Exhibit 99.3

UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION

On April 14, 2021, we entered into the purchase agreement to acquire all of the assets and liabilities of Caliber through the acquisition of its outstanding common stock. On August 23, 2021, we completed the acquisition of all of the outstanding equity interests of Caliber from LSF for a purchase price of $1.315 billion in cash (after giving effect to a pre-closing dividend by Caliber). Additionally, as described in more detail herein, we funded the $1.315 billion cash consideration by using existing cash on hand and available liquidity (of both us and Caliber) and proceeds from the sale of certain investment securities.

The following unaudited pro forma condensed combined balance sheet shows the financial condition after giving effect to the acquisition of Caliber by us. The unaudited pro forma condensed combined balance sheet assumes that the Caliber acquisition was accounted for under the acquisition method of accounting in accordance with Regulation S-X Article 11, as amended by the SEC Final Rule Release No. 33-10786, Amendments to Financial Disclosures about Acquired and Disposed Businesses, and that the assets and liabilities of Caliber were recorded by us at their respective estimated fair values based on information currently available. The unaudited pro forma condensed combined balance sheet gives effect to the Caliber acquisition as if the transaction had occurred on June 30, 2021.

The following unaudited pro forma condensed combined statement of income shows the results of operations, including per share data, after giving effect to the Caliber acquisition. The unaudited pro forma condensed combined statement of income assumes that the Caliber acquisition was accounted for under the acquisition method of accounting and that the assets and liabilities of Caliber were recorded by us at their respective estimated fair values based on information currently available. The unaudited pro forma condensed combined statement of income for the six months ended June 30, 2021 and year ended December 31, 2020 gives effect to the Caliber acquisition as if the transaction had occurred on January 1, 2020, the beginning of the earliest period presented.

The accompanying unaudited pro forma condensed combined financial statements are provided for illustrative purposes only and do not purport to represent what the actual financial position and results of operations of the Company would have been had the Caliber acquisition occurred on the dates assumed, nor are they necessarily indicative of what the financial position or results of operations would be for any future periods. The unaudited pro forma condensed combined balance sheet includes pro forma purchase price allocations based upon preliminary estimates of the fair value of the assets acquired and liabilities assumed in connection with the Caliber acquisition. These allocations may be adjusted in the future when we have completed the detailed valuations and necessary calculations. In addition, the unaudited pro forma condensed combined statements of income does not include the impact of any revenue, cost or other operating synergies that may result from the Caliber acquisition or any related restructuring costs.

The unaudited selected pro forma condensed combined financial information has been derived from and should be read in conjunction with our consolidated financial statements and notes, which are included in our Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the SEC on February 16, 2021, and the Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2021, as filed with the SEC on August 5, 2021, and the financial statements and related notes of Caliber, which were included as Exhibit 99.2 to our Current Report on Form 8-K filed with the SEC on April 14, 2021 and as Exhibits 99.1 and 99.2 to our Current Report on Form 8-K/A, filed with the SEC on September 14, 2021. Certain reclassifications have been made to the historical presentation of Caliber to conform to our presentation and to the presentation of the pro forma financial statements contained herein.

The unaudited pro forma condensed combined financial statements reflect the following transactions and adjustments:


The acquisition of Caliber included in the unaudited pro forma condensed combined balance sheet as if it occurred on June 30, 2021 and the unaudited pro forma combined statements of income as if it occurred on January 1, 2020, the beginning of the earliest period presented. The adjustments related to the Caliber acquisition are shown in a separate column as “Transaction Accounting Adjustments—Acquisition Adjustments.”


The sale by us in July 2021 of approximately $5.6 billion face value of Agency residential mortgage-backed securities for cash proceeds of $230.0 million after repayment of $5.7 billion debt financing and release of margin receivable of $400.0 million. The adjustments related to the sale of securities are shown in a separate column as “Transaction Accounting Adjustments—Financing Adjustments.”


