Cannae : 2026 05.11 Cannae SOTP Table

Published: 2026-05-11 17:12:17 ET CNNE

Published on 05/11/2026 at 05:12 pm EDT

‌:'s in millions except for values per CNNE share (1)

Illustrative Net Asset Value

(Non-GAAP)#

Company Current Initial Year Ownership Invested

Net Invested Capital(2)

Most Recent Mark / Cost(3)

Amount(4) Per CNNE Share(1)

~41%

2022

$ 248.9

$ 280.0

(a)

$ 265.8

$ 6.12

50%

2024

116.9

(b)

119.7

2.75

~6%

2022

28.8

101.5

(c)

88.5

2.04

~5%

2020

32.1

89.3

(d)

77.8

1.79

~49%

2024

80.0

(b)

79.7

1.83

<1%

2023

10.0

67.9

(e)

55.8

1.28

~88%

2023

63.7

(b)

62.3

1.43

Strategic Benchmark Fund

N/A

2024

50.0

44.5

(c)

45.7

1.05

~8%

2021

328.1

33.6

(f)

95.1

2.18

(*)

~89% /~ 65%

2012

Other investments and assets, net (5)

Various

251.6

97.8

(g)

117.2

2.70

Debt (6)

(47.5)

(1.09)

Holding company cash and short-term

investments

90.1

2.07

TOTAL

$ 1,252.7

$ 1,017.8

$ 1,050.2

$ 24.15

SUMOF THEPARTS

SUM OF THE PARTS

As of May 11, 2026

Illustrative net asset value per share is not intrinsic value nor a price target. There is no obligation to monetize at these values.

FOOTNOTES TOSUMOF THEPARTS

FOOTNOTES TO SUM OF THE PARTS

Per share amounts based upon 43.5M Cannae shares outstanding at date noted above.

Net Invested Capital represents capital invested less distributions.

"Most Recent Mark/Cost" is based on the latest transaction or third-party valuation or net invested capital if none. Most private investments would be considered Level III in a GAAP fair value hierarchy, with unobservable inputs. Some marks come from public transactions, not independently verified.

Illustrative Net Asset Value (Non-GAAP) represents most recent mark/cost less taxes. Estimated tax assumes a 21% federal rate to net unrealized gains or losses, excluding state taxes, NOLs, or structuring considerations. This methodology presents a tax benefit in the event an investment's invested capital exceeds most recent mark/cost. Actual tax expense or benefit ultimately realized may differ.

Comprises investments in Brasada Ranch, Sightline Payments and others, and net non-investment assets (including tax refunds receivable) and liabilities (excluding cash, short-term investments and debt).

Comprises the FNF interest-only ( 5.0%) note maturing 11/30.

BKFC amount based upon FC Lorient stock issuance at $1.125/share in 1Ǫ 2026, as part of BKFC's purchase of the remaining equity interest of FC Lorient.

Amount based on cost: acquisition value, less distributions, if any, and additional capital invested, if any. (JANA: Sep-25; Watkins: Oct-24; Minden Mill: May-23)

Amount from statement provided by the fund, less subsequent distributions, if any. (CSI: Dec-25; JANA Strategic Benchmark Fund: Mar-26)

AmeriLife amount derived from third-party transaction in Dec-22.

SpaceX amount derived from SpaceX - xAI merger completed on February 2, 2026, for which publicly reported values were SpaceX at $1T and xAI at $250B.

Alight amount represents the NYSE closing price of ALIT on the date noted above.

Amounts derived from sources varying by asset but based on cost (net invested capital less distributions), most recent mark or third-party valuation.

We primarily acquire interests in operating companies and are engaged in actively managing and operating a core group of those companies. The table above sets forth a listing of our significant holdings as of the date noted. Many of our current larger holdings constitute equity method investments for accounting purposes. The book value of these investments is determined based on the capital invested, adjusted for the equity in earnings or losses of the operation, less distributions. The book value of these equity method investments may vary significantly from the amount reported as 'Most Recent Mark/Cost'.

Aside from our holdings in Alight, our holdings primarily comprise private equity instruments, which are inherently illiquid in nature. There are no readily ascertainable market prices for a substantial majority of Cannae's holdings, which would be considered "Level III" investments through the lens of a GAAP fair value hierarchy. These assets have limited observable market activity and therefore, it is not practicable without unreasonable effort to present a reconciliation reflecting the impact of various potential future events.

When reporting an amount for 'Most Recent Mark/Cost', we use the amount implied by the last transaction in the security, or if more recent, amounts derived from third party valuations engaged by the underlying entity itself or by us. In the absence of a transaction or third-party valuation, we report the amount of capital invested in the holding.

The varying methodologies for 'Most Recent Mark/Cost' noted above can involve subjective judgements, and the Most Recent Mark/Cost amount established pursuant to such methodologies may be incorrect which could result in the misstatement of the illustrative net asset value presented. Because there is significant uncertainty in the valuation of, or in the stability of the value of, illiquid investments, the illustrative net asset values reflected above do not necessarily reflect the amounts that will ultimately be obtained by us on behalf of the investment vehicle when such investments are realized.

Disclaimer

Cannae Holdings Inc. published this content on May 11, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 11, 2026 at 21:11 UTC.