2025 Repurchase Program
Line of Credit Facility [Line Items]
Stock repurchase program, authorized amount (up to)										$ 10,000,000.0
Treasury stock repurchases (in shares)	2,242,500			3,427,500
Stock repurchases cost	$ 29,100,000			$ 44,300,000
Stock repurchase, average price per share (in usd per share)	$ 12.99			$ 12.94
2025 Repurchase Program \| Subsequent Event
Line of Credit Facility [Line Items]
Treasury stock repurchases (in shares)						8,128,413
Stock repurchases cost						$ 124,900,000
Stock repurchase, average price per share (in usd per share)						$ 15.36
Remaining authorized, number of shares (in shares)			1,871,587
2026 Repurchase Program
Line of Credit Facility [Line Items]
Stock repurchase program, authorized amount (up to)							$ 10,000,000.0
2026 Repurchase Program \| Subsequent Event
Line of Credit Facility [Line Items]
Treasury stock repurchases (in shares)			0
Remaining authorized, number of shares (in shares)			10,000,000.0
2020 Margin Facility \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Long-term debt								$ 0

Investments

6 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Investments

Investments in Unconsolidated Affiliates

Investments in unconsolidated affiliates recorded using the equity method of accounting as of June 30, 2026 and December 31, 2025, consisted of the following:


	Ownership at June 30, 2026		June 30, 2026		December 31, 2025
			(In millions)
BKFC	42.4	%	$	160.2	$	147.3
JANA Partners	50.0	%	139.9		141.1
CSI	6.4	%	98.5		101.2
Watkins	49.3	%	75.2		73.2
Alight	7.7	%	71.1		73.8
JANA Fund	3.1	%	44.3		50.2
Other	various		48.4		56.7
Total			$	637.6	$	643.5

Equity in earnings (losses) of unconsolidated affiliates for the three and six months ended June 30, 2026 and 2025, consisted of the following:


	Three Months Ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
	(In millions)
BKFC	$	10.5	$	(12.3)	6.1		(22.7)
JANA Partners	0.4		0.4		0.8		2.8
CSI	(2.6)		—		(2.6)		15.7
Watkins	0.5		(0.1)		3.3		(4.8)
Alight	(0.8)		(81.7)		(2.9)		(83.6)
JANA Fund	(4.6)		—		(5.9)		—
Other	(1.6)		(2.0)		(2.8)		(5.0)
Total	$	1.8	$	(95.7)	$	(4.0)	$	(97.6)

Alight

Based on quoted market prices, the fair value of our ownership in Alight common stock was $22.7 million as of June 30, 2026. Summarized statement of operations information for Alight for the relevant dates and time periods included in Equity in earnings (losses) of unconsolidated affiliates in our Condensed Consolidated Statements of Operations is presented below.


	Three Months Ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
	(In millions)
Total revenues	$	511.0	$	528.0	$	1,045.0	$	1,076.0
Depreciation and amortization	105.0		100.0		209.0		201.0

Interest expense	(24.0)		(22.0)		(48.0)		(44.0)
Gross profit	142.0		176.0		298.0		347.0
Net loss from continuing operations	(10.0)		(1,073.0)		(29.0)		(1,090.0)
Net loss from discontinued operations	—		(1.0)		—		(9.0)

Net loss attributable to Alight	(10.0)		(1,073.0)		(29.0)		(1,098.0)

BKFC

Summarized statement of operation information for Black Knight Football for the relevant dates and time periods included in Equity in earnings (losses) of unconsolidated affiliates in our Condensed Consolidated Statements of Operations is presented below. We report our equity in the earnings or loss of BKFC on a three-month lag. Accordingly, our net earnings (loss) for the three and six months ended June 30, 2026 and 2025 includes our equity in Black Knight Football’s earnings (losses) for the three and six months ended March 31, 2026 and 2025, respectively.


	Three months ended March 31,				Six months ended March 31,
	2026		2025		2026		2025
	(In millions)
Total revenues	$	88.7	$	61.2	$	166.7	$	132.5
Depreciation and amortization	47.7		28.0		79.1		55.2
Interest expense	8.5		5.8		16.0		10.1
Operating loss	(20.7)		(23.7)		(35.9)		(36.8)
Losses of unconsolidated affiliates	—		2.3		(3.6)		(3.1)
Net income (loss) attributable to BKFC	23.8		(26.1)		6.1		(47.5)

JANA Partners

Summarized statement of operation information for JANA Partners for the relevant dates and time periods included in Equity in earnings (losses) of unconsolidated affiliates in our Condensed Consolidated Statements of Operations is presented below. We account for our ownership interest in JANA Partners 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 earnings (loss) for the three and six months ended June 30, 2026 and 2025 includes our equity in JANA’s earnings (losses) for the three and six months ended March 31, 2026 and 2025, respectively.


	Three months ended March 31,				Six months ended March 31,
	2026		2025		2026		2025
	(In millions)
Total revenues	$	5.2	$	5.8	$	11.1	$	25.7
Operating income	1.5		2.1		3.8		16.7

Equity Securities

Recognized (losses) gains, net on the Condensed Consolidated Statements of Operations consisted of the following losses on equity securities for the three and six months ended June 30, 2026 and 2025:


	Three Months Ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
	(In millions)
Net gains (losses) recognized during the period on equity securities	$	86.8	$	(7.9)	$	86.4	$	(18.2)
Less: net gains (losses) recognized during the period on equity securities sold, transferred or disposed during the period	3.4		—		3.0		—
Unrealized gains (losses) recognized during the reporting period on equity securities held at the reporting date	$	83.4	$	(7.9)	$	83.4	$	(18.2)

Equity Security Investments Without Readily Determinable Fair Values

We account for our investments in AmeriLife and certain other ownership interests at cost adjusted for any impairment or changes resulting from observable price changes in orderly market transactions. As of June 30, 2026 and December 31, 2025, we have $139.9 million and $147.3 million, respectively, recorded for such investments, which is included in Equity securities, without a readily determinable fair value on our Condensed Consolidated Balance Sheets. During the three and six months ended June 30, 2026 and 2025, we have not recorded any material upward or downward adjustments to these investments due to price changes or impairments.

The Company holds an equity interest in SpaceX, acquired in January 2023 as part of a tender offer. Prior to June 12, 2026, this investment did not have a readily determinable fair value and was accounted for under the measurement alternative under ASC 321-10-35-2 as noted above. As of March 31, 2026, the carrying value of the investment was $27.5 million. On June 12, 2026, SpaceX completed its initial public offering and began trading on the Nasdaq under the ticker symbol "SPCX." As a result, the Company's investment no longer qualifies for the measurement alternative as the security now has a readily determinable fair value. Upon the occurrence of the IPO which created an observable fair market value for SpaceX, the Company remeasured its investment to a fair value of $110.9 million as of June 30, 2026, resulting in a gain of $83.4 million, which was included in Recognized gains (losses), net on the Company's Condensed Consolidated Statement of Operations for the three and six months ended June 30, 2026, in accordance with ASC 321-10-35-1.

See Note C - Fair Value Measurements for further information on the fair value of our investment in SpaceX.

Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2026

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Reconciliation of Operations and Financial Position

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


	Three months ended June 30, 2025		Six months ended June 30, 2025

	(In millions)
Other income (expense):
Recognized losses	$	(4.3)	$	(76.0)
Equity in losses of unconsolidated affiliates	(6.7)		(11.3)
Loss from discontinued operations before income taxes	(11.0)		(87.3)
Income tax expense (benefit)	—		—
Net loss from discontinued operations, net of tax	$	(11.0)	$	(87.3)

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 Statements of Operations is presented below:


	Three months ended June 30, 2025		Six months ended June 30, 2025

	(In millions)
Total revenues	$	585.2	$	1,165.0
Operating income	12.8		48.1
Loss before income taxes	(34.0)		(48.8)
Net loss	(32.6)		(47.4)
Net income attributable to noncontrolling interest	1.1		2.1
Net loss attributable to D&B	(33.7)		(49.5)

The carrying amounts of the major classes of assets and liabilities included as part of the disposal groups classified as held for sale is presented below:


	June 30, 2026
	(In millions)
Assets
Cash and cash equivalents	$	1.6
Trade receivables, net	1.4
Inventory	0.6
Property and equipment, net	23.0

Intangible assets	1.6
Other assets	9.0
Total assets held for sale	$	37.2

Liabilities
Accounts payable and other accrued liabilities	$	4.8
Deferred revenue	3.4


Notes payable	17.3
Total liabilities held for sale	$	25.5

- Definition

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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+ Details

Basis of Financial Statements - Goodwill (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Mar. 31, 2026	Dec. 31, 2025
Goodwill [Line Items]
Goodwill	$ 21.3	$ 53.4	$ 21.3	$ 53.4		$ 53.4
Goodwill impairment	32.1	$ 0.0	32.1	$ 0.0
99 Restaurants
Goodwill [Line Items]
Goodwill	21.3		21.3		$ 53.4
Goodwill impairment	32.1
99 Restaurants \| Estimate of Fair Value Measurement
Goodwill [Line Items]
Goodwill	38.0		38.0
99 Restaurants \| Carrying Value
Goodwill [Line Items]
Goodwill	$ 70.1		$ 70.1

- Definition

Amount, after accumulated impairment loss, of 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.

+ References

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- Definition

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.

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- Definition

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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+ Details

Investments - Summarized Financial Information, Alight (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Schedule of Equity Method Investments [Line Items]
Depreciation and amortization	$ 2.4	$ 3.0	$ 5.0	$ 6.1
Interest expense	1.2	3.3	3.5	7.1
Net loss from continuing operations	28.4	(229.5)	(7.4)	(268.2)
Net loss from discontinued operations	0.0	(11.0)	0.0	(87.3)
Net loss attributable to Alight	37.5	(238.8)	5.4	(351.8)
Alight
Schedule of Equity Method Investments [Line Items]
Total revenues	511.0	528.0	1,045.0	1,076.0
Depreciation and amortization	105.0	100.0	209.0	201.0
Interest expense	(24.0)	(22.0)	(48.0)	(44.0)
Gross profit	142.0	176.0	298.0	347.0
Net loss from continuing operations	(10.0)	(1,073.0)	(29.0)	(1,090.0)
Net loss from discontinued operations	0.0	(1.0)	0.0	(9.0)
Net loss attributable to Alight	$ (10.0)	$ (1,073.0)	$ (29.0)	$ (1,098.0)

- Definition

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

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- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

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- Definition

Amount after tax of income (loss) from continuing operations including portion attributable to the noncontrolling interest.

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+ Details

- Definition

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.

