SEC Filing | Cannae Holdings, Inc.

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cnne-20210630

Table of Contents

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q


☑						QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2021


☐						TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 1-38300

CANNAE HOLDINGS, INC.

______________________________________________________________________________________________________________________________________________________

(Exact name of registrant as specified in its charter)

Delaware

82-1273460

(State or other jurisdiction of
incorporation or organization)

(I.R.S. Employer
Identification Number)

1701 Village Center Circle,

Las Vegas,

Nevada

89134

(Address of principal executive offices)

(Zip Code)

(702) 323-7330

___________________________________________________________________

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol

Name of Each Exchange on Which Registered

Cannae Common Stock, $0.0001 par value

CNNE

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ NO ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ NO ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer," “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):

Large Accelerated Filer

☑

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES ☐ NO ☑

As of July 31, 2021 there were 88,926,857 shares of the Registrant's common stock outstanding.

FORM 10-Q

QUARTERLY REPORT

Quarter Ended June 30, 2021

TABLE OF CONTENTS



			Page
Part I: FINANCIAL INFORMATION
Item 1. Unaudited Condensed Consolidated Financial Statements
A. Condensed Consolidated Balance Sheets as of June 30 , 2021 and December 31, 2020			1
B. Condensed Consolidated Statements of Operations for the three and six -month periods ended June 30 , 2021 and 2020			2
C. Condensed Consolidated Statements of Comprehensive Earnings (Loss) for the three and six -month periods ended June 30 , 2021 and 2020			3
D. Condensed Consolidated Statements of Equity for the three and six -month periods ended June 30 , 2021 and 2020			4
E. Condensed Consolidated Statements of Cash Flows for the three and six -month periods ended June 30 , 2021 and 2020			6
F. Notes to Condensed Consolidated Financial Statements			7
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			31
Item 3. Quantitative and Qualitative Disclosure About Market Risk			39
Item 4. Controls and Procedures			40
Part II: OTHER INFORMATION
Item 1. Legal Proceedings			40

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			40
Item 6. Exhibits			41

Table of Contents

Part I: FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements

CANNAE HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions)

(Unaudited)


	June 30, 2021		December 31, 2020
ASSETS
Current assets:
Cash and cash equivalents	$	271.2	$	724.7
Fixed maturity securities available for sale, at fair value	—		35.2
Other current assets	40.9		84.3




Assets held for sale - see Note J	104.4		—
Total current assets	416.5		844.2
Equity securities, at fair value	1,169.1		1,799.1
Investments in unconsolidated affiliates	1,988.7		1,453.0
Lease assets	178.1		202.3
Property and equipment, net	102.5		145.8
Other intangible assets, net	28.6		51.8
Goodwill	53.4		53.4


Other long term investments and non-current assets	502.7		63.8

Total assets	$	4,439.6	$	4,613.4
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and other accrued liabilities, current	$	161.0	$	93.2
Lease liabilities, current	23.5		26.2
Income taxes payable	48.9		47.4
Deferred revenue	15.6		23.9
Notes payable, current	26.8		11.3
Liabilities held for sale - see Note J	43.1		—
Total current liabilities	318.9		202.0
Lease liabilities, long term	171.2		195.6
Deferred tax liability	243.3		325.3

Notes payable, long term	24.7		52.2

Accounts payable and other accrued liabilities, long term	48.0		53.1

Total liabilities	806.1		828.2
Commitments and contingencies - see Note G
Equity:
Cannae common stock, 0.0001 par value; authorized 115,000,000 shares as of June 30, 2021 and December 31, 2020; outstanding of 89,126,857 and 91,651,257 shares as of June 30, 2021 and December 31, 2020, respectively, and issued of 92,395,733 and 92,391,965 shares as of June 30, 2021 and December 31, 2020, respectively	—		—
Preferred stock, 0.0001 par value; authorized 10,000,000 shares; issued and outstanding, none as of June 30, 2021 and December 31, 2020	—		—
Retained earnings	1,873.1		1,929.8
Additional paid-in capital	1,880.8		1,875.8
Less: Treasury stock, 3,268,876 and 740,708 shares as of June 30, 2021 and December 31, 2020, respectively, at cost	(110.8)		(21.1)
Accumulated other comprehensive loss	(15.8)		(4.9)
Total Cannae shareholders' equity	3,627.3		3,779.6
Noncontrolling interests	6.2		5.6
Total equity	3,633.5		3,785.2
Total liabilities and equity	$	4,439.6	$	4,613.4

See Notes to Condensed Consolidated Financial Statements

Table of Contents

CANNAE HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except per share data)

