Cannae Holdings, Inc.

Good afternoon, ladies and gentlemen, and welcome to the Kenai Holdings Inc. Third Quarter 2025 Financial Results Conference Call. During today's presentation, all parties will be in a listen-only mode. Following the company's prepared remarks, the conference will be open for questions, with instructions to follow at that time. As a reminder, this conference call is being recorded, and a replay is available through 1159 p.m. Eastern Time on November 24, 2025. With that, I would like to turn the call over to Jamie Loth of Solberry Strategic Communications. Please go ahead.

Thank you, Operator, and all of you for joining us. On the call today, we have Kenai's CEO, Ryan Caswell, and Brian Coy, our Chief Financial Officer. But before we begin, I would like to remind listeners that this conference call and the Q&A following our remarks may contain forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements about Kenai's expectations, hopes, intentions, or strategies regarding the future are forward-looking statements. Forward-looking statements are based on management's beliefs as well as assumptions made by and information currently available to management. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected. The company undertakes no obligation to update any forward-looking statements, whether as a result of new information, further future events, or otherwise. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to, the risks and other factors detailed in our quarterly shareholder letter, which was released this afternoon, and in our other filings with the SEC. Today's remarks will also include references to non-GAAP financial measures. Additional information, including a reconciliation between non-GAAP financial information to the GAAP financial information, is provided in our shareholder letter. I would now like to turn the call over to Ryan.

Thank you, Jamie. The Kaniyia Board and management team remain focused on continuing to execute our strategic plan outlined in February 2024 to generate long-term shareholder value. This plan is focused on optimizing our investment strategy, capital allocation, and the management of our portfolio as the foundation for long-term value creation. We continue to make significant progress on each aspect of the plan, including, one, rebalancing our portfolio away from our historical public company investments and redeploying capital and proprietary opportunities with positive cash flows that can deliver outsized returns. Two, returning capital to our shareholders through share buybacks and dividends, and three, improving the operational performance of Kenai's portfolio companies to increase their underlying values. This was particularly evident and successful in the third quarter. In the third quarter, we continued to rebalance our portfolio away from public company securities highlighted by the closing of the previously announced acquisition of Dun & Bradstreet to Clear Lake Capital, which generated $630 million in proceeds to Kenai. Thus far, $424 million of the proceeds have been used to repurchase $275 million of Kenai shares, repay the $141 million outstanding under our existing margin loan, and distribute $8 million in dividends to our shareholders.