The proceeds of approximately $758.0 million from the use of available borrowing capacity on existing secured financing agreements and secured notes and bonds payable. These adjustments related to these proceeds are shown in a separate column as “Transaction Accounting Adjustments—Financing Adjustments.”
1


UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEET
AS OF JUNE 30, 2021
(Dollars in thousands)

   
Historical
   
Transaction Accounting Adjustments
   
Pro Forma
 
   
New Residential
   
Caliber
   
Acquisition Adjustments
   
Note 2
Reference
   
Financing Adjustments
   
Note 2
Reference
   
Combined
 
Assets
                                         
Excess mortgage servicing rights, at fair value
 
$
378,488
   
$
   
$
         
$
         
$
378,488
 
Mortgage servicing rights, at fair value
   
3,800,593
     
1,467,466
     
24,965
       
F
   
           
5,293,024
 
Mortgage servicing rights financing receivables, at fair value
   
989,836
     
     
             
           
989,836
 
Servicer advance investments, at fair value
   
502,533
     
     
             
           
502,533
 
Real estate and other securities
   
14,956,889
     
     
             
(4,442,041
)
     
A
   
10,514,848
 
Residential loans and variable interest entity consumer loans held-for-investment, at fair value
   
1,210,077
     
     
             
             
1,210,077
 
Residential mortgage loans, held-for-sale
   
7,088,441
     
9,999,759
     
(2,314,078
)
     
F
   
             
14,774,122
 
Residential mortgage loans subject to repurchase
   
1,308,242
     
2,241,800
     
(1,574,983
)
     
F
   
             
1,975,059
 
Cash and cash equivalents
   
956,242
     
261,685
     
(1,103,687
)
     
C
   
988,000
     
A,
B
   
1,102,240
 
Restricted cash
   
238,501
     
65,982
     
(24,464
)
     
F
   
             
280,019
 
Servicer advances receivable
   
2,719,410
     
139,061
     
(22,613
)
     
F
   
             
2,835,858
 
Trades receivable
   
1,109,959
     
     
             
(1,109,959
)
     
A
   
 
Other assets
   
1,991,186
     
902,067
     
(240,656
)
   
D,
F
   
(400,000
)
     
A
   
2,252,597
 
   
$
37,250,397
   
$
15,077,820
   
$
(5,255,516
)
         
$
(4,964,000
)
         
$
42,108,701
 
                                                         
Liabilities and Equity
                                                       
                                                         
Liabilities
                                                       
Secured financing agreements
 
$
21,290,862
   
$
9,503,455
   
$
(2,412,878
)
   
F,
G
 
$
(5,512,000
)
   
A,
B
 
$
22,869,439
 
Secured notes and bonds payable
   
7,304,006
     
857,963
     
263,809
     
F,
G
   
548,000
       
B
   
8,973,778
 
Residential mortgage loan repurchase liability
   
1,308,242
     
2,204,769
     
(1,537,952
)
     
F
   
             
1,975,059
 
Unsecured senior notes, net of issuance costs
   
542,405
     
     
             
             
542,405
 
Due to affiliates
   
8,682
     
     
             
             
8,682
 
Dividends payable
   
100,495
     
     
             
             
100,495
 
Accrued expenses and other liabilities
   
529,554
     
849,012
     
94,126
     
F,
H
   
             
1,472,692
 
     
31,084,246
     
13,415,199
     
(3,592,895
)
           
(4,964,000
)
           
35,942,550
 
                                                         
Equity
                                                       
Preferred stock, par value $0.01 per share
   
812,992
     
     
             
             
812,992
 
Common stock, par value $0.01 per share
   
4,667
     
12
     
(12
)
     
E
   
             
4,667
 
Additional paid-in capital
   
6,059,186
     
659,438
     
(659,438
)
     
E
   
             
6,059,186
 
Retained earnings (accumulated deficit)
   
(886,305
)
   
1,003,171
     
(1,003,171
)
     
E
   
             
(886,305
)
Accumulated other comprehensive income (loss)
   
81,511
     
     
             
             
81,511
 
Total New Residential stockholders’ equity
   
6,072,051
     
1,662,621
     
(1,662,621
)
           
             
6,072,051
 
Noncontrolling interests in equity of consolidated subsidiaries
   
94,100
     
     
             
             
94,100
 
Total Equity
   
6,166,151
     
1,662,621
     
(1,662,621
)
           
             
6,166,151
 
   
$
37,250,397
   
$
15,077,820
   
$
(5,255,516
)
         
