Cannae Holdings is a holding company that acquires and manages ownership stakes in operating companies, with a model focused on active ownership — taking controlling or significant minority positions and working with management teams to grow value before monetizing. Cannae's largest and most strategically important investment is its 44.7% stake in Black Knight Football Club (BKFC), a multi-club soccer operator that owns AFC Bournemouth (English Premier League), Moreirense FC (Portuguese Primeira Liga), and FC Lorient (French Ligue 1). BKFC's business model centers on player development and trading, Premier League broadcast distributions, stadium expansion at Vitality Stadium (targeting capacity growth from ~11,300 to over 20,000 seats), and growing commercial revenue. Cannae also holds a 7.7% stake in Alight, a publicly traded HR tech and benefits administration company earmarked for eventual monetization, and a 50% stake in JANA Partners, an activist investment manager with over $2B in AUM that generates cash distributions and sources proprietary deals for Cannae. Cannae also owns and operates a casual dining restaurant group (O'Charley's and Ninety Nine Restaurants), which generates the bulk of consolidated operating revenue but faces structural headwinds and is being explored for sale. Cannae makes money primarily through appreciation and monetization of portfolio holdings rather than operating cash flows, recycling capital from mature or non-core assets into buybacks, debt repayment, and higher-conviction private investments — with sports and entertainment assets as the clear strategic focus going forward.