Cannae Holdings, Inc.

For the second quarter of 2026, total operating revenues were $102 million versus $110 million in the prior-year period. Total operating expenses were $159 million versus $171 million last year, including $45 million of non-cash impairment charges at the restaurant group in 2026 versus $1 million in 2025. Corporate holding company operating expenses were just under $9 million, down 85% from $59 million in 2025, and $18 million year-to-date versus $75 million last year, down 76%. The company also recorded an $83.4 million gain in Q2 from marking its SpaceX investment to market after the June IPO. Black Knight Football, reported on a one-quarter lag, had $89 million of revenue in the quarter ended March 31, 2026, up 45% from $61 million, EBITDA of $80 million versus $8 million, and adjusted EBITDA excluding player trading profit of $34 million versus $8 million. Cannae ended the quarter with $46 million of cash and $47.5 million of debt maturing in 2030, and said it now has $124 million of corporate cash after July transactions; it also expects to collect a $45 million federal tax refund in 2026. Management did not give formal quarterly or full-year revenue/EPS guidance, but said it expects buybacks in the second half, anticipates Brasada will no longer be consolidated, and does not expect a full quarter of Exeter P&L until Q4 2026 when it reports Exeter’s Q3 results.

Ryan Caswell framed the quarter as a period of active capital allocation and portfolio reshaping, emphasizing buybacks, investment discipline, and monetizing non-core assets. He highlighted the sale of Watkins, the Brasada transaction, and new capital deployed into BKFC and Exeter Rugby as evidence of a more focused push into sports and entertainment. His tone was constructive and confident, repeatedly pointing to opportunities to close the discount to NAV and create shareholder value over time.

Brett Correia focused on the numbers behind the quarter and the balance sheet. He cited $102 million of operating revenue, $159 million of operating expenses, the $45 million restaurant impairment, and the $83.4 million SpaceX gain, while noting that corporate holdco costs fell to just under $9 million from $59 million last year. On liquidity, he said the company ended Q2 with $46 million of cash and $47.5 million of debt due in 2030, then improved to $124 million of corporate cash after the Watkins and Brasada transactions, plus an expected $45 million federal tax refund in 2026.

Analysts focused on capital allocation, the restaurant strategic review, SpaceX lockup and monetization plans, and the Brasada valuation. Management said it remains committed to buybacks and has about $124 million of cash today, but will also consider investment opportunities. On restaurants, Ryan Caswell said financing delays are stretching the process, but the team has a path forward and hopes to complete something over the next quarter; he also said the $32 million goodwill impairment does not change the review timeline. On SpaceX, he said the lockup is tiered over 180 days and that the board will assess timing for liquidity quarter by quarter.