$
(4,964,000
)
         
$
42,108,701
 

See notes to unaudited pro forma condensed combined financial statements.
2


UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF INCOME
SIX MONTHS ENDED JUNE 30, 2021
(Dollars in thousands, except share and per share data)


   
Historical
   
Transaction Accounting Adjustments
   
Pro Forma
 
   
New Residential
   
Caliber
   
Acquisition Adjustments
   
Note 2
Reference
   
Financing Adjustments
   
Note 2
Reference
   
Combined
 
Revenues
                                         
Interest income
 
$
507,412
   
$
101,980
   
$
         
$
(59,638
)
   
3
   
$
549,754
 
Fee income
   
     
121,607
     
           
             
121,607
 
Servicing revenue, net of change in fair value
   
427,037
     
105,098
     
           
             
532,135
 
Gain on originated mortgage loans, held-for-sale, net
   
690,319
     
1,135,675
     
           
             
1,825,994
 
     
1,624,768
     
1,464,360
     
           
(59,638
)
           
3,029,490
 
Expenses
                                                     
Interest expense
   
225,444
     
96,309
     
           
4,110
     
3, 4
     
325,863
 
Compensation and benefits
   
393,374
     
760,604
     
           
             
1,153,978
 
General and administrative expenses
   
336,847
     
263,328
     
     
1
     
             
600,175
 
Management fee to affiliate
   
45,839
     
     
             
             
45,839
 
     
1,001,504
     
1,120,241
     
             
4,110
             
2,125,855
 
Other income (loss)
                                                       
Change in fair value of investments
   
(65,183
)
   
     
             
16,379
     
3
     
(48,804
)
Gain (loss) on settlement of investments, net
   
(88,282
)
   
     
             
             
(88,282
)
Other income (loss), net
   
20,430
     
     
             
             
20,430
 
     
(133,035
)
   
     
             
16,379
             
(116,656
)
Impairment
                                                       
Provision (reversal) for credit losses on securities
   
(2,650
)
   
     
             
             
(2,650
)
Valuation and credit loss provision (reversal) on loans and real estate owned
   
(51,365
)
   
     
             
             
(51,365
)
     
(54,015
)
   
     
             
             
(54,015
)
Income (Loss) Before Income Taxes
   
544,244
     
344,119
     
             
(47,369
)
           
840,994
 
Income tax expense (benefit)
   
97,182
     
85,070
     
             
             
182,252
 
Net Income (Loss)
 
$
447,062
   
$
259,049
   
$
           
$
(47,369
)
         
$
658,742
 
Noncontrolling interests in income of consolidated subsidiaries
   
19,447
     
     
             
             
19,447
 
Dividends on preferred stock
   
28,716
     
     
             
             
28,716
 
Net Income (Loss) Attributable to Common Stockholders
 
$
398,899
   
$
259,049
   
$
           
$
(47,369
)
         
$
610,579
 
                                                         
Net Income (Loss) Per Share of Common Stock
                                                       
Basic
 
$
0.92
   
$
2.17
   
$
(2.17
)
                         
$
1.40
 
Diluted
 
$
0.88
   
$
   
$
                           
$
1.35
 
                                                         
Weighted Average Number of Shares of Common Stock Outstanding
                                                       
Basic
   
435,668,683
     
119,172,000
     
(119,172,000
)
           
             
435,668,683
 
Diluted
   
451,229,665
     
     
             
             
451,229,665
 

See notes to unaudited pro forma condensed combined financial statements.
3


UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF INCOME
YEAR ENDED DECEMBER 31, 2020
(Dollars in thousands, except share and per share data)

   
Historical
   
Transaction Accounting Adjustments
   
Pro Forma
 
   
New Residential
   
Caliber
   
Acquisition Adjustments
   
Note 2
Reference
   
Financing Adjustments
   
Note 2
Reference
   
Combined
 
Revenues
                                         
Interest income
 
$
1,102,537
   
$
187,091
   
$
         
$
(120,264
)
   
3
   
$
1,169,364
 
Fee income
   
     
229,739
     
           
             
229,739
 
Servicing revenue, net of change in fair value
   
(555,041
)
   
(76,206
)
   
           
             
