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Cannae Holdings, Inc. CEO Ryan R. Caswell reported equity compensation-related transactions involving restricted stock units and common stock. On 2026-08-13, 33,333 restricted stock units vested and were disposed to the issuer in exchange for 33,333 shares of common stock, as described in a footnote. Following this vesting, Caswell held 366,667 restricted stock units. On the same date, 13,116 shares of common stock were delivered or withheld at $15.56 per share for payment of exercise price or tax liability.
Cannae Holdings reported a swing to profitability for the quarter ended June 30, 2026. Net income attributable to common shareholders was $37.5 million versus a loss of $238.8 million a year earlier, aided by investment gains and improved results from unconsolidated affiliates.
Total operating revenues were $102.2 million, down from $110.2 million, as Restaurant Group sales softened. The company recorded a $32.1 million goodwill impairment on its 99 Restaurants reporting unit, contributing to an operating loss of $56.8 million. However, other income was strong, led by an $83.4 million unrealized gain from the remeasurement of its SpaceX stake after the IPO, lifting Recognized gains (losses), net to $82.8 million from a $76.2 million loss.
Cash and cash equivalents declined to $70.4 million from $182.0 million at year-end, reflecting $44.3 million of share repurchases, $13.5 million of dividends, and new investments including the Exeter Rugby acquisition and additional funding into Black Knight Football. Notes payable were modest at $69.9 million against total equity of $911.9 million. The company also terminated a margin loan facility, classified Brasada Ranch as held for sale and agreed to sell its Watkins stake for $90.0 million in cash after quarter-end.
Cannae Holdings reported a strong turnaround for the three months ended June 30, 2026, with net earnings attributable to common shareholders of $37.5 million, compared to a loss of $238.8 million a year earlier, and basic EPS of $0.86 versus a loss of $3.93.
Results were driven by recognized gains of $82.8 million, equity income from unconsolidated affiliates such as Black Knight Football, and despite a $32.1 million goodwill impairment and continued weakness in the consolidated Restaurant Group, which posted a twelve‑month revenue decline to $373.4 million and a net loss of $88.5 million.
Strategically, Cannae advanced its portfolio shift toward sports and entertainment: it sold two non‑core assets including The Watkins Company for $90 million in cash (about 1.2x invested capital), acquired 100% of Exeter Rugby Group at a £32.6 million enterprise value, and continued investing in Black Knight Football, which generated trailing‑twelve‑month revenue of $301.3 million and EBITDA of $207.4 million. Cannae also repurchased 3.4 million shares year‑to‑date for $44 million, and ended the quarter with $70.4 million of cash and $911.9 million of total equity.
Carronade Capital Management, LP and affiliated entities filed Amendment No. 3 to their Schedule 13D reporting beneficial ownership of 3,395,965 shares of Cannae Holdings common stock, or 7.8% of the 43,400,000 shares outstanding as of July 31, 2026.
Carronade Capital Master directly holds 2,947,370 shares (about 6.8%), while managed accounts overseen by Carronade Capital Management hold 448,595 shares (about 1.0%). The Master fund paid approximately $53,983,128 and the managed accounts $7,224,577 for these positions, using working capital that may include margin loans, and recent open‑market transactions are detailed in an attached exhibit.
Cannae Holdings, Inc. sold all of its interest in Watkins Holdings, LLC for cash proceeds of $90 million. The company also describes the deal as a sale of its ownership stake in The Watkins Company, a flavoring business focused on extracts, spices and seasonings, to KDSA Investment Partners.
Cannae invested $80 million in Watkins in October 2024. Including sale proceeds, preferred dividends and fees, the investment produced a multiple on invested capital of approximately 1.2x and an IRR of nearly 10% in less than two years. Management frames the transaction as monetizing a non-core asset and advancing a portfolio transformation toward sports and entertainment-related holdings, with flexibility to redeploy capital or return it to shareholders.
Cannae Holdings, Inc. closed the previously announced sale of its interest in Brasada Ranch on July 15, 2026 to a company owned by William P. Foley, II. This completes the transfer of that investment to an entity affiliated with Mr. Foley.
In connection with the sale, Cannae and Mr. Foley entered into a Letter Agreement dated July 15, 2026 that amends their May 12, 2025 Director Services Agreement. The amendment deletes Section 11(a), which had allowed Mr. Foley to sell 50% of his Cannae common stock back to the company at defined prices.
Cannae Holdings, Inc., as an institutional investment manager, submitted a Form 13F holdings report indicating that all of its reportable positions are included in this report.
The summary shows 2 holdings in the information table with a combined value of 133,615,096 and 0 other included managers.
Cannae Holdings director Tyler Woodrow reported an equity grant of 1,086 shares of Common Stock. The shares were acquired at a reported price of $14.40 per share under the company’s Director Retainer Election Program. Following this compensation-related award, Woodrow directly holds 16,342 shares of Cannae Holdings common stock.
Schaible Cherie L reported acquisition or exercise transactions in this Form 4 filing.
Cannae Holdings director Cherie L. Schaible received 2,171 shares of Common Stock on a grant basis valued at $14.40 per share. These shares were obtained under the company’s Director Retainer Election Program and increased her directly held stake to 10,861 shares following the transaction.
Harris Hugh R reported acquisition or exercise transactions in this Form 4 filing.
Cannae Holdings director Hugh R. Harris received a grant of 1,129 shares of common stock at $14.40 per share under the company’s Director Retainer Election Program. This compensation-related award is not an open-market transaction and increases his direct holdings to 70,446 shares.