Cannae Holdings Inc

Cannae Holdings expects to collect a $45 million federal tax refund in 2026 and signaled it will resume share buybacks in the second half of the year after pausing repurchases in the second quarter due to recently announced transactions. CEO Ryan Caswell said the company has about $124 million of corporate cash following July transactions, including the $90 million sale of its 49% stake in The Watkins Company and a swap that eliminated a put right at Brasada Ranch, freeing up roughly $47 million of capital. Operating expenses of the corporate holding company were just under $9 million in the second quarter of 2026, an 85% decrease from $59 million in 2025. Total operating revenues fell to $102 million from $110 million a year earlier, driven by lower traffic and store closures at O'Charley's, and the quarter included $45 million of non-cash impairment charges at the restaurant group. The company also began marking its SpaceX investment to market after the June IPO, resulting in an $83.4 million gain in the quarter.