(Unaudited)


	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020

Revenues:
Restaurant revenue	$	189.9	$	99.4	$	357.2	$	269.3
Other operating revenue	12.5		3.2		17.1		6.3
Total operating revenues	202.4		102.6		374.3		275.6
Operating expenses:
Cost of restaurant revenue	160.3		100.8		308.0		253.9
Personnel costs	24.4		23.3		36.4		52.5
Depreciation and amortization	6.4		7.3		14.3		15.7
Other operating expenses	47.5		16.9		87.8		44.8
Goodwill impairment	—		—		—		7.7
Total operating expenses	238.6		148.3		446.5		374.6
Operating loss	(36.2)		(45.7)		(72.2)		(99.0)
Other income (expense):
Interest, investment and other income	0.5		8.3		1.4		10.5
Interest expense	(2.5)		(1.0)		(4.6)		(4.8)
Recognized gains (losses), net	274.0		578.1		(38.5)		1,493.2
Total other income (expense)	272.0		585.4		(41.7)		1,498.9
Earnings (loss) before income taxes and equity in (losses) earnings of unconsolidated affiliates	235.8		539.7		(113.9)		1,399.9
Income tax expense (benefit)	49.3		131.1		(12.7)		300.5
Earnings (loss) before equity in (losses) earnings of unconsolidated affiliates	186.5		408.6		(101.2)		1,099.4
Equity in (losses) earnings of unconsolidated affiliates	(8.8)		57.5		45.1		4.8


Net earnings (loss)	177.7		466.1		(56.1)		1,104.2
Less: Net earnings (loss) attributable to non-controlling interests	1.3		(9.2)		0.6		(18.8)
Net earnings (loss) attributable to Cannae Holdings, Inc. common shareholders	$	176.4	$	475.3	$	(56.7)	$	1,123.0




Earnings per share
Basic


Net earnings (loss) per share	$	1.94	$	5.88	$	(0.62)	$	14.06
Diluted


Net earnings (loss) per share	$	1.94	$	5.87	$	(0.62)	$	14.00
Weighted Average Shares Outstanding
Weighted average shares outstanding Cannae Holdings common stock, basic basis	90.7		80.8		91.1		79.9
Weighted average shares outstanding Cannae Holdings common stock, diluted basis	90.8		81.0		91.2		80.2

See Notes to Condensed Consolidated Financial Statements

Table of Contents

CANNAE HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (LOSS)

(In millions)

(Unaudited)


	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
Net earnings (loss)	$	177.7	$	466.1	$	(56.1)	$	1,104.2
Other comprehensive (loss) earnings, net of tax:
Unrealized gain on investments and other financial instruments, net (excluding investments in unconsolidated affiliates) (1)	—		5.9		0.5		11.2
Unrealized gains (losses) of investments in unconsolidated affiliates (2)	1.9		(2.5)		(2.7)		(6.4)
Reclassification adjustments for unrealized gains and losses on investments and other financial instruments, net of tax, (excluding investments in unconsolidated affiliates) included in net earnings (3)	(10.9)		—		(10.9)		—
Reclassification adjustments for unrealized gains and losses of unconsolidated affiliates, net of tax, included in net earnings (4)	1.9		—		2.2		44.3
Other comprehensive (loss) earnings	(7.1)		3.4		(10.9)		49.1
Comprehensive earnings (loss)	170.6		469.5		(67.0)		1,153.3
Less: Comprehensive earnings (loss) attributable to noncontrolling interests	1.3		(9.2)		0.6		(18.8)
Comprehensive earnings (loss) attributable to Cannae Holdings, Inc. common shareholders	$	169.3	$	478.7	$	(67.6)	$	1,172.1

_________________________________

(1)Net of income tax expense of $1.6 million for the three months ended June 30, 2020, and $0.1 million and $3.0 million for the six months ended June 30, 2021 and 2020, respectively.

(2)Net of income tax expense (benefit) of $0.5 million and $(0.7) million for the three months ended June 30, 2021 and 2020, respectively, and $(0.7) million and $(1.7) million for the six months ended June 30, 2021 and 2020, respectively.

(3)Net of income tax benefit of $2.9 million for the three and six months ended June 30, 2021.

(4)Net of income tax expense of $0.5 million for the three months ended June 30, 2021, and $0.6 million and $11.8 million for the six months ended June 30, 2021 and 2020, respectively.