+ References + Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

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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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+ Details

Notes Payable (Tables)

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Schedule of Notes Payable

Notes payable, net consists of the following:


	June 30, 2026		December 31, 2025
	(In millions)

FNF Revolver	$	47.5	$	47.5
Exeter 2027 bond	13.8		—
Other	8.6		23.3
Notes payable, total	$	69.9	$	70.8
Less: Notes payable, current	5.4		6.3
Notes payable, long term	$	64.5	$	64.5

Schedule of Gross Principal Maturities of Notes Payable

Gross principal maturities of notes payable at June 30, 2026 are as follows (in millions):



2026 (remaining)	$	5.4
2027	13.8
2028	—
2029	—
2030	47.5
Thereafter	3.2
Total	$	69.9

- Definition

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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+ Details

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash paid during the period:
Interest	$ 1.7	$ 4.0
Income taxes, net of refunds	(1.1)	(24.3)
Non-cash investing and financing activities:
Equity in Fulfillment received as consideration in the WD Transaction	0.0	6.8
Exchange of real estate as repayment of debt	$ 0.0	$ (12.2)

Assets Held for Sale - Schedule of Carrying Amounts of Major Classes of Assets and Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2026	Jun. 30, 2025
Disposal Group, Including Discontinued Operation, Assets [Abstract]
Cash and cash equivalents	$ 1.6	$ 0.0
Brasada \| Disposal Group, Held-for-sale, Not Discontinued Operations
Disposal Group, Including Discontinued Operation, Assets [Abstract]
Cash and cash equivalents	1.6
Trade receivables, net	1.4
Inventory	0.6
Property and equipment, net	23.0
Intangible assets	1.6
Other assets	9.0
Total assets held for sale	37.2
Disposal Group, Including Discontinued Operation, Liabilities [Abstract]
Accounts payable and other accrued liabilities	4.8
Deferred revenue	3.4
Notes payable	17.3
Total liabilities held for sale	$ 25.5

Investments (Tables)

6 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments in Unconsolidated Affiliates and Summarized Financial Information

Investments in unconsolidated affiliates recorded using the equity method of accounting as of June 30, 2026 and December 31, 2025, consisted of the following:


	Ownership at June 30, 2026		June 30, 2026		December 31, 2025
			(In millions)
BKFC	42.4	%	$	160.2	$	147.3
JANA Partners	50.0	%	139.9		141.1
CSI	6.4	%	98.5		101.2
Watkins	49.3	%	75.2		73.2
Alight	7.7	%	71.1		73.8
JANA Fund	3.1	%	44.3		50.2
Other	various		48.4		56.7
Total			$	637.6	$	643.5

Equity in earnings (losses) of unconsolidated affiliates for the three and six months ended June 30, 2026 and 2025, consisted of the following:


	Three Months Ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
	(In millions)
BKFC	$	10.5	$	(12.3)	6.1		(22.7)
JANA Partners	0.4		0.4		0.8		2.8
CSI	(2.6)		—		(2.6)		15.7
Watkins	0.5		(0.1)		3.3		(4.8)
Alight	(0.8)		(81.7)		(2.9)		(83.6)
JANA Fund	(4.6)		—		(5.9)		—
Other	(1.6)		(2.0)		(2.8)		(5.0)
Total	$	1.8	$	(95.7)	$	(4.0)	$	(97.6)

Summarized statement of operations information for Alight for the relevant dates and time periods included in Equity in earnings (losses) of unconsolidated affiliates in our Condensed Consolidated Statements of Operations is presented below.


	Three Months Ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
	(In millions)
Total revenues	$	511.0	$	528.0	$	1,045.0	$	1,076.0
Depreciation and amortization	105.0		100.0		209.0		201.0

Interest expense	(24.0)		(22.0)		(48.0)		(44.0)
Gross profit	142.0		176.0		298.0		347.0
Net loss from continuing operations	(10.0)		(1,073.0)		(29.0)		(1,090.0)
Net loss from discontinued operations	—		(1.0)		—		(9.0)

Net loss attributable to Alight	(10.0)		(1,073.0)		(29.0)		(1,098.0)

Accordingly, our net earnings (loss) for the three and six months ended June 30, 2026 and 2025 includes our equity in Black Knight Football’s earnings (losses) for the three and six months ended March 31, 2026 and 2025, respectively.


	Three months ended March 31,				Six months ended March 31,
	2026		2025		2026		2025
	(In millions)
Total revenues	$	88.7	$	61.2	$	166.7	$	132.5
Depreciation and amortization	47.7		28.0		79.1		55.2
Interest expense	8.5		5.8		16.0		10.1
Operating loss	(20.7)		(23.7)		(35.9)		(36.8)
Losses of unconsolidated affiliates	—		2.3		(3.6)		(3.1)
Net income (loss) attributable to BKFC	23.8		(26.1)		6.1		(47.5)

Accordingly, our net earnings (loss) for the three and six months ended June 30, 2026 and 2025 includes our equity in JANA’s earnings (losses) for the three and six months ended March 31, 2026 and 2025, respectively.


	Three months ended March 31,				Six months ended March 31,
	2026		2025		2026		2025
	(In millions)
Total revenues	$	5.2	$	5.8	$	11.1	$	25.7
Operating income	1.5		2.1		3.8		16.7

Schedule of Gains (Losses) on Securities

Recognized (losses) gains, net on the Condensed Consolidated Statements of Operations consisted of the following losses on equity securities for the three and six months ended June 30, 2026 and 2025:


	Three Months Ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
	(In millions)
Net gains (losses) recognized during the period on equity securities	$	86.8	$	(7.9)	$	86.4	$	(18.2)
Less: net gains (losses) recognized during the period on equity securities sold, transferred or disposed during the period	3.4		—		3.0		—
Unrealized gains (losses) recognized during the reporting period on equity securities held at the reporting date	$	83.4	$	(7.9)	$	83.4	$	(18.2)

Basis of Financial Statements - Earnings Per Share (Details) - shares	3 Months Ended	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Antidilutive securities excluded from computation of EPS (less than)	0	0

Discontinued Operations - Reconciliation of Operations (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Disposal Group, Including Discontinued Operations [Line Items]
Equity in losses of unconsolidated affiliates	$ 1.8	$ (95.7)	$ (4.0)	$ (97.6)
Net loss from discontinued operations, net of tax	$ 0.0	(11.0)	$ 0.0	(87.3)
Dun And Bradstreet Corporation \| Discontinued Operations, Held-for-Sale or Disposed of by Sale \| Dun And Bradstreet Corporation
Disposal Group, Including Discontinued Operations [Line Items]
Recognized losses		(4.3)		(76.0)
Equity in losses of unconsolidated affiliates		(6.7)		(11.3)
Loss from discontinued operations before income taxes		(11.0)		(87.3)
Income tax expense (benefit)		$ 0.0		0.0
Net loss from discontinued operations, net of tax				$ (87.3)

- Definition

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.

+ References + Details

- Definition

+ References + Details

- Definition

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

+ References + Details

- Definition

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.

+ References

+ Details

Fair Value Measurements (Details) - USD ($) $ in Millions	12 Months Ended
Fair Value Measurements (Details) - USD ($) $ in Millions	Dec. 31, 2025	Jun. 30, 2026
Assets:
Cash and cash equivalents	$ 182.0	$ 70.4
Equity securities	1.4	110.9
Total assets	183.4	181.3
Liabilities:
Total accounts payable and other accrued liabilities, current	15.0	20.7
Total liabilities	15.0	20.7
Put Right
Liabilities:
Put Right	$ 15.0	20.7
DSA, term	2 years
Level 1
Assets:
Cash and cash equivalents	$ 182.0	70.4
Equity securities	1.4	110.9
Total assets	183.4	181.3
Liabilities:
Total accounts payable and other accrued liabilities, current	0.0	0.0
Total liabilities	0.0	0.0
Level 1 \| Put Right
Liabilities:
Put Right	0.0	0.0
Level 2
Assets:
Cash and cash equivalents	0.0	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	20.7
Total liabilities	15.0	20.7
Level 2 \| Put Right
Liabilities:
Put Right	15.0	20.7
Level 3
Assets:
Cash and cash equivalents	0.0	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	0.0
Total liabilities	0.0	0.0
Level 3 \| Put Right
Liabilities:
Put Right	0.0	0.0
SpaceX
Assets:
Equity securities		110.9
SpaceX \| Level 1
Assets:
Equity securities		110.9
SpaceX \| Level 2
Assets:
Equity securities		0.0
SpaceX \| Level 3
Assets:
Equity securities		$ 0.0
Other
Assets:
Equity securities	1.4
Other \| Level 1
Assets:
Equity securities	1.4
Other \| Level 2
Assets:
Equity securities	0.0
Other \| Level 3
Assets:
Equity securities	$ 0.0

Supplemental Cash Flow Information

6 Months Ended

Jun. 30, 2026

Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flow Information

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


	Six months ended June 30,
	2026		2025
	(In millions)
Cash paid during the period:
Interest	$	1.7	$	4.0
Income taxes, net of refunds	(1.1)		(24.3)

Non-cash investing and financing activities:
Equity in Fulfillment received as consideration in the WD Transaction	—		6.8
Exchange of real estate as repayment of debt	—		(12.2)

Investments - Investments in Unconsolidated Affiliates (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated affiliates	$ 637.6		$ 637.6		$ 643.5
Equity in (loss) earnings of unconsolidated affiliates	$ 1.8	$ (95.7)	$ (4.0)	$ (97.6)
BKFC
Schedule of Equity Method Investments [Line Items]
Ownership percentage	42.40%		42.40%
Investments in unconsolidated affiliates	$ 160.2		$ 160.2		147.3
Equity in (loss) earnings of unconsolidated affiliates	$ 10.5	(12.3)	$ 6.1	(22.7)
JANA
Schedule of Equity Method Investments [Line Items]
Ownership percentage	50.00%		50.00%
Investments in unconsolidated affiliates	$ 139.9		$ 139.9		141.1
Equity in (loss) earnings of unconsolidated affiliates	$ 0.4	0.4	$ 0.8	2.8
CSI
Schedule of Equity Method Investments [Line Items]
Ownership percentage	6.40%		6.40%
Investments in unconsolidated affiliates	$ 98.5		$ 98.5		101.2
Equity in (loss) earnings of unconsolidated affiliates	$ (2.6)	0.0	$ (2.6)	15.7
Watkins
Schedule of Equity Method Investments [Line Items]
Ownership percentage	49.30%		49.30%
Investments in unconsolidated affiliates	$ 75.2		$ 75.2		73.2
Equity in (loss) earnings of unconsolidated affiliates	$ 0.5	(0.1)	$ 3.3	(4.8)
Alight
Schedule of Equity Method Investments [Line Items]
Ownership percentage	7.70%		7.70%
Investments in unconsolidated affiliates	$ 71.1		$ 71.1		73.8
Equity in (loss) earnings of unconsolidated affiliates	$ (0.8)	(81.7)	$ (2.9)	(83.6)
JANA Fund
Schedule of Equity Method Investments [Line Items]
Ownership percentage	3.10%		3.10%
Investments in unconsolidated affiliates	$ 44.3		$ 44.3		50.2
Equity in (loss) earnings of unconsolidated affiliates	(4.6)	0.0	(5.9)	0.0
Other
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated affiliates	48.4		48.4		$ 56.7
Equity in (loss) earnings of unconsolidated affiliates	$ (1.6)	$ (2.0)	$ (2.8)	$ (5.0)

