CNNE · CIK 0001704720
What Cannae Holdings, Inc. told the SEC could break it.
Cannae Holdings' disclosures reflect the grab-bag nature of a holding company, with risks specific to a few of its investments. Its Black Knight Football stake earns most of its revenue from domestic-league media-rights distributions that swing with how well its clubs perform — relegation or poor results would cut that revenue sharply. Separately, a December 2025 agreement gives a director a put right, exercisable from January 2026, that could force Cannae to repurchase about 2.4 million shares for roughly $38.1 million at year-end prices, and its casual-dining Restaurant Group has been squeezed by elevated food and labor cost inflation.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Other disclosures
- Black Knight Football revenue tied to league performancemedium
Cannae's Black Knight Football (BKFC) investment earns most revenue from domestic-league media-rights distributions that vary sharply with each club's competitive level (e.g., AFC Bournemouth in the Premier League) — so relegation/poor performance would materially cut BKFC revenue.
“Black Knight Football's revenue is driven by the performance and popularity of its football clubs. BKFC's football clubs earn most of their revenue from media rights distributions from their domestic leagues which vary significantly depending on the level at which each club competes in their domestic league systems.”
SEC filing →As of 2026 - director put-right repurchase obligation (~$38.1M)medium
Under a December 2025 agreement, Cannae must repurchase up to ~2,421,174 shares (50% of a director's holdings) at the greater of $19.50/share or 20% above market — a put right exercisable from January 1, 2026 that would cost ~$38.1M to settle at year-end prices.
“As of December 31, 2025 there are 2,421,174 shares of the Company's common stock that are subject to the Put Right which represent 50 % of the shares held by the director. Based on the price of the Company's common stock as of December 31, 2025, the gross amount that would be paid to settle the Put Right and repurchase the underlying common stock was $ 38.1 million.”
SEC filing →As of 2026
Commodity & input dependence
- Restaurant Group food & labor cost inflationlow
Cannae's Restaurant Group (casual dining, leased restaurants in 20 states) has been hit by elevated commodity (food) and labor cost inflation, offset only partly by menu-price increases balanced against customer value.
“This inflationary environment primarily impacted the commodity and labor costs of our Restaurant Group.”
SEC filing →As of 2026
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