Cannae : Sum of the Parts – June 30, 2025
CNNE
Published on 06/30/2025 at 17:16
:'s in millions except for values per CNNE share (1)
Net Asset Value
Company
Current Ownership
Initial Year Invested
Net Invested Capital(2)
Gross Fair Value(3)
Amount(4)
Per CNNE
Share(1)
59.0M shares or ~13%
2019
$ 464.2
$ 536.8
$ 521.5
$ 9.02
40.5M shares or ~8%
2021
328.1
229.1
250.9
4.34
2.5M shares or ~4%
2021
45.8
31.1
34.2
0.59
2.7M shares or ~27%
2022
231.9
14.9
60.5
1.05
~44%
2022
223.9
223.9
214.9
3.72
~65% C ~88%
2012
146.4
146.4
143.1
2.48
~6%
2022
49.3
103.9
94.7
1.64
~5%
2020
34.5
89.3
76.1
1.32
~49%
2024
80.0
80.0
79.8
1.38
~20%
2024
51.4
51.4
54.3
0.94
~89%
2023
59.2
59.2
56.7
0.98
Other investments and assets, net (5)
Various
Various
361.9
130.9
167.1
2.89
Debt (6)
(148.5)
(148.5)
(148.5)
(2.57)
Holding company cash and short-
term investments
51.9
51.9
51.9
0.90
TOTAL
$ 1,G80.0
$ 1,600.3
$ 1,657.2
$28.68
SUM OF THE PARTS
Cannae's share price of $20.85 as of 6/30/2025 is a 27% discount to the Net Asset Value per share
June 30, 2025
Per share amounts based upon 57.8M Cannae shares outstanding at date of report.
Net Invested Capital represents capital invested less distributions.
DNB, PSFE, ALIT, SST: public company filings and market data as of date noted above; all others estimated at last marks or at cost.
Net Asset Value represents Gross fair value less taxes (21% corporate rate). This methodology may result in a tax benefit in the event an investment's invested capital exceeds gross fair value.
Includes the following amounts for investment in Sightline Payments: Cost $277M; Gross fair value $5M; NAV (including $41M tax benefit) $46M, and NAV/CNNE share, $0.74.
Comprises $47.5M outstanding on the 7.0% FNF note maturing 11/30. Cannae also has a $101M margin loan (interest at 3-month adjusted SOFR + 3.10%) maturing 03/27.
Disclaimer
Cannae Holdings Inc. published this content on June 30, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on June 30, 2025 at 21:15 UTC.