Notes Payable - Gross Principal Maturities of Notes Payable (Details) $ in Millions	Jun. 30, 2026 USD ($)
Debt Disclosure [Abstract]
2026 (remaining)	$ 5.4
2027	13.8
2028	0.0
2029	0.0
2030	47.5
Thereafter	3.2
Total	$ 69.9

Revenue Recognition - Disaggregated Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Disaggregation of Revenue [Line Items]
Total operating revenues	$ 102.2	$ 110.2	$ 198.4	$ 213.4
Restaurant Group
Disaggregation of Revenue [Line Items]
Total operating revenues	92.0	101.9	183.9	201.0
Total other operating revenue
Disaggregation of Revenue [Line Items]
Total operating revenues	10.2	8.3	14.5	12.4
Restaurant sales
Disaggregation of Revenue [Line Items]
Total operating revenues	92.0	101.9	183.9	201.0
Restaurant sales \| Restaurant Group
Disaggregation of Revenue [Line Items]
Total operating revenues	92.0	101.9	183.9	201.0
Real estate and resort \| Corporate and other
Disaggregation of Revenue [Line Items]
Total operating revenues	10.2	8.3	14.5	12.3
Other \| Corporate and other
Disaggregation of Revenue [Line Items]
Total operating revenues	$ 0.0	$ 0.0	$ 0.0	$ 0.1

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
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+ Details

- Definition

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.

+ References

+ Details

Notes Payable - FNF Revolver (Details)				6 Months Ended		12 Months Ended
Notes Payable - FNF Revolver (Details)	Mar. 20, 2025 USD ($)	Jan. 29, 2024 USD ($)	Nov. 17, 2017 USD ($) loan	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Dec. 31, 2025 USD ($)	Jun. 28, 2022 USD ($)
Line of Credit Facility [Line Items]
Exchange of real estate for reduction of outstanding debt				$ 0	$ 12,200,000
Debt outstanding				$ 69,900,000
FNF Revolver \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Aggregate borrowing capacity	$ 47,500,000	$ 60,000,000.0	$ 100,000,000.0
Number of loans that can be made \| loan			1
Interest rate basis			4.50%
Debt instrument, term of automatic extension	1 year		5 years
Incremental borrowing capacity							$ 0
Interest rate incurred	5.00%	7.00%		5.00%
Repayments of line of credit		$ 25,000,000.0
Exchange of real estate for reduction of outstanding debt						$ 12,200,000
Debt outstanding				$ 47,500,000
Available borrowing capacity				$ 0

Segment Information - Narrative (Details) - segment	6 Months Ended
Segment Information - Narrative (Details) - segment	Jun. 30, 2026	Jan. 31, 2026	Dec. 31, 2025
Segment Reporting [Line Items]
Number of reportable segments	4
Alight
Segment Reporting [Line Items]
Ownership percentage	7.70%
BKFC
Segment Reporting [Line Items]
Ownership percentage	42.40%
BKFC \| FC Lorient
Segment Reporting [Line Items]
Ownership percentage		100.00%
Acquired equity interests in acquiree, percentage		100.00%	40.00%
JANA
Segment Reporting [Line Items]
Ownership percentage	50.00%
O'Charley's
Segment Reporting [Line Items]
Parent ownership percentage	65.40%
99 Restaurants
Segment Reporting [Line Items]
Parent ownership percentage	88.50%

Commitments and Contingencies

6 Months Ended

Jun. 30, 2026

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 represents our best estimate is recorded. As of June 30, 2026 and December 31, 2025, 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 D&B 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. The motion is fully briefed and set for hearing on November 10, 2026. 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 are 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 June 30, 2026 to determine the amount of the obligations. Purchase obligations as of June 30, 2026 are as follows (in millions):


2026 (remaining)	$	22.3
2027	8.4
2028	3.1
2029	—
2030	—
Thereafter	—
Total purchase commitments	$	33.8

Other Contingencies

On May 12, 2025, we entered into an agreement to acquire an additional 30% ownership interest in JANA Partners 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 ("AUM") thresholds by certain dates (the "JANA Contingent Consideration"). The total potential liability of $26.0 million for the JANA Contingent Consideration is bifurcated into two tranches as follows: (1) a payment of $16.0 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 $16.0 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 June 30, 2026. We do not consider the Additional Payment to be probable as of June 30, 2026.

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2026	Aug. 07, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		43,374,227
Amendment Flag	false
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001704720
Current Fiscal Year End Date	--12-31

Investments - Equity Securities Gains (Losses) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]
Net gains (losses) recognized during the period on equity securities	$ 86.8	$ (7.9)	$ 86.4	$ (18.2)
Less: net gains (losses) recognized during the period on equity securities sold, transferred or disposed during the period	3.4	0.0	3.0	0.0
Unrealized gains (losses) recognized during the reporting period on equity securities held at the reporting date	$ 83.4	$ (7.9)	$ 83.4	$ (18.2)

Assets Held for Sale

6 Months Ended

Jun. 30, 2026

Discontinued Operations and Disposal Groups [Abstract]

Assets Held for Sale

Discontinued Operations

Dun & Bradstreet

On March 24, 2025, Dun & Bradstreet ("D&B") entered into a definitive agreement to be acquired (the "D&B Sale"). As a result of the transaction, D&B 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 (as defined below), 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 D&B 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 and recorded an impairment of $68.1 million in the six months ended June 30, 2025, which is included in Net losses from discontinued operations, net of tax on our Condensed Consolidated Statement of Operations.

On August 26, 2025, the D&B Sale closed and Cannae completed the disposition of its ownership interests in D&B 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, Cannae no longer has any ownership interest in D&B.

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


	Three months ended June 30, 2025		Six months ended June 30, 2025

	(In millions)
Other income (expense):
Recognized losses	$	(4.3)	$	(76.0)
Equity in losses of unconsolidated affiliates	(6.7)		(11.3)
Loss from discontinued operations before income taxes	(11.0)		(87.3)
Income tax expense (benefit)	—		—
Net loss from discontinued operations, net of tax	$	(11.0)	$	(87.3)


	Three months ended June 30, 2025		Six months ended June 30, 2025

	(In millions)
Total revenues	$	585.2	$	1,165.0
Operating income	12.8		48.1
Loss before income taxes	(34.0)		(48.8)
Net loss	(32.6)		(47.4)
Net income attributable to noncontrolling interest	1.1		2.1
Net loss attributable to D&B	(33.7)		(49.5)

For the six months ended June 30, 2025, we received quarterly cash dividends from D&B in the amount of $3.5 million which are included in Distributions from investments in unconsolidated affiliates on the Condensed Consolidated Statements of Cash Flows.

Assets Held for Sale

In the six months ended June 30, 2026, the Company began the process of disposing of Brasada and as a result, we have classified the assets and liabilities of Brasada as assets and liabilities held for sale on our Condensed Consolidated Balance Sheet as of June 30, 2026. On July 15, 2026, the Brasada Sale closed.

The carrying amounts of the major classes of assets and liabilities included as part of the disposal groups classified as held for sale is presented below:


	June 30, 2026
	(In millions)
Assets
Cash and cash equivalents	$	1.6
Trade receivables, net	1.4
Inventory	0.6
Property and equipment, net	23.0

Intangible assets	1.6
Other assets	9.0
Total assets held for sale	$	37.2

Liabilities
Accounts payable and other accrued liabilities	$	4.8
Deferred revenue	3.4


Notes payable	17.3
Total liabilities held for sale	$	25.5

The disposal group is measured at the lower of its carrying amount or fair value less costs to sell. Because the fair value less costs to sell exceed the carrying amount of Brasada, we did not need to record an impairment loss as a result of classifying Brasada as held for sale. Brasada is included in the Corporate and other segment.

Variable Interest Entities (Details) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025
Variable Interest Entity [Line Items]
Total Assets	$ 1,258.4	$ 1,308.9	$ 1,785.8
Variable Interest Entity, Not Primary Beneficiary \| Investments in unconsolidated affiliates
Variable Interest Entity [Line Items]
Total Assets	343.5	341.1
Maximum Exposure	343.5	341.1
Variable Interest Entity, Not Primary Beneficiary \| Other current assets or Other long-term investments and non-current assets
Variable Interest Entity [Line Items]
Total Assets	12.2	9.5
Maximum Exposure	$ 12.2	$ 9.5

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Basis of Financial Statements (Tables)

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Dividends Declared

The following dividends were declared by our Board in 2026:

Declaration Date

Record Date

Payment Date

Dividends Per Share

February 23, 2026

March 17, 2026

March 31, 2026

$0.15

May 7, 2026

June 16, 2026

June 30, 2026

$0.15

August 6, 2026

September 16, 2026

September 30, 2026

$0.15

Schedule of Corrections to Impacted Financial Statement


	As of and for the year ended December 31, 2025
	As Reported		Correction		As Corrected
	(In millions)
Balance Sheet
Income taxes receivable	$	60.6	$	(11.8)	$	48.8
Total assets	1,320.7		(11.8)		1,308.9
Retained earnings	23.3		(11.8)		11.5
Total equity	990.9		(11.8)		979.1

Statement of Operations
Income tax expense	$	13.0	$	11.8	$	24.8
Net loss	(524.9)		(11.8)		(536.7)
Net loss attributable to Cannae Holdings, Inc. common shareholders	(513.2)		(11.8)		(525.0)
Net loss per share	$	(9.08)	$	(0.21)	$	(9.29)

Basis of Financial Statements - Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Effective tax rate (as percent)	6.00%	1.30%	(183.30%)	(12.10%)
Operating loss carryforwards, valuation allowance	$ 84.8		$ 84.8

Investments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
Investments - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2026	Jun. 30, 2026	Mar. 31, 2026	Dec. 31, 2025
Schedule of Equity Method Investments [Line Items]
Equity securities, without a readily determinable fair value	$ 139.9	$ 139.9		$ 147.3
Alight
Schedule of Equity Method Investments [Line Items]
Aggregate value of ownership based on quoted market price	22.7	22.7
AmeriLife and Other
Schedule of Equity Method Investments [Line Items]
Equity securities, without a readily determinable fair value	139.9	139.9		$ 147.3
SpaceX
Schedule of Equity Method Investments [Line Items]
Equity securities, without a readily determinable fair value			$ 27.5
Unrealized gain	$ 83.4	$ 83.4

- Definition

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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+ Details

Acquisitions

6 Months Ended

Jun. 30, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Acquisitions

On June 29, 2026, Cannae completed the Exeter Acquisition. Total consideration transferred included $1 to purchase the equity of Exeter and $9.6 million to settle an outstanding loan of Exeter which was required to be paid as a result of our acquisition. Black Knight Rugby and Exeter also entered into an intercompany loan agreement of $26.0 million (the "Intercompany Loan"), which was funded at close of the Exeter Acquisition. Exeter used the proceeds from the Intercompany Loan to pay existing liabilities, including the settlement of the $9.6 million loan included in consideration transferred, and retained the remaining balance on its balance sheet. The Intercompany Loan eliminates upon consolidation in accordance with

ASC 810, Consolidation. The Exeter Acquisition reflects the Company's continued strategy of concentrating its portfolio on sports and entertainment-related assets.

