Assets Held for Sale

6 Months Ended

Jun. 30, 2026

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Dun & Bradstreet

On March 24, 2025, Dun & Bradstreet ("D&B") entered into a definitive agreement to be acquired (the "D&B Sale"). As a result of the transaction, D&B is presented as a discontinued operation in our Consolidated Financial Statements for the year ended December 31, 2025. Through the date of the D&B Disposition (as defined below), we continued to exert significant influence over D&B and therefore we continued to account for this investment under the equity method of accounting. As a result of the reclassification of our investment in D&B as held for sale and a discontinued operation, we marked our investment in D&B to the fair market value implied by the stock price beginning as of March 31, 2025 and recorded an impairment of $68.1 million in the six months ended June 30, 2025, which is included in Net losses from discontinued operations, net of tax on our Condensed Consolidated Statement of Operations.

On August 26, 2025, the D&B Sale closed and Cannae completed the disposition of its ownership interests in D&B for aggregate proceeds of $540.3 million in cash in exchange for our remaining 59,048,691 shares of common stock (the "D&B Disposition"). Following the consummation of the D&B Disposition, Cannae no longer has any ownership interest in D&B.

A reconciliation of the operations of D&B to the Condensed Consolidated Statement of Operations is presented below :


	Three months ended June 30, 2025		Six months ended June 30, 2025

	(In millions)
Other income (expense):
Recognized losses	$	(4.3)	$	(76.0)
Equity in losses of unconsolidated affiliates	(6.7)		(11.3)
Loss from discontinued operations before income taxes	(11.0)		(87.3)
Income tax expense (benefit)	—		—
Net loss from discontinued operations, net of tax	$	(11.0)	$	(87.3)

Summarized statement of operations information for D&B for the relevant dates and time periods included in Net losses from discontinued operations, net of tax in our Statements of Operations is presented below:


	Three months ended June 30, 2025		Six months ended June 30, 2025

	(In millions)
Total revenues	$	585.2	$	1,165.0
Operating income	12.8		48.1
Loss before income taxes	(34.0)		(48.8)
Net loss	(32.6)		(47.4)
Net income attributable to noncontrolling interest	1.1		2.1
Net loss attributable to D&B	(33.7)		(49.5)

For the six months ended June 30, 2025, we received quarterly cash dividends from D&B in the amount of $3.5 million which are included in Distributions from investments in unconsolidated affiliates on the Condensed Consolidated Statements of Cash Flows.

Assets Held for Sale

In the six months ended June 30, 2026, the Company began the process of disposing of Brasada and as a result, we have classified the assets and liabilities of Brasada as assets and liabilities held for sale on our Condensed Consolidated Balance Sheet as of June 30, 2026. On July 15, 2026, the Brasada Sale closed.

The carrying amounts of the major classes of assets and liabilities included as part of the disposal groups classified as held for sale is presented below:


	June 30, 2026
	(In millions)
Assets
Cash and cash equivalents	$	1.6
Trade receivables, net	1.4
Inventory	0.6
Property and equipment, net	23.0

Intangible assets	1.6
Other assets	9.0
Total assets held for sale	$	37.2

Liabilities
Accounts payable and other accrued liabilities	$	4.8
Deferred revenue	3.4


Notes payable	17.3
Total liabilities held for sale	$	25.5

The disposal group is measured at the lower of its carrying amount or fair value less costs to sell. Because the fair value less costs to sell exceed the carrying amount of Brasada, we did not need to record an impairment loss as a result of classifying Brasada as held for sale. Brasada is included in the Corporate and other segment.