(631,247
)
Gain on originated mortgage loans, held-for-sale, net
   
1,399,092
     
2,533,112
     
           
             
3,932,204
 
     
1,946,588
     
2,873,736
     
           
(120,264
)
           
4,700,060
 
Expenses
                                                     
Interest expense
   
584,469
     
170,546
     
           
8,290
     
3, 4
     
763,305
 
Compensation and benefits
   
571,646
     
1,360,367
     
105,688
     
6
     
             
2,037,701
 
General and administrative expenses
   
548,441
     
451,887
     
16,860
     
1
     
             
1,017,188
 
Management fee to affiliate
   
89,134
     
     
             
             
89,134
 
     
1,793,690
     
1,982,800
     
122,548
             
8,290
             
3,907,328
 
Other income (loss)
                                                       
Change in fair value of investments
   
(437,126
)
   
     
             
32,962
     
3
     
(404,164
)
Gain (loss) on settlement of investments, net
   
(930,131
)
   
(74
)
   
             
             
(930,205
)
Other income (loss), net
   
(2,797
)
   
     
(19,394
)
   
5
     
             
(22,191
)
     
(1,370,054
)
   
(74
)
   
(19,394
)
           
32,962
             
(1,356,560
)
Impairment
                                                       
Provision (reversal) for credit losses on securities
   
13,404
     
     
             
             
13,404
 
Valuation and credit loss provision (reversal) on loans and real estate owned
   
110,208
     
     
             
             
110,208
 
     
123,612
     
     
             
             
123,612
 
Income (Loss) Before Income Taxes
   
(1,340,768
)
   
890,862
     
(141,942
)
           
(95,592
)
           
(687,440
)
Income tax expense (benefit)
   
16,916
     
225,663
     
(35,486
)
   
2
     
             
207,093
 
Net Income (Loss)
 
$
(1,357,684
)
 
$
665,199
   
$
(106,456
)
         
$
(95,592
)
         
$
(894,533
)
Noncontrolling interests in income of consolidated subsidiaries
   
52,674
     
     
             
             
52,674
 
Dividends on preferred stock
   
54,295
     
     
             
             
54,295
 
Net Income (Loss) Attributable to Common Stockholders
 
$
(1,464,653
)
 
$
665,199
   
$
(106,456
)
         
$
(95,592
)
         
$
(1,001,502
)
                                                         
Net Income (Loss) Per Share of Common Stock
                                                       
Basic
 
$
(3.52
)
 
$
5.58
   
$
(5.58
)
                         
$
(2.41
)
Diluted
 
$
(3.52
)
 
$
   
$
                           
$
(2.41
)
                                                         
Weighted Average Number of Shares of Common Stock Outstanding
                                                       
Basic
   
415,513,187
     
119,172,000
     
(119,172,000
)
                           
415,513,187
 
Diluted
   
415,513,187
     
     
                             
415,513,187
 

See notes to unaudited pro forma condensed combined financial statements.
4

NOTES TO UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS
 

1. Basis of Presentation

The unaudited pro forma condensed combined financial statements were prepared using the acquisition method of accounting and in accordance with Regulation S-X Article 11, as amended by the SEC Final Rule Release No. 33-10786, Amendments to Financial Disclosures about Acquired and Disposed Businesses, with us considered as the accounting acquirer and Caliber as the accounting acquiree. Accordingly, consideration paid by us to complete the Caliber acquisition were allocated to identifiable assets and liabilities of Caliber based on their estimated fair values as of the closing date of the Caliber acquisition.

The unaudited pro forma condensed combined balance sheet has been prepared to give effect to the Caliber acquisition as if the transaction had occurred as of December 31, 2020. The unaudited pro forma condensed combined statements of income has been prepared to give effect to the Caliber acquisition as if the transaction had occurred as of January 1, 2020, the beginning of the earliest period presented.

The unaudited pro forma condensed combined financial information is presented for illustrative purposes only and is not necessarily indicative of the results of operations or financial position had the Caliber acquisition been consummated during the period presented, nor is it necessarily indicative of the results of operations in future periods or the future financial position of the combined entities. Certain historical financial information of Caliber has been reclassified to conform to our presentation. Upon closing of the Caliber acquisition, the Company performed a review of Caliber’s accounting policies. As a result of the review, the Company identified presentation differences impacting the unaudited pro forma condensed combined financial information and recorded the necessary adjustments. Refer to Note 2 for details.