The acquisition was accounted for as a business combination pursuant to ASC 805, Business Combinations. Because Exeter's financial information is not expected to be available to the Company on a timely basis consistent with the Company's reporting timetable, the Company will consolidate Exeter using a reporting lag of three months, as permitted by ASC 810-10-45-12. Based on the timing of the Exeter Acquisition, our Condensed Consolidated Statement of Operations for the three and six months ended June 30, 2026 does not include any activity for Exeter. The activity for Exeter will be included in the Company's Consolidated Statement of Operations for the year ended December 31, 2026 when it will include Exeter's results of operations for the three months ended September 30, 2026. The Company will give recognition, through disclosure or adjustment, to the intervening events or transactions between Exeter's most recent available financial information and the Company's period end that materially affect the Company's consolidated financial position or results of operations.

The purchase price allocation for the Exeter Acquisition is preliminary and subject to change as the Company obtains additional information necessary to finalize the valuation of assets acquired and liabilities assumed, including property and equipment (most notably Exeter's Sandy Park stadium), investment in Premiership Rugby Limited ("PRL"), tradenames and other assets and liabilities. The Company expects to finalize its purchase price allocation within one year from the acquisition date as required by ASC 805.

The following table summarizes the preliminary fair value allocation of the purchase price to the assets acquired and liabilities assumed as of the acquisition date:


	Fair Value
	(In millions)
Property and equipment, net	$	20.7
Investment in Premiership Rugby Limited	21.1

Other intangible assets, net	0.7
Other assets	3.7
Total assets acquired	$	46.2

Deferred revenue	$	9.3
Deferred tax liability	1.9
Debt	17.0
Other liabilities	8.4
Total liabilities assumed	$	36.6
Net assets acquired	$	9.6

The gross carrying value and weighted average estimated useful lives of Property and equipment and Other intangible assets acquired consists of the following:


	Gross Carrying Value		Weighted Average Estimated Useful Life
	(In millions)		(In years)
Property and equipment, net	$	20.7	49
Other intangible assets, net (tradenames and trademarks)	0.7		20

Exeter's results of operations were not material to the Company's Condensed Consolidated Statement of Operations for the three and six months ended June 30, 2026, and accordingly, pro forma financial information have not been presented.

Exeter is included in the Corporate and other segment.

See Note G - Notes Payable for further discussion of the Exeter debt.

- Definition

The entire disclosure for business combination.

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+ Details

Supplemental Cash Flow Information (Tables)

6 Months Ended

Jun. 30, 2026

Supplemental Cash Flow Elements [Abstract]

Schedule of Supplemental Cash Flow information

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


	Six months ended June 30,
	2026		2025
	(In millions)
Cash paid during the period:
Interest	$	1.7	$	4.0
Income taxes, net of refunds	(1.1)		(24.3)

Non-cash investing and financing activities:
Equity in Fulfillment received as consideration in the WD Transaction	—		6.8
Exchange of real estate as repayment of debt	—		(12.2)

Variable Interest Entities

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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 holds both at inception and when there is a change in circumstances that requires 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 periods ended June 30, 2026 and December 31, 2025, 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 June 30, 2026 and December 31, 2025, of which we are not the primary beneficiary:


		June 30, 2026				December 31, 2025
		Total Assets		Maximum Exposure			Total Assets		Maximum Exposure
	(In millions)
Investments in unconsolidated affiliates		$	343.5	$	343.5		$	341.1	$	341.1

Other current assets or Other long-term investments and non-current assets		12.2		12.2			9.5		9.5

Investments in Unconsolidated Affiliates

As of June 30, 2026 and December 31, 2025, we held variable interests in certain unconsolidated affiliates, which are primarily comprised of our ownership interests in BKFC, CSI, the 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.

In addition, the amounts included in Other long-term investments and non-current assets on the Condensed Consolidated Balance Sheets consist of notes receivable with Minden Mill.

The principal risk to which these investments and funds are exposed is the credit risk of the underlying investees. The primary assets for our ownership of these VIEs are included in Investments in unconsolidated affiliates on the Condensed 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.

Discontinued Operations - Net Losses from Discontinued Operations, Net of Tax in our Statements of Operations (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Disposal Group, Including Discontinued Operations [Line Items]
Operating income	$ (56.8)	$ (60.9)	$ (78.9)	$ (82.3)
Net loss	28.4	(240.5)	(7.4)	(355.5)	$ (536.7)
Net income attributable to noncontrolling interest	(9.1)	(1.7)	(12.8)	(3.7)
Net loss attributable to D&B	$ 37.5	(238.8)	$ 5.4	(351.8)	$ (525.0)
Discontinued Operations, Held-for-Sale or Disposed of by Sale \| Dun And Bradstreet Corporation
Disposal Group, Including Discontinued Operations [Line Items]
Total revenues		585.2		1,165.0
Operating income		12.8		48.1
Loss before income taxes		(34.0)		(48.8)
Net loss		(32.6)		(47.4)
Net income attributable to noncontrolling interest		1.1		2.1
Net loss attributable to D&B		$ (33.7)		$ (49.5)

- Definition

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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- Definition

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.

+ References

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- Definition

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

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+ Details

- Definition

Amount of Net Income (Loss) attributable to noncontrolling interest.

+ References

+ Details

- Definition

The net result for the period of deducting operating expenses from operating revenues.

+ References

+ Details

- Definition

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

Segment Information - Financial Information Concerning Reportable Segments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Segment Reporting [Line Items]
Total revenues	$ 102.2	$ 110.2	$ 198.4	$ 213.4
Cost of revenue	85.3	90.8	169.2	181.8
Interest expense	1.2	3.3	3.5	7.1
Equity in (loss) earnings of unconsolidated affiliates	1.8	(95.7)	(4.0)	(97.6)
Net (loss) earnings from continuing operations	28.4	(229.5)	(7.4)	(268.2)
Assets	1,258.4	1,785.8	1,258.4	1,785.8	$ 1,308.9
Goodwill	21.3	53.4	21.3	53.4	$ 53.4
Restaurant Group
Segment Reporting [Line Items]
Total revenues	92.0	101.9	183.9	201.0
Operating Segments \| Total Reportable Segments
Segment Reporting [Line Items]
Total revenues	92.0	101.9	183.9	201.0
Cost of revenue	85.3	90.8	169.2	181.8
Depreciation and amortization	1.7	2.5	3.7	4.9
Other segment items	52.3	10.4	69.7	19.6
Interest expense	1.9	1.6	3.7	3.1
Equity in (loss) earnings of unconsolidated affiliates	10.1	(93.6)	4.0	(103.5)
Net (loss) earnings from continuing operations	(39.1)	(97.0)	(58.4)	(111.9)
Assets	550.5	652.9	550.5	652.9
Goodwill	21.3	53.4	21.3	53.4
Operating Segments \| Restaurant Group
Segment Reporting [Line Items]
Total revenues	92.0	101.9	183.9	201.0
Cost of revenue	85.3	90.8	169.2	181.8
Depreciation and amortization	1.7	2.5	3.7	4.9
Other segment items	52.3	10.4	69.7	19.6
Interest expense	1.9	1.6	3.7	3.1
Equity in (loss) earnings of unconsolidated affiliates	0.0	0.0	0.0	0.0
Net (loss) earnings from continuing operations	(49.2)	(3.4)	(62.4)	(8.4)
Assets	179.3	260.9	179.3	260.9
Goodwill	21.3	53.4	21.3	53.4
Operating Segments \| Alight
Segment Reporting [Line Items]
Equity in (loss) earnings of unconsolidated affiliates	(0.8)	(81.7)	(2.9)	(83.6)
Net (loss) earnings from continuing operations	(0.8)	(81.7)	(2.9)	(83.6)
Assets	71.1	229.1	71.1	229.1
Operating Segments \| BKFC
Segment Reporting [Line Items]
Equity in (loss) earnings of unconsolidated affiliates	10.5	(12.3)	6.1	(22.7)
Net (loss) earnings from continuing operations	10.5	(12.3)	6.1	(22.7)
Assets	160.2	106.0	160.2	106.0
Operating Segments \| JANA
Segment Reporting [Line Items]
Equity in (loss) earnings of unconsolidated affiliates	0.4	0.4	0.8	2.8
Net (loss) earnings from continuing operations	0.4	0.4	0.8	2.8
Assets	139.9	56.9	139.9	56.9
Operating Segments \| Corporate and Other
Segment Reporting [Line Items]
Total revenues	10.2	8.3	14.5	12.4
Net (loss) earnings from continuing operations	67.5	(132.5)	51.0	(156.3)
Assets	707.9	1,132.9	707.9	1,132.9
Goodwill	0.0	0.0	0.0	0.0
Restaurant revenue
Segment Reporting [Line Items]
Total revenues	92.0	101.9	183.9	201.0
Restaurant revenue \| Restaurant Group
Segment Reporting [Line Items]
Total revenues	92.0	101.9	183.9	201.0
Restaurant revenue \| Operating Segments \| Total Reportable Segments
Segment Reporting [Line Items]
Total revenues	92.0	101.9	183.9	201.0
Restaurant revenue \| Operating Segments \| Restaurant Group
Segment Reporting [Line Items]
Total revenues	92.0	101.9	183.9	201.0
Restaurant revenue \| Operating Segments \| Corporate and Other
Segment Reporting [Line Items]
Total revenues	0.0	0.0	0.0	0.0
Other operating revenue
Segment Reporting [Line Items]
Total revenues	10.2	8.3	14.5	12.4
Other operating revenue \| Operating Segments \| Total Reportable Segments
Segment Reporting [Line Items]
Total revenues	0.0	0.0	0.0	0.0
Other operating revenue \| Operating Segments \| Restaurant Group
Segment Reporting [Line Items]
Total revenues	0.0	0.0	0.0	0.0
Other operating revenue \| Operating Segments \| Corporate and Other
Segment Reporting [Line Items]
Total revenues	$ 10.2	$ 8.3	$ 14.5	$ 12.4

Acquisitions - Narrative (Details) - Exeter Rugby Group	Jun. 29, 2026 USD ($)
Business Combination [Line Items]
Consideration transferred	$ 1
Exeter Loan
Business Combination [Line Items]
Consideration transferred, liabilities incurred	9,600,000
Intercompany Note
Business Combination [Line Items]
Loan agreement amount	$ 26,000,000.0

- Definition

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.

