Anwar Elgonemy is the director of acquisitions for Equinox Hospitality Group, a San Francisco-based private-equity firm that focuses on the lodging sector and author of the new book Skin in the Game: The Past, Present, and Future of Real Estate Investments in America. In this audio interview he analyzes the state of mortgage REITs right now and identifies two factors threatening the high dividends being paid out to investors. He also digs into the numbers and shares why he believes mortgage REITs like Capstead Mortgage, Chimera Investment, and PennyMac Mortgage are undervalued.