2. Reclassification Adjustments

To the extent identified, certain reclassifications have been reflected in the unaudited pro forma condensed combined financial statements to conform Caliber’s financial statement presentation to that of ours. However, the unaudited pro forma condensed combined financial statements may not reflect all of the adjustments necessary to conform the accounting policies of Caliber to those of us.

The pro forma adjustments represent our management’s preliminary estimates and are subject to change as additional information becomes available and additional analyses are performed.

The table below summarizes certain reclassifications made to the historical financial statements of Caliber as of and for the six months ended June 30, 2021 (in thousands) to conform to our presentation:

Balance Sheet /
Income Statement
 
Historical
 
Reclassification
 
Amount
Balance sheet
 
Property and equipment, net
 
Other assets
 
$
81,935
 
Balance sheet
 
Derivative assets
 
Other assets
 
140,639
 
Balance sheet
 
Prepaid and other assets
 
Other assets
 
679,493
 
Balance sheet
 
Servicer advances facilities, net
 
Secured notes and bonds payable
 
100,167
 
Balance sheet
 
Warehouse credit facilities, net
 
Secured financing agreements
 
9,503,455
 
Balance sheet
 
MSR financing facilities, net
 
Secured notes and bonds payable
 
757,796
 
Balance sheet
 
Derivative liabilities
 
Accrued expenses and other liabilities
 
21,331
 
             
Income statement
 
Change in fair value of mortgage servicing rights
 
Servicing revenue, net of change in fair value
 
$
(135,415)
 
Income statement
 
Other income
 
Servicing revenue, net of change in fair value
 
12,605
 
Income statement
 
Occupancy and equipment
 
General and administrative expenses
 
22,949
 
Income statement
 
Depreciation and amortization
 
General and administrative expenses
 
16,821
 

5

NOTES TO UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS
 

The table below summarizes certain reclassifications made to the historical financial statements of Caliber for the year ended December 31, 2020 (in thousands) to conform to our  presentation:

Income Statement
 
Historical
 
Reclassification
 
Amount
Income statement
 
Change in fair value of mortgage servicing rights
 
Servicing revenue, net of change in fair value
 
$
(596,954)
 
Income statement
 
Other income
 
Servicing revenue, net of change in fair value
 
18,798
 
Income statement
 
Occupancy and equipment
 
General and administrative expenses
 
48,162
 
Income statement
 
Depreciation and amortization
 
General and administrative expenses
 
32,646
 
Income statement
 
Loss on extinguishment of debt
 
Gain (loss) on settlement of investments, net
 
(74)
 

3. Preliminary Purchase Price Allocation

On April 14, 2021, we entered into the purchase agreement to acquire all of the assets and liabilities of Caliber through the acquisition of its outstanding common stock. On August 23, 2021, we completed the acquisition of all of the outstanding equity interests of Caliber from LSF for a purchase price of $1.315 billion in cash (after giving effect to a pre-closing dividend by Caliber). We funded the $1.315 billion cash consideration by using existing cash on hand, available liquidity (of both us and Caliber) and proceeds from the sale of certain investment securities.

The Caliber acquisition was accounted for using the acquisition method of accounting. Accordingly, the assets and liabilities of Caliber were recorded at their respective estimated fair values.

The total purchase price described above has been allocated to the assets acquired and the liabilities assumed for purposes of pro forma condensed combined financial statements based on their estimated relative fair values. The purchase price allocation adjustments are preliminary and have been made solely for the purpose of providing unaudited pro forma condensed combined financial statements. The final purchase price allocation will be determined after a complete and thorough analysis has been completed to determine the fair value of Caliber’s assets and liabilities. As a result, the final acquisition accounting adjustments, including those resulting from conforming Caliber’s accounting policies to ours could differ materially from the pro forma adjustments presented herein. Accordingly, the pro forma adjustments are preliminary and have been made solely for illustrative purposes.
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NOTES TO UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS
 

The following table summarizes the preliminary allocation of the purchase price to the fair values of the assets acquired and liabilities assumed (in millions):