+ References

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+ Details

Revenue Recognition - Contract Balances (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Revenue from Contract with Customer [Abstract]
Trade receivables, net	$ 7.1		$ 7.1		$ 7.6
Deferred revenue (contract liabilities)	19.5		19.5		$ 16.1
Revenue recognized	$ 2.2	$ 2.3	$ 3.6	$ 3.6

Notes Payable - Notes Payable (Details) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Notes payable, total	$ 69.9	$ 70.8
Less: Notes payable, current	5.4	6.3
Notes payable, long term	64.5	64.5
FNF Revolver \| Revolving Credit Facility
Debt Instrument [Line Items]
Notes payable, total	47.5	47.5
Exeter 2027 bond
Debt Instrument [Line Items]
Notes payable, total	13.8	0.0
Other \| Notes Payable
Debt Instrument [Line Items]
Notes payable, total	$ 8.6	$ 23.3

- Definition

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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+ Details

- Definition

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

+ References

+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 70.4	$ 182.0
Income taxes receivable	47.2	48.8
Other current assets	36.3	25.7
Assets held for sale	37.2	0.0
Total current assets	191.1	256.5
Investments in unconsolidated affiliates	637.6	643.5
Equity securities, without a readily determinable fair value	139.9	147.3
Equity securities, at fair value	110.9	1.4
Lease assets	95.5	116.9
Property and equipment, net	42.7	49.0
Goodwill	21.3	53.4
Deferred tax asset	1.0	0.6
Other intangible assets, net	11.3	13.2
Other long-term investments and non-current assets	7.1	27.1
Total assets	1,258.4	1,308.9
Current liabilities:
Accounts payable and other accrued liabilities, current	87.7	91.9
Lease liabilities, current	15.5	15.4
Deferred revenue	19.5	16.1
Notes payable, current	5.4	6.3
Liabilities held for sale	25.5	0.0
Total current liabilities	153.6	129.7
Lease liabilities, long-term	114.3	122.8
Notes payable, long-term	64.5	64.5
Deferred tax liability	1.9	0.0
Accounts payable and other accrued liabilities, long-term	12.2	12.8
Total liabilities	346.5	329.8
Commitments and contingencies - see Note H
Equity:
Cannae common stock, 0.0001 par value; authorized 115,000,000 shares as of June 30, 2026 and December 31, 2025; issued of 95,325,106 and 94,925,400 shares as of June 30, 2026 and December 31, 2025, respectively, and outstanding of 43,366,802 and 46,703,745 shares as of June 30, 2026 and December 31, 2025, respectively	0.0	0.0
Preferred stock, 0.0001 par value; authorized 10,000,000 shares; none issued and outstanding as of June 30, 2026 and December 31, 2025	0.0	0.0
Retained earnings	3.4	11.5
Additional paid-in capital	2,046.8	2,040.5
Less: Treasury stock, 51,958,304 and 48,221,655 shares as of June 30, 2026 and December 31, 2025, respectively, at cost	(1,092.6)	(1,046.5)
Accumulated other comprehensive income	0.0	6.5
Total Cannae shareholders' equity	957.6	1,012.0
Noncontrolling interests	(45.7)	(32.9)
Total equity	911.9	979.1
Total liabilities and equity	$ 1,258.4	$ 1,308.9

Notes Payable - Exter Rugby Debt (Details) - Exeter Rugby Group $ in Millions	6 Months Ended
	Jun. 30, 2026 USD ($) debt_Instrument	Jun. 29, 2026 USD ($)
Debt Instrument [Line Items]
Number of debt instruments assumed \| debt_Instrument	2
Debt	$ 17.0	$ 17.0
150th Debenture Due In November 2031
Debt Instrument [Line Items]
Interest rate	0.00%
Debt instrument non cash interest discount percentage	15.00%
Debt	$ 3.2
2027 Bond Matures On November 30, 2027
Debt Instrument [Line Items]
Interest rate	5.50%
Debt	$ 13.8

- Definition

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.

+ References

+ Details

Acquisitions - Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination (Details) - Exeter Rugby Group $ in Millions	Jun. 29, 2026 USD ($)
Business Combination [Line Items]
Property and equipment, net	$ 20.7
Other intangible assets, net (tradenames and trademarks)	$ 0.7
Property and equipment, net useful life (in years)	49 years
Trademarks and Trade Names
Business Combination [Line Items]
Other intangible assets, net (tradenames and trademarks)	$ 0.7
Intangible asset, finite-lived, acquired, weighted-average amortization period (in years)	20 years

- Definition

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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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Total operating revenues	$ 102.2	$ 110.2	$ 198.4	$ 213.4
Operating expenses:
Cost of restaurant revenue	85.3	90.8	169.2	181.8
Personnel costs	12.9	36.2	24.1	50.4
Depreciation and amortization	2.4	3.0	5.0	6.1
Other operating expenses, including asset impairments	26.3	41.1	46.9	57.4
Goodwill impairment	32.1	0.0	32.1	0.0
Total operating expenses	159.0	171.1	277.3	295.7
Operating loss	(56.8)	(60.9)	(78.9)	(82.3)
Other income (expense):
Interest, investment and other income	3.5	4.8	5.6	6.2
Interest expense	(1.2)	(3.3)	(3.5)	(7.1)
Recognized gains (losses), net	82.8	(76.2)	75.6	(69.0)
Total other income (expense)	85.1	(74.7)	77.7	(69.9)
Income (loss) before income taxes and equity in income (losses) of unconsolidated affiliates	28.3	(135.6)	(1.2)	(152.2)
Income tax expense (benefit)	1.7	(1.8)	2.2	18.4
Income (loss) before equity in income (losses) of unconsolidated affiliates	26.6	(133.8)	(3.4)	(170.6)
Equity in income (losses) of unconsolidated affiliates	1.8	(95.7)	(4.0)	(97.6)
Net income (loss) from continuing operations	28.4	(229.5)	(7.4)	(268.2)
Net loss from discontinued operations, net of tax - see Note J	0.0	(11.0)	0.0	(87.3)
Net income (loss)	28.4	(240.5)	(7.4)	(355.5)
Less: Net loss attributable to noncontrolling interests	(9.1)	(1.7)	(12.8)	(3.7)
Net income (loss) attributable to Cannae Holdings, Inc. common shareholders	37.5	(238.8)	5.4	(351.8)
Amounts attributable to Cannae Holdings, Inc. common shareholders
Net income (loss) from continuing operations attributable to Cannae Holdings, Inc. common shareholders	37.5	(227.8)	5.4	(264.5)
Net loss from discontinued operations attributable to Cannae Holdings, Inc. common shareholders	0.0	(11.0)	0.0	(87.3)
Net income (loss) attributable to Cannae Holdings, Inc. common shareholders	$ 37.5	$ (238.8)	$ 5.4	$ (351.8)
Basic
Net income (loss) per share from continuing operations (in usd per share)	$ 0.86	$ (3.75)	$ 0.12	$ (4.30)
Net loss per share from discontinued operations (in usd per share)	0	(0.18)	0	(1.42)
Net income (loss) per share (in usd per share)	0.86	(3.93)	0.12	(5.72)
Diluted
Net income (loss) per share from continuing operations (in usd per share)	0.86	(3.75)	0.12	(4.30)
Net loss per share from discontinued operations (in usd per share)	0	(0.18)	0	(1.42)
Net income (loss) per share (in usd per share)	$ 0.86	$ (3.93)	$ 0.12	$ (5.72)
Weighted Average Shares Outstanding
Weighted average shares outstanding Cannae Holdings common stock, basic basis (in shares)	43.5	60.8	44.7	61.5
Weighted average shares outstanding Cannae Holdings common stock, diluted basis (in shares)	43.6	60.8	44.8	61.5
Restaurant revenue
Revenues:
Total operating revenues	$ 92.0	$ 101.9	$ 183.9	$ 201.0
Other operating revenue
Revenues:
Total operating revenues	$ 10.2	$ 8.3	$ 14.5	$ 12.4

Notes Payable

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Notes Payable

Notes payable, net consists of the following:


	June 30, 2026		December 31, 2025
	(In millions)

FNF Revolver	$	47.5	$	47.5
Exeter 2027 bond	13.8		—
Other	8.6		23.3
Notes payable, total	$	69.9	$	70.8
Less: Notes payable, current	5.4		6.3
Notes payable, long term	$	64.5	$	64.5

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 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 D&B's definitive agreement to be acquired by Clearlake Capital Group, L.P. (the "D&B Sale"). On August 27, 2025, the 2020 Margin Facility was amended primarily to (i) remove the Company's prior holdings of D&B from the collateral pool, (ii) reduce the capacity of the Margin Loan from $150.0 million to $50.0 million, (iii) reduce the spread from 310 to 275 basis points and (iv) extend the maturity date to August 27, 2028.

On March 6, 2026, the Company prepaid in full all outstanding obligations under the 2020 Margin Facility and terminated the Margin Loan Agreement. There were no outstanding principal or interest advances under the Margin Loan Agreement as of the termination date and the 40 million shares of Alight that were pledged as collateral for borrowings were delivered back to the Company.