See Notes to Condensed Consolidated Financial Statements

Table of Contents

CANNAE HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(In millions)

(Unaudited)


	Common Stock			Additional Paid-in Capital		Retained Earnings		Accumulated Other Comp (Loss) Earnings		Treasury Stock			Non-controlling Interests		Total Equity
	Shares	$								Shares	$

Balance, March 31, 2020	79.7	$	—	$	1,406.1	$	791.3	$	(0.2)	0.6	$	(16.7)	$	24.5	$	2,205.0
Equity offering, net of offering costs	12.7	—		455.0		—		—		—	—		—		455.0

Other comprehensive earnings — unrealized gain on investments and other financial instruments, net of tax	—	—		—		—		5.9		—	—		—		5.9
Other comprehensive earnings — unrealized losses of investments in unconsolidated affiliates, net of tax	—	—		—		—		(2.5)		—	—		—		(2.5)



Sale of noncontrolling interest in consolidated subsidiary	—	—		—		—		—		—	—		0.6		0.6
Treasury stock repurchases	—	—		—		—		—		0.1	(3.6)		—		(3.6)
Stock-based compensation, consolidated subsidiaries	—	—		1.1		—		—		—	—		—		1.1
Contribution of CSA services from FNF	—	—		0.3		—		—		—	—		—		0.3
Stock-based compensation, unconsolidated affiliates	—	—		5.9		—		—		—	—		—		5.9

Net earnings (loss)	—	—		—		475.3		—		—	—		(9.2)		466.1
Balance, June 30, 2020	92.4	$	—	$	1,868.4	$	1,266.6	$	3.2	0.7	$	(20.3)	$	15.9	$	3,133.8

Balance, March 31, 2021	92.4	$	—	$	1,878.3	$	1,696.7	$	(8.7)	0.7	$	(21.1)	$	5.1	$	3,550.3


Other comprehensive earnings — unrealized losses of investments in unconsolidated affiliates, net of tax	—	—		—		—		1.9		—	—		—		1.9
Reclassification adjustments for unrealized gains and losses on investments and other financial instruments, net of tax, (excluding investments in unconsolidated affiliates) included in net earnings	—	—		—		—		(10.9)		—	—		—		(10.9)
Reclassification adjustments for unrealized gains and losses on unconsolidated affiliates, net of tax, included in net loss	—	—		—		—		1.9		—	—		—		1.9


Treasury stock repurchases	—	—		—		—		—		2.5	(89.7)		—		(89.7)
Stock-based compensation, consolidated subsidiaries	—	—		0.6		—		—		—	—		—		0.6

Stock-based compensation, unconsolidated affiliates	—	—		1.9		—		—		—	—		—		1.9
Subsidiary dividends paid to noncontrolling interests	—	—		—		—		—		—	—		(0.2)		(0.2)
Net earnings	—	—		—		176.4		—		—	—		1.3		177.7
Balance, June 30, 2021	92.4	$	—	$	1,880.8	$	1,873.1	$	(15.8)	3.2	$	(110.8)	$	6.2	$	3,633.5

See Notes to Condensed Consolidated Financial Statements

Table of Contents

CANNAE HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY- CONTINUED

(In millions)

(Unaudited)


	Common Stock			Additional Paid-in Capital		Retained Earnings		Accumulated Other Comp (Loss) Earnings		Treasury Stock			Non-controlling Interests		Total Equity
	Shares	$								Shares	$

Balance, December 31, 2019	79.7	$	—	$	1,396.7	$	143.6	$	(45.9)	0.2	$	(5.9)	$	41.3	$	1,529.8
Equity offering, net of offering costs	12.7	—		455.0		—		—		—	—		—		455.0

Other comprehensive earnings — unrealized gain on investments and other financial instruments, net of tax	—	—		—		—		11.2		—	—		—		11.2
Other comprehensive earnings — unrealized losses of investments in unconsolidated affiliates, net of tax	—	—		—		—		(6.4)		—	—		—		(6.4)
Reclassification adjustments for unrealized gains and losses on investments and other financial instruments, net of tax, (excluding investments in unconsolidated affiliates) included in net earnings	—	—		—		—		44.3		—	—		—		44.3
Restaurant Group reorganization and deconsolidation of Legendary Baking and VIBSQ	—	—		5.2		—		—		—	—		(10.3)		(5.1)

Sale of noncontrolling interest in consolidated subsidiary	—	—		—		—		—		—	—		3.7		3.7
Treasury stock repurchases	—	—		—		—		—		0.5	(14.4)		—		(14.4)
Stock-based compensation, consolidated subsidiaries	—	—		2.2		—		—		—	—		—		2.2
Contribution of CSA services from FNF	—	—		0.7		—		—		—	—		—		0.7
Stock-based compensation, unconsolidated affiliates	—	—		8.6		—		—		—	—		—		8.6

