Net loss attributable to Cannae Holdings, Inc. common shareholders increased to $(513.2) million in 2025, compared to $(304.6) million in 2024. Total operating revenues decreased by $28.9 million to $423.6 million in 2025 from $452.5 million in 2024. Equity in losses of unconsolidated affiliates dramatically increased to $(223.5) million in 2025 from $(32.9) million in 2024, primarily due to Alight's goodwill impairment. Alight, Inc., a 7.7% owned affiliate, reported a net loss of $(3,097.0) million in 2025, which included a $3,124.0 million goodwill impairment charge. The sale of Dun & Bradstreet Holdings, Inc. (D&B) was completed on August 26, 2025, generating aggregate proceeds of $540.3 million for Cannae's remaining 59,048,691 shares, after an earlier sale of 10.0 million shares for $89.5 million. Cannae acquired an additional 30% ownership interest in JANA Partners on September 2, 2025, for an upfront payment of $67.5 million and potential further payments of $26.0 million, increasing its total ownership to 50.0%. Cannae invested $50.0 million in Black Knight Football Club US, LP (BKFC) in 2025, increasing its ownership to 44.7%. BKFC acquired a 70% ownership interest in Moreirense Futebol Clube (MFC) in June 2025. In January 2026, BKFC acquired the remaining 60% equity interest in FC Lorient (FCL) for $70.3 million (cash $40.7 million, stock $29.6 million), resulting in 100% ownership of FCL and Cannae's ownership in BKFC adjusting to 42.7%. Cannae sold approximately 2.5 million shares of Paysafe common stock in November 2025 for $16.5 million, realizing an $87.3 million tax loss. William P. Foley, II transitioned from Chief Executive Officer, Chief Investment Officer, and Chairman of the Board to non-executive Vice Chairman on May 12, 2025, receiving a lump-sum payment of $17.2 million and accelerated equity awards. Doug Ammerman was appointed Chairman of the Board and Ryan R. Caswell was appointed Chief Executive Officer, both effective May 12, 2025. The Management Services Agreement with Trasimene Capital Management, LLC was terminated effective May 12, 2025, with remaining payments totaling $0.6 million monthly from May to December 2025, $11.4 million on January 1, 2026, $6.7 million on July 1, 2025, and $6.6 million on July 1, 2026. Cannae completed its 2022 and 2023 stock repurchase programs, repurchasing 2,295,463 shares for $42.1 million and 10,000,000 shares for $195.2 million, respectively. A new 2025 program authorized up to 10.0 million shares, under which 4,700,913 shares were repurchased for $80.6 million in 2025. A material weakness in internal control over financial reporting was identified related to the determination of impairment charges for Right of Use (ROU) and Fixed Assets at the Restaurant Group. The Restaurant Group's revenue decreased by $29.1 million, or 6.9%, in 2025, with comparable store sales for 99 Restaurants declining by 0.6% and O'Charley's by 13.4%.