FNF Revolver

On November 17, 2017, Fidelity National Financial, Inc. ("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"). Pursuant to the FNF Revolver, FNF may make one or more loans to us with up to $100.0 million outstanding at any time. The FNF Revolver accrues 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 June 30, 2026, there was a $47.5 million outstanding principal amount which incurred interest at 5.0% and there is no available borrowing capacity under the FNF Revolver.

Exeter Rugby

In connection with the Exeter Acquisition, Black Knight Rugby assumed two unsecured debentures previously issued by Exeter that remained outstanding following the transaction. Other Exeter-level indebtedness outstanding prior to the acquisition was repaid concurrently with the closing of the transaction.

The 150th debenture is due to mature in November 2031 and bears a nominal interest rate of 0% as the holders of the debenture are entitled to a 15% discount on the value of a season ticket in lieu of cash interest. The carrying amount assumed at acquisition was approximately $3.2 million.

The 2027 bond matures on November 30, 2027 and bears a nominal interest rate of 5.5%. The carrying amount assumed at acquisition was approximately $13.8 million.

In the aggregate, these two instruments represent the $17.0 million of notes payable reflected in the preliminary purchase price allocation. Both instruments were recorded at their assumed fair value as of the acquisition date, which approximated carrying value given the debentures' terms. This fair value is preliminary and subject to change as the Company finalizes its purchase price allocation.

See Note L - Acquisitions for further discussion of our accounting of the Exeter Acquisition.

Gross principal maturities of notes payable at June 30, 2026 are as follows (in millions):



2026 (remaining)	$	5.4
2027	13.8
2028	—
2029	—
2030	47.5
Thereafter	3.2
Total	$	69.9

At June 30, 2026, the carrying value of our outstanding notes payable approximates fair value and are considered Level 2 financial liabilities.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Segment Information

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Segment Information

As of June 30, 2026, Cannae has identified four reportable segments: Restaurant Group, Alight, BKFC and JANA. 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 leave benefits) 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 ("CODM") 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. This segment consists of our 42.4% 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, FC Lorient ("FCL"), a French Ligue 1 football club and Moreirense Futebol Clube ("MFC"), a Portuguese Primeira Liga Football club. BKFC purchased the remaining equity interest in FCL in January 2026 and now holds a 100% ownership interest in FCL. Prior to January 2026, BKFC held a 40% interest in FCL. BKFC acquired its controlling interest in MFC in June 2025. BKFC aims to grow into a leading multi-club operator of football assets across the world. Our CODM 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 three and six months ended June 30, 2026 and 2025 includes our equity in losses of BKFC for the three and six months ended March 31, 2026 and 2025, respectively.

•JANA Partners. This segment consists of our 50.0% ownership interest in JANA Partners. JANA is an investment manager founded in 2001. Our CODM reviews the financial results of JANA Partners for purposes of assessing performance and allocating resources and thus we consider JANA an operating segment. We account for our ownership of JANA Partners 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 three and six months ended June 30, 2026 and 2025 includes our equity in JANA’s earnings for the three and six months ended March 31, 2026 and 2025, respectively.

•Corporate and Other. This nonreportable segment consists of our share in the operations of certain controlled portfolio companies and other equity interests, activity of the corporate holding company and certain intercompany eliminations and taxes.

Cannae’s CODM is the Company’s CEO, who oversees all of the Company’s investments and is 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.

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 of these unconsolidated affiliates.

We have disclosed those expenses for each reportable segment that are (1) regularly provided to the CODM; (2) included in each reported measure of segment profit and loss; and (3) considered significant, including categories of expense and amounts.

See Note B - Investments for additional summarized financial information of Alight, BKFC and JANA.

As of and for the three months ended June 30, 2026:


	Restaurant Group		Alight		BKFC		JANA		Total Reportable Segments		Corporate and Other		Total Consolidated
	(In millions)
Restaurant revenues	$	92.0							$	92.0	$	—	$	92.0
Other revenues	—								—		10.2		10.2
Total revenues	92.0								92.0		10.2		102.2
Expenses
Cost of revenue	85.3								85.3
Depreciation and amortization	1.7								1.7
Other segment items (1)	52.3								52.3
Interest expense	1.9								1.9
Equity in (loss) earnings of unconsolidated affiliates	—		(0.8)		10.5		0.4		10.1
Net (loss) earnings from continuing operations	$	(49.2)	$	(0.8)	$	10.5	$	0.4	$	(39.1)	$	67.5	$	28.4
Assets	$	179.3	$	71.1	$	160.2	$	139.9	$	550.5	$	707.9	$	1,258.4
Goodwill	21.3								21.3		—		21.3

As of and for the three months ended June 30, 2025:


	Restaurant Group		Alight		BKFC		JANA		Total Reportable Segments		Corporate and Other		Total Consolidated
	(In millions)
Restaurant revenues	$	101.9							$	101.9	$	—	$	101.9
Other revenues	—								—		8.3		8.3
Total revenues	101.9								101.9		8.3		110.2
Expenses
Cost of revenue	90.8								90.8
Depreciation and amortization	2.5								2.5
Other segment items (1)	10.4								10.4
Interest expense	1.6								1.6
Equity in (losses) earnings of unconsolidated affiliates	—		(81.7)		(12.3)		0.4		(93.6)
Net (loss) earnings from continuing operations	$	(3.4)	$	(81.7)	$	(12.3)	$	0.4	$	(97.0)	$	(132.5)	$	(229.5)
Assets	$	260.9	$	229.1	$	106.0	$	56.9	$	652.9	$	1,132.9	$	1,785.8
Goodwill	53.4								53.4		—		53.4

As of and for the six months ended June 30, 2026:


	Restaurant Group		Alight		BKFC		JANA		Total Reportable Segments		Corporate and Other		Total Consolidated
	(In millions)
Restaurant revenues	$	183.9							$	183.9	$	—	$	183.9
Other revenues	—								—		14.5		14.5
Total revenues	183.9								183.9		14.5		198.4
Expenses
Cost of revenue	169.2								169.2
Depreciation and amortization	3.7								3.7
Other segment items (1)	69.7								69.7
Interest expense	3.7								3.7
Equity in (losses) earnings of unconsolidated affiliates	—		(2.9)		6.1		0.8		4.0
Net (loss) earnings from continuing operations	$	(62.4)	$	(2.9)	$	6.1	$	0.8	$	(58.4)	$	51.0	$	(7.4)
Assets	$	179.3	$	71.1	$	160.2	$	139.9	$	550.5	$	707.9	$	1,258.4
Goodwill	21.3								21.3		—		21.3

As of and for the six months ended June 30, 2025:


	Restaurant Group		Alight		BKFC		JANA		Total Reportable Segments		Corporate and Other		Total Consolidated
	(In millions)
Restaurant revenues	$	201.0							$	201.0	$	—	$	201.0
Other revenues	—								—		12.4		12.4
Total revenues	201.0								201.0		12.4		213.4
Expenses
Cost of revenue	181.8								181.8
Depreciation and amortization	4.9								4.9
Other segment items (1)	19.6								19.6
Interest expense	3.1								3.1
Equity in (losses) earnings of unconsolidated affiliates	—		(83.6)		(22.7)		2.8		(103.5)
Net (loss) earnings from continuing operations	$	(8.4)	$	(83.6)	$	(22.7)	$	2.8	$	(111.9)	$	(156.3)	$	(268.2)
Assets	$	260.9	$	229.1	$	106.0	$	56.9	$	652.9	$	1,132.9	$	1,785.8
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.

- Definition

The entire disclosure for segment reporting.

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+ Details

Basis of Financial Statements (Policies)	6 Months Ended
Basis of Financial Statements (Policies)	Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The accompanying Condensed Consolidated Financial Statements are prepared in accordance with generally accepted accounting principles in the United States ("GAAP") and the instructions to Form 10-Q and Article 10 of Regulation S-X and include the historical accounts as well as wholly-owned and majority-owned subsidiaries of the Company. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All adjustments made were of a normal, recurring nature. This report should be read in conjunction with our Annual Report on Form 10-K (our "Annual Report") for the year ended December 31, 2025.
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 recorded on the Condensed Consolidated Statements of Operations represents the portion of our majority-owned subsidiaries' net earnings or loss that is owned by noncontrolling shareholders of such subsidiaries. Noncontrolling interest recorded on the Condensed Consolidated Balance Sheets represents the portion of equity owned by noncontrolling shareholders in our consolidated subsidiaries.
Management Estimates	Management Estimates The preparation of these Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates made by management include the fair value measurements in accounting for certain equity investments (Note B - Investments and Note C - Fair Value Measurements), and the valuation allowance recorded on our federal net operating loss ("NOL") carryforwards, state net operating loss carryforwards, and certain deferred taxes related to our investments (see information below under the heading Income Taxes for further information). Actual results could differ from estimates.
Earnings Per Share	Earnings Per Share Basic earnings per share, as presented on the Condensed Consolidated Statement of Operations, is computed by dividing net earnings 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 loss per share is equal to basic loss 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 and restricted stock units that 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 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.
Revenue Recognition	Restaurant revenue consists of restaurant sales and, to a lesser extent, franchise revenue and other revenue. Restaurant sales including 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 restaurant and other operating revenues are generated in the United States. Deferred revenue is recorded primarily for restaurant gift card sales. With the Exeter Acquisition, the deferred revenue also includes match day tickets, season tickets, corporate boxes, VIP memberships, and sponsorships. The unrecognized portion of such revenue is recorded as Deferred revenue in the Condensed Consolidated Balance Sheets.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

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- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

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+ Details

Commitments and Contingencies - Purchase Obligations (Details) $ in Millions	Jun. 30, 2026 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2026 (remaining)	$ 22.3
2027	8.4
2028	3.1
2029	0.0
2030	0.0
Thereafter	0.0
Total purchase commitments	$ 33.8

Basis of Financial Statements - Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Related Party Transaction [Line Items]
Other operating expenses, including asset impairments	$ 26.3	$ 41.1	$ 46.9	$ 57.4
Management Fees Expense \| Related Party
Related Party Transaction [Line Items]
Other operating expenses, including asset impairments	0.0	17.1	0.0	19.0
Termination Fees Expense \| Related Party
Related Party Transaction [Line Items]
Other operating expenses, including asset impairments	$ 0.0	$ 8.3	0.0	$ 9.9
Payment for manager termination fees			$ 11.4

- Definition

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.

