INFORMATION REGARDING COHEN & COMPANY INC. The novation of contracts was completed on July 1, 2019. & & & & & & & A CDO is a form of secured borrowing. 4) During 2018, the Dekania Europe I CDO liquidated after a successful auction. ( Munda CLO was initially securitized in December 2007. In July 2019, the Mundo CLO was liquidated.& We will also earn management fees as manager of the U.S. Insurance JV.& In these cases, any allocation to the SPAC Series Funds will also be reduced. AUM of these European managed accounts was $31.5& million as of December& 31, 2020. & The purchase price per unit of the securities is typically $10.00. We engaged a third-party valuation firm to value this investment. In August 2018, we established and invested $0.6 million in the SPAC Funds. See "Item 1A — Risk Factors" beginning on page 17. & All authorized firms in Ireland are required to report to the CBI on a periodic basis. 9679; Transition away from LIBOR may adversely affect our business. & 9679; The soundness of other financial institutions and intermediaries affects us. & 9679; Repurchases of our Common Stock could adversely affect our business. & These difficulties may continue in the future. & We incur significant credit risk exposure through our Capital Markets segment. As of December 31, 2020, we had $58.5 million in other investments, at fair value. & In addition, our management contracts may be terminated for various reasons. & We may not be able to keep pace with continuing changes in technology. & Our market is characterized by rapidly changing technology. These complexities could lead to delay in preparation of our financial information. These replacements may not be available on reasonable terms, or at all. 65279;& & & ITEM& 1B.& & UNRESOLVED STAFF COMMENTS.