There's a reason AWP sells for such a huge discount....
Personally, I (now) have a deeply rooted mistrust of Alpine's management team, for one (no updated AWP UNII data since April 30th, fer chrissakes?!)....managed to read the tea leaves correctly and bailed on AOD in Feb in time to keep my 55% profit, would have a 29% loss if I'd kept it (even including divs), a net diff of > 80%.
I've been looking for an AWP replacement for weeks, have checked out some REITs like IVR, NLY, HTS, ANH, and MFA, all have various issues though...NLY is going to tank, I guarantee it, HTS was just downgraded but in the CC the CEO said the div is safe for 2011, IVR just completed a dilutive offering, might be a good time to jump in.
I've made a lot of money in CGMRX (up 70% including re-invested divs), I caught it back in late '08 at $16.34. It's up to $26.13 as of COB yesterday, but the quarterly div rate has been dropping consistently, so I wouldn't recommend it now.
I'm still mulling around trying to decide what to do, but with the hugely surprising special div announcement I'm certainly going to hold my AWP until ex-div on 12/31. If I could get a guarantee that I'd get it all in cash I could then sell it without having to pay two transaction fees, but I highly doubt they have enough cash on hand to pay what I expect to be flocks of folks wanting cash instead of more shares (they will pro-rate cash/stock payout ratio).
I really need to see the year-end report to make my final decision on whether to sell or not, stale numbers on CEFConnect just make it too hard to see how AWP is really doing these days.
If you find a good replacement or have opinions on the REIT's I listed above please post them.