The last two months have seen a resurgence in mortgage real estate investment trusts (“REITs”) with over $1.2 billion in mortgage REIT initial public offerings. Many other new mortgage REITs have filed registration statements with the Securities and Exchange Commission (“SEC”).[1] This explosion of new IPOs is simply another chapter in the evolution of mortgage REITS, which have a long and checkered history. We thought it would helpful to review mortgage REITS, past and present, in considering the current crop of offerings.