Both Colony and Apollo saw their mortgage REIT IPOs get cut in half this week due to the overwhelming increase in supply of similarly structured IPOs that have been put together over the last few months. Starwood got in at just the right time and is effectively charging 2/20 fees on the IPO.
Others that had to limit their offerings over the last two months include CreXus, PennyMac, and Invesco. Some of these were cut because they just didn't have a good management group in place, but others have very well known managers and were just slapped down due to the wave of supply. Not too mention that prices following the IPOs have dipped for all of them - why buy the IPO at a premium (HT ZH).