Carronade Capital issues presentation on Cannae’s ‘chronic underperformance’

Carronade Capital Master, LP, which beneficially owns approximately 3.2 million shares of Common Stock of Cannae Holdings (CNNE), and is one of the company’s top shareholders, released a presentation rebutting assertions made by Cannae in connection with Cannae’s upcoming 2025 Annual Meeting of Shareholders on December 12th 2025. The full presentation makes a number of points to set the record straight regarding Cannae’s chronic underperformance and corrects Cannae’s “blatant misrepresentation of facts,” including: “Despite Cannae’s claims that they have executed on their strategic plan, shareholders suffer every time Cannae addresses the market, with the stock trading down -29% in total after the Company’s last three quarterly earnings calls, indicating a misdiagnosis of the root cause of underperformance and the Board of Directors’ inability to effectively oversee management. Shareholders have endured a 60% loss over the past 5 years and seen a decline in NAV per share totaling -50% while Management and Directors have collectively made over $650 million since inception. Cannae’s materials provide context to the Board failings that destroyed shareholder capital which resulted in persistent underperformance and impaired confidence. They take credit for changes only made after material governance failures or intense pressure from shareholders, exposing the Board’s entrenchment and reinforcing why Carronade’s nominees are urgently needed to drive value. Cannae has underperformed every peer set ever selected by the Company, other ‘permanent capital vehicle’ closed end funds, ISS peers and broader small-cap financial benchmarks. In fact, when compared to Cannae’s 2024 Peer Group, all of Cannae’s directors up for election at this year’s Annual Meeting have an abysmal track record of stewarding shareholder capital – Ms. Meinhardt returning -148%, Mr. Stallings returning -148%, Mr. Willey returning -148% and Mr. Moullet returning -112% cumulative relative TSR over the last five years. Carronade believes its candidates bring deep experience in a variety of situations relevant to Cannae and will bring the objectivity and diversity of thought and approach that Cannae’s boardroom is severely lacking.”