References to "ACM" are to ARMOUR Capital Management LP, a Delaware limited partnership. The remaining are either backed by hybrid adjustable rate or adjustable rate loans. These transactions are not entered into for speculative purposes. We believe that sharing our success is key to community and employee development. Our Board leads this effort by example. As of December 31, 2020, ACM had 22 employees that provide services to us. Premium securities may be subject to more risk than par value securities. BUCKLER is subject to various broker-dealer regulations. ACM maintains a contractual and fiduciary relationship with us. However, we do not qualify for an exception. Any of these taxes would decrease cash available for distribution to our stockholders. U.S. stockholders would not be able to offset such income with their operating losses. For example, we may engage in non-REMIC CMO securitizations. It is unlikely that we will qualify as an operating company for purposes of ERISA. The net effect of these factors would be to lower our net interest income. In addition, some of our distributions may include a return of capital.