Assets Acquired
     
Mortgage servicing rights, at fair value
 
$
1,492.4
 
Residential mortgage loans, held-for-sale
   
7,685.7
 
Residential mortgage loans subject to repurchase
   
666.8
 
Cash and cash equivalents
   
472.7
 
Restricted cash
   
41.5
 
Servicer advances receivable
   
116.4
 
Other assets
   
661.5
 
Total Assets Acquired
 
$
11,137.0
 
         
Liabilities Assumed
       
Secured financing agreements
 
$
7,090.6
 
Secured notes and bonds payable
   
1,121.8
 
Residential mortgage loan repurchase liability
   
666.8
 
Accrued expenses and other liabilities
   
943.1
 
Total Liabilities Assumed
 
$
9,822.3
 
         
Net Assets
 
$
1,314.7
 
         
Total Consideration
 
$
1,314.7
 
         
Goodwill (Bargain Purchase Gain)
 
$
 

7

NOTES TO UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS
 

4. Transaction Accounting Adjustments — Acquisition and Financing

The following pro forma adjustments have been reflected in the unaudited pro forma condensed combined financial information. All adjustments are based on preliminary assumptions and valuations, which are subject to change.

Balance Sheet


A.
Represents the sale of approximately $5.6 billion face value of Agency residential mortgage-backed securities during July 2021 for cash proceeds of $230.0 million after repayment of $5.7 billion debt financing and release of margin receivable of $400.0 million.


B.
Represents proceeds of approximately $758.0 million from the use of available capacity on existing secured financing agreements and secured notes and bonds payable.


C.
Represents cash consideration of $1.315 billion paid to Caliber, net of adjustments of the historical amounts of Caliber’s cash on hand to reflect the amount on the closing date.


D.
Represents the elimination of $65.0 million of aggregate identifiable indefinite-lived intangible assets and goodwill recorded on Caliber’s balance sheet at June 30, 2021.


E.
Represents the elimination of Caliber’s common stock, additional paid-in capital and retained earnings as the assets acquired and liabilities assumed were recorded at estimated fair value.


F.
Represents adjustments of the Caliber’s historical amounts to the estimated fair values on the closing date.


G.
Represents write-off of debt issuance costs related to secured financing agreements and secured notes and bonds payable of approximately $5.0 million and $6.0 million, respectively.


H.
Represents the accelerated recognition of certain liabilities of $8.4 million.

Statements of Income


1.
Record acquisition-related transaction costs of approximately $16.9 million related to the Caliber acquisition that have not been reflected in the historical financial statements. The historical condensed consolidated statement of income for the six months ended June 30, 2021 reflects approximately $3.3 million of aggregate acquisition-related transaction costs incurred by us and Caliber in connection with the Caliber acquisition. These costs primarily relate to fees paid for financial advisors, legal services, and professional accounting services. These costs will not affect our statement of income beyond 12 months after the acquisition date.


2.
Represents the income tax effects of pro forma adjustments based on the estimated blended federal and state statutory tax rate of approximately 25.0%.


3.
For the six months ended June 30, 2021, represents sale of Agency residential mortgage-backed securities during July 2021 and elimination of (i) interest income and interest expense of $59.6 million and $4.6 million, respectively, and (ii) amortization of premium and other of $16.4 million which is included as part of Change in fair value of investments. For the year ended December 31, 2020, represents sale of Agency residential mortgage-backed securities during July 2021 and elimination of (i) interest income and interest expense of $120.3 million and $9.3 million, respectively, and (ii) amortization of premium and other of $33.0 million which is included as part of Change in fair value of investments.


4.
For the six months ended June 30, 2021 and year ended December 31, 2020, represents the incremental interest expense of $8.7 million and $17.6 million, respectively, related to additional borrowings on our existing secured financing agreements and secured notes and bonds payable. The incremental interest expense for both periods reflect a weighted average interest rate of approximately 3.5%.


5.
Represents the write-off of unamortized debt issuance costs of $11.0 million and net increase of certain accrued liabilities of $8.4 million.


6.
Record acquisition-related compensation and benefits expense of approximately $105.7 million attributable to retention and other compensation arrangements that have not been reflected in the historical financial statements.

8