Cannae Holdings, Inc.

Good afternoon, ladies and gentlemen, and welcome to the Kenai Holdings, Inc. fourth quarter and full year 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 March 9th, 2026. With that, I would like to turn the call over to Jamie Lilith of Salisbury Strategic Communications. Please go ahead.

Thank you, Operator, and all of you for joining us. On the call today, we have Canize CEO Ryan Caswell and Brian Coy, our Chief Financial Officer. 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 Kaniyia'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, 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 NAGAP 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. Over the last year, we have made substantial progress executing our strategic initiatives outlined in 2024, designed to generate long-term shareholder value. Notable accomplishments in 2025 include the further transformation of our portfolio with the sale of Dun & Bradstreet to Clear Lake Capital for total proceeds of $630 million to Connaught. In the fourth quarter, we also sold shares of Paysafe, System One, and Sightline to realize losses which created a $55 million tax refund that will be paid to us in the summer of 2026. We continued significant returns of capital to shareholders through the repurchase of $323 million of stock representing 17.4 million shares or 28% of our shares outstanding. We also increased our dividend by 25% to 15 cents per quarter and paid 30 million in total dividends in 2025. We made new investments in proprietary opportunities where we can help drive value. In 2025, Kenai invested an additional $50 million in Blackknife Football Club and also invested an additional $67.5 million in Gianna Partners to increase our ownership from 20% to 50%. With these investments and the sale of public securities like D&B, Our portfolio today is primarily investments in proprietary private opportunities that public investors otherwise wouldn't be able to access. We believe it is important to provide our investors with these differentiated investment opportunities and invest in structures where Kenai can drive value. We have also continued to create value in our portfolio companies. This is best evidenced by activity at our largest investment, Black Knight Football, which continues its strong performance across our group of clubs. Today, AFC Bournemouth sits in eighth place in the Premier League with 38 points through 27 matches. This performance is a testament to the coaching and recruiting staff at AFCB. Over the last two transfer windows, AFCB has generated over $400 million in transfer proceeds, which according to third-party reports, represents the second highest net profit in European football and demonstrates the team's ability to maximize profits while continuing to refresh the squad and drive performance. We also continue to make progress on our stadium expansion. We recently reviewed planning approval from the local council, and phase one of our stadium renovation is expected to be completed by the 26-27 season. Phase one will now increase total capacity by approximately 1,500 seats, but will increase hospitality by 600 seats, or approximately 100%. Phase two will be completed by the start of the 27-28 season and increase capacity to over 20,000 seats, an approximately 80% increase in capacity. In January, we required the remaining 60% of FC Lorien for approximately 60 million euros through a combination of Black Knight football stock and cash. The value was based roughly on the put call that was structured in the 2023 purchase. BKFC now owns 100% of FC Lorient, and we are excited about the strategic potential of the team within our multi-club. The team sits in ninth place in League One and is in the quarterfinals of the French Cup. After 23 matches, Moriense at Football Club sits in seventh place in the Primera Liga with 33 points from 10 wins in three draws. The success of each team demonstrates the upside of our multi-club operations, and we remain excited about the value we are creating for an eventual monetization. Despite our accomplishments in 2025, the board and management team are not satisfied with our stock price and believe that it does not reflect the intrinsic value of our assets or the long-term potential of the platform. As a result, and based on feedback from our shareholders, the board has established a new set of strategic priorities designed to provide greater clarity and drive sustained long-term value creation for our shareholders. The tenets of this strategy are as follows. One, portfolio transformation and strategic focus. We are accelerating the transformation of our portfolio to concentrate primarily on sports and entertainment-related assets, where Canai has demonstrated a differentiated competitive advantage. We continue to benefit from access to proprietary investment opportunities in these sectors and intend to build a more focused, efficient portfolio of synergistic assets where Canai can actively drive value creation. As part of this transformation, we will continue to monetize non-strategic assets in a disciplined manner to redeploy capital toward higher returning opportunities. As a result, Kaniyia is exploring strategic alternatives with regards to its restaurant group. Two, enhanced operating performance and transparency. We are intensifying our efforts on improving the operating performance of our portfolio companies while increasing the level of disclosure provided to our shareholders. Beginning this quarter, we are broadening our reporting to provide greater visibility into asset-level operating value, asset-level operating results, and value creation initiatives at our portfolio companies. This can be seen from the information provided in our investor letter, and we will also be posting an overview deck of Black Knight Football, our largest investment, on our website that provides more details around the strategy, clubs, and financials. Three, disciplined capital return. Returning capital to our shareholders remains a priority. We are committed to maintaining a consistent quarterly dividend and subject to capital availability may pursue selective and opportunistic share repurchases. In the short term, The board is prioritizing capital flexibility given our current capital base and the focus on the strategic transformation described earlier. Four, ongoing governance evolution. The board remains committed to continuous evaluation and enhancement of our governance policies and procedures consistent with best practices. With four new independent directors joining the board in 2025, the board has purposely refreshed committees, and continues to focus on areas to improve governance and shareholder alignment. We believe executing on these strategic priorities will lead to growth in Kenai NAV and stock price. With that, I'll turn the call over to Brian.