Net earnings (loss)	—	—		—		1,123.0		—		—	—		(18.8)		1,104.2
Balance, June 30, 2020	92.4	$	—	$	1,868.4	$	1,266.6	$	3.2	0.7	$	(20.3)	$	15.9	$	3,133.8

Balance, December 31, 2020	92.4	$	—	$	1,875.8	$	1,929.8	$	(4.9)	0.7	$	(21.1)	$	5.6	$	3,785.2

Other comprehensive earnings — unrealized gain on investments and other financial instruments, net of tax	—	—		—		—		0.5		—	—		—		0.5
Other comprehensive earnings — unrealized losses of investments in unconsolidated affiliates, net of tax	—	—		—		—		(2.7)		—	—		—		(2.7)
Reclassification adjustments for unrealized gains and losses on investments and other financial instruments, net of tax, (excluding investments in unconsolidated affiliates) included in net earnings	—	—		—		—		(10.9)		—	—		—		(10.9)
Reclassification adjustments for unrealized gains and losses on unconsolidated affiliates, net of tax, included in net loss	—	—		—		—		2.2		—	—		—		2.2


Treasury stock repurchases	—	—		—		—		—		2.5	(89.7)		—		(89.7)
Stock-based compensation, consolidated subsidiaries	—	—		1.3		—		—		—	—		—		1.3

Stock-based compensation, unconsolidated affiliates	—	—		3.7		—		—		—	—		—		3.7
Subsidiary dividends paid to noncontrolling interests	—	—		—		—		—		—	—		—		—
Net (loss) earnings	—	—		—		(56.7)		—		—	—		0.6		(56.1)
Balance, June 30, 2021	92.4	$	—	$	1,880.8	$	1,873.1	$	(15.8)	3.2	$	(110.8)	$	6.2	$	3,633.5

See Notes to Condensed Consolidated Financial Statements

Table of Contents

CANNAE HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)


	Six months ended June 30,

	2021		2020

Cash flows from operating activities:
Net (loss) earnings	$	(56.1)	$	1,104.2
Adjustments to reconcile net (loss) earnings to net cash used in operating activities:
Depreciation and amortization	14.3		15.7
Equity in earnings of unconsolidated affiliates	(45.1)		(4.8)
Distributions from investments in unconsolidated affiliates	5.1		0.5
Recognized losses (gains) and asset impairments, net	38.5		(1,481.3)
Lease asset amortization	10.6		11.7
Stock-based compensation cost	1.3		2.2
Changes in assets and liabilities, net of effects from acquisitions:

Net decrease (increase) in other assets	31.3		(23.9)
Net decrease in lease liabilities	(12.7)		(15.4)
Net increase in accounts payable, accrued liabilities, deferred revenue and other liabilities	23.7		9.6
Net change in income taxes	(78.1)		300.2
Net cash used in operating activities	(67.2)		(81.3)
Cash flows from investing activities:
Proceeds from sale of investment securities and investments in unconsolidated affiliates	2.5		—
Proceeds from partial sale of Ceridian shares	175.0		522.0
Proceeds from partial sale of D&B shares	186.0		—
Additions to property and equipment and other intangible assets	(4.9)		(16.2)
Collections of notes receivable	1.6		—
Additions to notes receivable	(12.5)		(15.7)
Proceeds from sales of property and equipment	10.3		—


Investments in Paysafe, net of subscription fees	(494.4)		—
Funding of Alight Subscription Agreement and FTAC FPA - see Note A	(400.0)		—
Purchase of warrants of Austerlitz II	(29.6)		—
Additional investments in unconsolidated affiliates	(38.4)		(306.8)
Cash proceeds from settlement of fixed maturity securities and equity in Colt	38.7		—

Cash deconsolidated through the Blue Ribbon Reorganization	—		(1.1)
Distributions from investments in unconsolidated affiliates	281.1		0.5
Net purchases of short-term investment securities	—		(99.4)
Net other investing activities	2.6		—

Net cash (used in) provided by investing activities	(282.0)		83.3
Cash flows from financing activities:
Borrowings	6.7		35.0
Debt service payments	(19.0)		(92.3)
Subsidiary distributions paid to noncontrolling interest shareholders	0.1		3.7
Proceeds from equity offering, net of offering costs	—		455.0

Treasury stock repurchases	(88.0)		(14.4)

Net cash (used in) provided by financing activities	(100.2)		387.0
Net (decrease) increase in cash and cash equivalents	(449.4)		389.0
Cash and cash equivalents classified as held for sale - see Note J	(4.1)		—
Cash and cash equivalents at beginning of period	724.7		533.7
Cash and cash equivalents at end of period	$	271.2	$	922.7