+ References

+ Details

Acquisitions (Tables)

6 Months Ended

Jun. 30, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary fair value allocation of the purchase price to the assets acquired and liabilities assumed as of the acquisition date:


	Fair Value
	(In millions)
Property and equipment, net	$	20.7
Investment in Premiership Rugby Limited	21.1

Other intangible assets, net	0.7
Other assets	3.7
Total assets acquired	$	46.2

Deferred revenue	$	9.3
Deferred tax liability	1.9
Debt	17.0
Other liabilities	8.4
Total liabilities assumed	$	36.6
Net assets acquired	$	9.6

Schedule of Business Combination, Property And Equipment And Intangible Asset, Finite-Lived, Acquired

The gross carrying value and weighted average estimated useful lives of Property and equipment and Other intangible assets acquired consists of the following:


	Gross Carrying Value		Weighted Average Estimated Useful Life
	(In millions)		(In years)
Property and equipment, net	$	20.7	49
Other intangible assets, net (tradenames and trademarks)	0.7		20

Commitments and Contingencies - Narrative (Details) $ in Millions		6 Months Ended
	May 12, 2025 USD ($) tranche	Jun. 30, 2026 USD ($) restaurant	Jun. 30, 2025 USD ($)
Other Commitments [Line Items]
Number of restaurants \| restaurant		1
Equity investment		$ 15.0	$ 30.1
JANA
Other Commitments [Line Items]
Additional ownership percentage	30.00%
Equity investment	$ 67.5
Potential future payments	$ 26.0
Number of tranches \| tranche	2
Equity method investment, contingent consideration liability, current		$ 16.0
JANA \| Initial Payment-AUM threshold from September 2026 through December 2028 Achievement
Other Commitments [Line Items]
Potential future payments	$ 16.0
JANA \| Additional Payment-AUM threshold As Of December 2028 Achievement
Other Commitments [Line Items]
Potential future payments	$ 10.0

Fair Value Measurements

6 Months Ended

Jun. 30, 2026

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.

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 June 30, 2026 and December 31, 2025, respectively:


	June 30, 2026
	Level 1		Level 2		Level 3		Total
	(In millions)
Assets:
Cash and cash equivalents	$	70.4	$	—	$	—	$	70.4

Equity securities:


SpaceX	110.9		—		—		110.9
Total equity securities	110.9		—		—		110.9
Total assets	$	181.3	$	—	$	—	$	181.3
Liabilities:
Put Right	$	—	$	20.7	$	—	$	20.7
Total accounts payable and other accrued liabilities, current	—		20.7		—		20.7
Total liabilities	$	—	$	20.7	$	—	$	20.7


	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

As of June 30, 2026, the Put Right was accounted for at fair value using a market approach based on the value implied by the Brasada Sale. In connection with the Brasada Sale, the Put Right was terminated effective July 15, 2026, pursuant to the Letter Agreement.

See Note A - Basis of Financial Statements for further discussion of the Brasada Sale.

As of December 31, 2025, the Put Right was accounted for at fair value calculated using a Monte Carlo Simulation with Level 2 fair value hierarchy inputs. The valuation model utilized 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.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
$ in Millions

Total

Unconsolidated affiliates

Common Stock

Additional Paid-in Capital

Unconsolidated affiliates

Retained Earnings (Deficit)

Accumulated Other Comp (Loss) Earnings

Treasury Stock

Non-controlling Interests

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

94,300,000

Beginning balance at Dec. 31, 2024

$ 1,815.3

$ 0.0

$ 2,013.3

$ 567.1

$ (19.2)

$ (724.7)

$ (21.2)

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

31,500,000

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

Other comprehensive earnings (loss) — unrealized gains and (losses) of investments in unconsolidated affiliates, net of tax

0.5

^[1]

0.5

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

3.2

^[2]

3.2

Treasury stock repurchases (in shares)

5,700,000

Treasury stock repurchases

(112.3)

$ (112.3)

Vesting of shares held in trust (in shares)

(700,000)

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

400,000

300,000

Stock-based compensation

14.9

$ 7.2

14.9

$ 7.2

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)

Other activity in non-controlling interests

0.2

0.0

0.2

Dividends declared

(15.2)

Net income (loss)

(355.5)

(351.8)

(3.7)

Ending balance, Common Stock (in shares) at Jun. 30, 2025

94,700,000

Ending balance at Jun. 30, 2025

1,356.7

$ 0.0

2,035.4

200.1

(15.5)

$ (838.6)

(24.7)

Ending balance, Treasury Stock (in shares) at Jun. 30, 2025

36,900,000

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

94,300,000

Beginning balance at Dec. 31, 2024

1,815.3

$ 0.0

2,013.3

567.1

(19.2)

$ (724.7)

(21.2)

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

31,500,000

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

Net income (loss)

$ (536.7)

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

46,703,745

94,900,000

Ending balance at Dec. 31, 2025

$ 979.1

$ 0.0

2,040.5

11.5

6.5

$ (1,046.5)

(32.9)

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

48,221,655

48,200,000

Beginning balance, Common Stock (in shares) at Mar. 31, 2025

94,700,000

Beginning balance at Mar. 31, 2025

$ 1,696.7

$ 0.0

2,021.0

446.5

(21.3)

$ (726.3)

(23.2)

Beginning balance, Treasury Stock (in shares) at Mar. 31, 2025

31,900,000

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

Other comprehensive earnings (loss) — unrealized gains and (losses) of investments in unconsolidated affiliates, net of tax

2.8

^[1]

2.8

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

3.0

^[2]

3.0

Treasury stock repurchases (in shares)

5,700,000

Treasury stock repurchases

(112.3)

$ (112.3)

Vesting of shares held in trust (in shares)

(700,000)

Stock-based compensation

11.2

3.2

11.2

3.2

Other activity in non-controlling interests

0.2

Dividends declared

(7.6)

Net income (loss)

(240.5)

(238.8)

(1.7)

Ending balance, Common Stock (in shares) at Jun. 30, 2025

94,700,000

Ending balance at Jun. 30, 2025

$ 1,356.7

$ 0.0

2,035.4

200.1

(15.5)

$ (838.6)

(24.7)

Ending balance, Treasury Stock (in shares) at Jun. 30, 2025

36,900,000

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

46,703,745

94,900,000

Beginning balance at Dec. 31, 2025

$ 979.1

$ 0.0

2,040.5

11.5

6.5

$ (1,046.5)

(32.9)

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

48,221,655

48,200,000

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

Other comprehensive earnings (loss) — unrealized gains and (losses) of investments in unconsolidated affiliates, net of tax

$ (6.5)

^[1]

(6.5)

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

^[2]

0.0

Treasury stock repurchases (in shares)

3,500,000

Treasury stock repurchases

(44.8)

$ (44.8)

Vesting of shares held in trust (in shares)

(100,000)

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

400,000

300,000

Stock-based compensation

4.2

2.1

4.2

2.1

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

(1.3)

$ (1.3)

Dividends declared

(13.5)

Net income (loss)

$ (7.4)

5.4

(12.8)

Ending balance, Common Stock (in shares) at Jun. 30, 2026

43,366,802

95,300,000

Ending balance at Jun. 30, 2026

$ 911.9

$ 0.0

2,046.8

3.4

0.0

$ (1,092.6)

(45.7)

Ending balance, Treasury Stock (in shares) at Jun. 30, 2026

51,958,304

52,000,000.0

Beginning balance, Common Stock (in shares) at Mar. 31, 2026

95,300,000

Beginning balance at Mar. 31, 2026

$ 922.4

$ 0.0

2,043.5

(27.5)

6.0

$ (1,063.1)

(36.5)

Beginning balance, Treasury Stock (in shares) at Mar. 31, 2026

49,700,000

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

Other comprehensive earnings (loss) — unrealized gains and (losses) of investments in unconsolidated affiliates, net of tax

(6.0)

^[1]

(6.0)

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

^[2]

0.0

Treasury stock repurchases (in shares)

2,300,000

Treasury stock repurchases

(29.4)

$ (29.4)

Stock-based compensation

2.0

$ 1.3

2.0

$ 1.3

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

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

(0.1)

$ (0.1)

Other activity in non-controlling interests

(0.1)

Dividends declared

(6.6)

Net income (loss)

$ 28.4

37.5

(9.1)

Ending balance, Common Stock (in shares) at Jun. 30, 2026

43,366,802

95,300,000

Ending balance at Jun. 30, 2026

$ 911.9

$ 0.0

$ 2,046.8

$ 3.4

$ 0.0

$ (1,092.6)

$ (45.7)

Ending balance, Treasury Stock (in shares) at Jun. 30, 2026

51,958,304

52,000,000.0

[1]	Net of income tax (benefit) expense of $(1.6) million and $0.7 million for the three months ended June 30, 2026 and 2025, respectively, and $(1.7) million and $0.1 million for the six months ended June 30, 2026 and 2025, respectively.
[2]	Net of income tax expense of $0.8 million and $0.9 million for three and six months ended June 30, 2025, respectively.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (LOSS) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Statement of Comprehensive Income [Abstract]
Tax (benefit) expense	$ (1.6)	$ 0.7	$ (1.7)	$ 0.1
Reclassification adjustments for unrealized gains and losses on unconsolidated affiliates, net of tax, included in net earnings, tax expense		$ 0.8		$ 0.9

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Common stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Common stock authorized (in shares)	115,000,000	115,000,000
Common stock issued (in shares)	95,325,106	94,925,400
Common stock outstanding (in shares)	43,366,802	46,703,745
Preferred stock par value (in usd per share)	$ 0.0001	$ 0.0001
Preferred stock authorized (in shares)	10,000,000	10,000,000
Preferred stock issued (in shares)	0	0
Preferred stock outstanding (in shares)	0	0
Treasury shares (in shares)	51,958,304	48,221,655

Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

Our revenue consists of:


		Three Months Ended June 30,				Six months ended June 30,
		2026		2025		2026		2025
Revenue Stream	Segment	Total Revenue
Restaurant revenue:		(In millions)
Restaurant sales	Restaurant Group	$	92.0	$	101.9	$	183.9	$	201.0


Total restaurant revenue		92.0		101.9		183.9		201.0
Other operating revenue:
Real estate and resort	Corporate and other	10.2		8.3		14.5		12.3
Other	Corporate and other	—		—		—		0.1
Total other operating revenue		10.2		8.3		14.5		12.4
Total operating revenues		$	102.2	$	110.2	$	198.4	$	213.4

Schedule of Contract Balances, Receivables and Deferred Revenue

The following table provides information about trade receivables and deferred revenue:


	June 30, 2026		December 31, 2025
	(In millions)
Trade receivables, net	$	7.1	$	7.6
Deferred revenue (contract liabilities)	19.5		16.1

Variable Interest Entities (Tables)

6 Months Ended

Jun. 30, 2026

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 June 30, 2026 and December 31, 2025, of which we are not the primary beneficiary:


		June 30, 2026				December 31, 2025
		Total Assets		Maximum Exposure			Total Assets		Maximum Exposure
	(In millions)
Investments in unconsolidated affiliates		$	343.5	$	343.5		$	341.1	$	341.1

Other current assets or Other long-term investments and non-current assets		12.2		12.2			9.5		9.5

- Definition

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.

