Table of Contents the FTC in connection with the FTC Investigation into Senator and Cannae, requesting that the Company produce additional information in connection with that investigation. In July 2020, in connection with the Unsolicited Proposal, Senator and Cannae issued a press release announcing the Proxy Contest Proposals. Although our Board opposed the actions being pursued by Senator and Cannae because they believed these proposals were not in the best interests of the Company’s stockholders, in August 2020, the Board of Directors determined to call a special meeting to provide stockholders the opportunity to vote and express their views. The Board of Directors set the special meeting for November 2020, with a record date of September 18, 2020. The Special Meeting resulted in the removal of three members of our Board and the appointment of three of Senator and Cannae's nominees to our Board, each with a term expiring at the Company's 2021 annual meeting of stockholders. In October 2020, we issued a press release confirming that we are engaging with third parties that have indicated interest in a potential acquisition of the Company at a value at or above $80 per share. In November 2020, we issued a press release announcing that our Board would conduct a thorough strategic review (the “Strategic Review”) to maximize shareholder value. This Strategic Review ultimately culminated in our entry into the Merger Agreement with the Acquirer and Acquisition Sub on February 4, 2021. Our Board, including each of the directors elected at the November special meeting, has unanimously approved the Merger Agreement, the Merger and the other transactions contemplated by the Merger Agreement. However, the consummation of the Merger is subject to customary closing conditions, including, among other things, receipt of the Requisite Stockholder Approval. In addition, our Board continues to review the unsolicited acquisition proposal from CoStar, consistent with its fiduciary duties and the terms of the Merger Agreement. These events have required us, and will continue to require us, to incur significant legal and advisory fees and expenses, and require significant time and attention by management and our Board of Directors. For a further discussion of risks, uncertainties and other factors relating to the Unsolicited Proposal, the Proxy Contest Proposals, the FTC Investigation and the Merger Agreement that could impact our business and operating results, see the section entitled “Risk Factors” in Item 1A of Part I of this Annual Report on Form 10-K. In connection with the Unsolicited Proposal, Proxy Contest Proposals and related strategic transaction process, we have incurred expenses of approximately $54.0 million for year ended December 31, 2020. COVID-19 The global COVID-19 pandemic and the mitigation efforts by governments to attempt to control its spread have adversely impacted the global economy, leading to disruptions and volatility in the global financial markets. Most states and many countries have issued policies intended to stop or slow the further spread of the disease. Our first priority remains ensuring the safety and health of our employees, clients, and others with whom we partner in conducting our business. We have deployed risk-mitigation activities, safety practices, and business continuity strategies so that we can continue offering our clients consistent service offerings while continuing to protect our employees. The volume of US mortgage loan originations serves as a key market driver for more than half of our business. We believe the volume and related volatility of real estate and mortgage transactions is primarily affected by real estate prices, the availability of funds for mortgage loans, mortgage interest rates, housing supply, employment levels, actions by the Federal Reserve, and the overall state of the US economy. Mortgage interest rates are extremely low by historical standards, and are resulting in higher demand for refinance activity, while the purchase market has been adversely impacted by reduced construction and sales of new and existing homes, and more recently, the COVID-19 pandemic and resulting economic instability. For the year ended December 31, 2020, our continuing operations experienced unfavorable business and revenue impacts of approximately $18.7 million related to the COVID-19 pandemic, exclusive of the increased mortgage refinance volumes. We have also incurred COVID-19 related expenses of approximately $3.0 million for year ended December 31, 2020. As of December 31, 2020, the impact we have experienced as a result of the COVID-19 pandemic has not had a significant impact on our financial condition, cash flows, control environment, or any related disclosures. We will continue to monitor our business trends, financial condition, and liquidity, and are taking steps to manage our operating cash flows, by prioritizing our investments, and evaluating our capital needs and activities. Our liquidity as of December 31, 2020 consisted primarily of $167.4 million of cash and cash equivalents, and $450.0 million of unused committed capacity under our revolving credit facility, and we are in compliance with all financial covenants. 32