Alpine managers see "tremendous value" in fund. Not so tremendous as NAV has dropped to $5.11. It's not like a company which buys back its shares when managers, who should know, determine the shares are undervalued. The Liebers are outside investors so how do they really know whether their holdings in the fund are undervalued. And, they can't influence a company's business to realize value.
This thing is a time bomb that has finally blown up. The days of chasing high yield RE is gone. It is down because its holdings are leveraged to the hilt, they leave that part out of the press release.