See Notes to Condensed Consolidated Financial Statements

Table of Contents

CANNAE HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note A — Basis of Financial Statements

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

Description of the Business

We are engaged in actively managing and operating a group of companies and investments, as well as making additional majority and minority equity portfolio investments in businesses, in order to achieve superior financial performance and maximize the value of these assets. Our primary investments as of June 30, 2021 include our minority ownership interests in Dun & Bradstreet Holdings, Inc. ("Dun & Bradstreet" or "D&B"), Ceridian HCM Holding, Inc. ("Ceridian"), Paysafe Limited ("Paysafe"), Alight, Inc. ("Alight"), Optimal Blue Holdco, LLC ("Optimal Blue"), AmeriLife Group, LLC ("AmeriLife") and QOMPLX, Inc. ("QOMPLX"); majority equity ownership stakes in O'Charley's Holdings, LLC ("O'Charley's") and 99 Restaurants Holdings, LLC ("99 Restaurants"); and various other controlled portfolio companies and minority equity investments.

See Note H for further discussion of the businesses comprising our reportable segments.

We conduct our business through our wholly-owned subsidiary Cannae Holdings, LLC ("Cannae LLC"), a Delaware limited liability company. Our board of directors ("Board") oversees the management of the Company, Cannae LLC and its businesses, and the performance of our external manager, Trasimene Capital Management, LLC (“Trasimene” or our “Manager”).

Principles of Consolidation and Basis of Presentation

The accompanying Condensed Consolidated Financial Statements are prepared in accordance with generally accepted accounting principles in the United States ("GAAP") and the instructions to Form 10-Q and Article 10 of Regulation S-X and include the historical accounts as well as wholly-owned and majority-owned subsidiaries of the Company. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All adjustments made were of a normal, recurring nature. This report should be read in conjunction with our Annual Report on Form 10-K (our "Annual Report") for the year ended December 31, 2020.

All intercompany profits, transactions and balances have been eliminated. Our investments in non-majority-owned partnerships and affiliates are accounted for using the equity method. Earnings attributable to noncontrolling interests are recorded on the Condensed Consolidated Statements of Operations relating to majority-owned subsidiaries with the appropriate noncontrolling interest that represents the portion of equity not related to our ownership interest recorded on the Condensed Consolidated Balance Sheets in each period.

Management Estimates

The preparation of these Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates made by management include the fair value measurements (Note C). Actual results may differ from estimates.

Recent Developments

Ceridian

On May 20, 2021, we completed the sale of an aggregate of 2.0 million shares of common stock of Ceridian to brokers (the "Ceridian Share Sale") pursuant to Rule 144 promulgated under the Securities Act of 1933, as amended ("Rule 144"). In connection with the Ceridian Share Sale, we received aggregate proceeds of $175.0 million. As a result of the Ceridian Share Sale, we now own 12 million shares of Ceridian, which represents approximately 8.0% of its outstanding common stock as of June 30, 2021. Refer to Notes C and D for further discussion of our accounting for our investment in Ceridian and other equity securities.

Table of Contents

CANNAE HOLDINGS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) — continued

Dun & Bradstreet

On January 8, 2021, D&B completed its acquisition of Bisnode Business Information Group AB (the "Bisnode Acquisition"). In connection with the Bisnode Acquisition, D&B issued an additional 6.2 million shares of its common stock, which resulted in a decrease in our ownership interest in D&B from approximately 18.1% to approximately 17.7% and we recorded a gain of $18.6 million in the six months ended June 30, 2021.

On June 28, 2021, we completed the sale of an aggregate of 8.5 million shares of common stock of D&B to a broker (the "D&B Share Sale") pursuant to Rule 144. In connection with the D&B Share Sale, we received aggregate proceeds of $186.0 million and recorded a gain of $111.1 million. As a result of the D&B Share Sale, we now own 68.1 million shares of D&B, which represents approximately 15.8% of its outstanding common stock as of June 30, 2021. Refer to Notes C and D for further discussion of our accounting for our investment in D&B.

Alight

On January 25, 2021, Foley Trasimene Acquisition Corp. ("FTAC") entered into a business combination agreement with predecessor of Alight, a leading cloud-based provider of integrated digital human capital and business solutions, as amended and restated April 29, 2021, by and among FTAC, Alight and other parties thereto (the "FTAC Alight Business Combination"). Also on January 25, 2021, Cannae entered into an agreement to purchase 25