+ References + Details

Discontinued Operations

6 Months Ended

Jun. 30, 2026

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Dun & Bradstreet

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


	Three months ended June 30, 2025		Six months ended June 30, 2025

	(In millions)
Other income (expense):
Recognized losses	$	(4.3)	$	(76.0)
Equity in losses of unconsolidated affiliates	(6.7)		(11.3)
Loss from discontinued operations before income taxes	(11.0)		(87.3)
Income tax expense (benefit)	—		—
Net loss from discontinued operations, net of tax	$	(11.0)	$	(87.3)


	Three months ended June 30, 2025		Six months ended June 30, 2025

	(In millions)
Total revenues	$	585.2	$	1,165.0
Operating income	12.8		48.1
Loss before income taxes	(34.0)		(48.8)
Net loss	(32.6)		(47.4)
Net income attributable to noncontrolling interest	1.1		2.1
Net loss attributable to D&B	(33.7)		(49.5)

Assets Held for Sale

The carrying amounts of the major classes of assets and liabilities included as part of the disposal groups classified as held for sale is presented below:


	June 30, 2026
	(In millions)
Assets
Cash and cash equivalents	$	1.6
Trade receivables, net	1.4
Inventory	0.6
Property and equipment, net	23.0

Intangible assets	1.6
Other assets	9.0
Total assets held for sale	$	37.2

Liabilities
Accounts payable and other accrued liabilities	$	4.8
Deferred revenue	3.4


Notes payable	17.3
Total liabilities held for sale	$	25.5

Segment Information (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Schedule of Financial Information Concerning Reportable Segments

As of and for the three months ended June 30, 2026:


	Restaurant Group		Alight		BKFC		JANA		Total Reportable Segments		Corporate and Other		Total Consolidated
	(In millions)
Restaurant revenues	$	92.0							$	92.0	$	—	$	92.0
Other revenues	—								—		10.2		10.2
Total revenues	92.0								92.0		10.2		102.2
Expenses
Cost of revenue	85.3								85.3
Depreciation and amortization	1.7								1.7
Other segment items (1)	52.3								52.3
Interest expense	1.9								1.9
Equity in (loss) earnings of unconsolidated affiliates	—		(0.8)		10.5		0.4		10.1
Net (loss) earnings from continuing operations	$	(49.2)	$	(0.8)	$	10.5	$	0.4	$	(39.1)	$	67.5	$	28.4
Assets	$	179.3	$	71.1	$	160.2	$	139.9	$	550.5	$	707.9	$	1,258.4
Goodwill	21.3								21.3		—		21.3

As of and for the three months ended June 30, 2025:


	Restaurant Group		Alight		BKFC		JANA		Total Reportable Segments		Corporate and Other		Total Consolidated
	(In millions)
Restaurant revenues	$	101.9							$	101.9	$	—	$	101.9
Other revenues	—								—		8.3		8.3
Total revenues	101.9								101.9		8.3		110.2
Expenses
Cost of revenue	90.8								90.8
Depreciation and amortization	2.5								2.5
Other segment items (1)	10.4								10.4
Interest expense	1.6								1.6
Equity in (losses) earnings of unconsolidated affiliates	—		(81.7)		(12.3)		0.4		(93.6)
Net (loss) earnings from continuing operations	$	(3.4)	$	(81.7)	$	(12.3)	$	0.4	$	(97.0)	$	(132.5)	$	(229.5)
Assets	$	260.9	$	229.1	$	106.0	$	56.9	$	652.9	$	1,132.9	$	1,785.8
Goodwill	53.4								53.4		—		53.4

As of and for the six months ended June 30, 2026:


	Restaurant Group		Alight		BKFC		JANA		Total Reportable Segments		Corporate and Other		Total Consolidated
	(In millions)
Restaurant revenues	$	183.9							$	183.9	$	—	$	183.9
Other revenues	—								—		14.5		14.5
Total revenues	183.9								183.9		14.5		198.4
Expenses
Cost of revenue	169.2								169.2
Depreciation and amortization	3.7								3.7
Other segment items (1)	69.7								69.7
Interest expense	3.7								3.7
Equity in (losses) earnings of unconsolidated affiliates	—		(2.9)		6.1		0.8		4.0
Net (loss) earnings from continuing operations	$	(62.4)	$	(2.9)	$	6.1	$	0.8	$	(58.4)	$	51.0	$	(7.4)
Assets	$	179.3	$	71.1	$	160.2	$	139.9	$	550.5	$	707.9	$	1,258.4
Goodwill	21.3								21.3		—		21.3

As of and for the six months ended June 30, 2025:


	Restaurant Group		Alight		BKFC		JANA		Total Reportable Segments		Corporate and Other		Total Consolidated
	(In millions)
Restaurant revenues	$	201.0							$	201.0	$	—	$	201.0
Other revenues	—								—		12.4		12.4
Total revenues	201.0								201.0		12.4		213.4
Expenses
Cost of revenue	181.8								181.8
Depreciation and amortization	4.9								4.9
Other segment items (1)	19.6								19.6
Interest expense	3.1								3.1
Equity in (losses) earnings of unconsolidated affiliates	—		(83.6)		(22.7)		2.8		(103.5)
Net (loss) earnings from continuing operations	$	(8.4)	$	(83.6)	$	(22.7)	$	2.8	$	(111.9)	$	(156.3)	$	(268.2)
Assets	$	260.9	$	229.1	$	106.0	$	56.9	$	652.9	$	1,132.9	$	1,785.8
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.

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

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+ Details

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

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Statement of Comprehensive Income [Abstract]

Net income (loss)

$ 28.4

$ (240.5)

$ (7.4)

$ (355.5)

Other comprehensive earnings (loss), net of tax:

Unrealized loss of investments in unconsolidated affiliates

^[1]

(6.0)

2.8

(6.5)

0.5

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

^[2]

0.0

3.0

0.0

3.2

Other comprehensive (loss) earnings

(6.0)

5.8

(6.5)

3.7

Comprehensive earnings (loss)

22.4

(234.7)

(13.9)

(351.8)

Less: Comprehensive loss attributable to noncontrolling interests

(9.1)

(1.7)

(12.8)

(3.7)

Comprehensive earnings (loss) attributable to Cannae Holdings, Inc. common shareholders

$ 31.5

$ (233.0)

$ (1.1)

$ (348.1)

[1]	Net of income tax (benefit) expense of $(1.6) million and $0.7 million for the three months ended June 30, 2026 and 2025, respectively, and $(1.7) million and $0.1 million for the six months ended June 30, 2026 and 2025, respectively.
[2]	Net of income tax expense of $0.8 million and $0.9 million for three and six months ended June 30, 2025, respectively.

- Definition

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.

+ References + Details

- Definition

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.

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- Definition

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.

+ References + Details

- Definition

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

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+ Details

- Definition

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

+ References

+ Details

Assets Held for Sale (Tables)

6 Months Ended

Jun. 30, 2026

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Carrying Amounts of Major Classes of Assets and Liabilities

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


	Three months ended June 30, 2025		Six months ended June 30, 2025

	(In millions)
Other income (expense):
Recognized losses	$	(4.3)	$	(76.0)
Equity in losses of unconsolidated affiliates	(6.7)		(11.3)
Loss from discontinued operations before income taxes	(11.0)		(87.3)
Income tax expense (benefit)	—		—
Net loss from discontinued operations, net of tax	$	(11.0)	$	(87.3)


	Three months ended June 30, 2025		Six months ended June 30, 2025

	(In millions)
Total revenues	$	585.2	$	1,165.0
Operating income	12.8		48.1
Loss before income taxes	(34.0)		(48.8)
Net loss	(32.6)		(47.4)
Net income attributable to noncontrolling interest	1.1		2.1
Net loss attributable to D&B	(33.7)		(49.5)

The carrying amounts of the major classes of assets and liabilities included as part of the disposal groups classified as held for sale is presented below:


	June 30, 2026
	(In millions)
Assets
Cash and cash equivalents	$	1.6
Trade receivables, net	1.4
Inventory	0.6
Property and equipment, net	23.0

Intangible assets	1.6
Other assets	9.0
Total assets held for sale	$	37.2

Liabilities
Accounts payable and other accrued liabilities	$	4.8
Deferred revenue	3.4


Notes payable	17.3
Total liabilities held for sale	$	25.5

- Definition

+ References

+ Details

Notes Payable - Margin Facility (Details) - USD ($)				7 Months Ended	18 Months Ended	33 Months Ended
Notes Payable - Margin Facility (Details) - USD ($)	Aug. 27, 2025	Mar. 04, 2024	Aug. 17, 2023	Mar. 03, 2024	Aug. 26, 2025	Aug. 16, 2023	Jun. 30, 2026	Mar. 06, 2026	Dec. 31, 2025	Jul. 02, 2025	Jun. 16, 2023	Jun. 15, 2023
Line of Credit Facility [Line Items]
Debt outstanding							$ 69,900,000
Long-term debt							$ 69,900,000		$ 70,800,000
Revolving Credit Facility \| 2020 Margin Facility
Line of Credit Facility [Line Items]
Aggregate borrowing capacity	$ 50,000,000.0				$ 150,000,000.0						$ 150,000,000	$ 250,000,000
Interest rate basis	2.75%	3.10%	3.75%	3.75%	3.10%	3.58%
Debt outstanding										$ 40,000,000.0
Long-term debt								$ 0
Revolving Credit Facility \| 2020 Margin Facility \| Alight
Line of Credit Facility [Line Items]
Common stock held as collateral for credit facility (in shares)			40,000,000
Revolving Credit Facility \| 2020 Margin Facility \| Alight \| Collateral Pledged
Line of Credit Facility [Line Items]
Common stock held as collateral for credit facility (in shares)								40,000,000

Acquisitions - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - Exeter Rugby Group - USD ($) $ in Millions	Jun. 30, 2026	Jun. 29, 2026
Business Combination [Line Items]
Property and equipment, net		$ 20.7
Investment in Premiership Rugby Limited		21.1
Other intangible assets, net		0.7
Other assets		3.7
Total assets acquired		46.2
Deferred revenue		9.3
Deferred tax liability		1.9
Debt	$ 17.0	17.0
Other liabilities		8.4
Total liabilities assumed		36.6
Net assets acquired		$ 9.6

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026
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