Look at it from the bright side. Management has the opportunity to buy about 380K shares daily and meet the max requirements. With the SP sub $14.00 they can put a real dent towards offsetting those Options and stay within the announced guidelines they set for buybacks.
You are way off on the BV. The company announced through it's earnings release that the book value was down to $4.56, pre split. Someone correct me if I am wrong.
The SP has closed under $14 the past 7 Sessions. I figure if Management could have picked up somewhere in the vicinity of 2.6 million shares for the 7 Sessions and met the .25% Cap on Buybacks. If this Market Slide keeps going for a while we are going to do extremely well on the Buybacks.
At least top management at RSO has put their money where their mouths are, so to speak. Not at ARR that I'm aware of. And ARR is the worst of the worst as far as reits go, IMO. RSO missed on AFFO because of a one-time bad deal on a Puerto Rican property. So I'm hopeful of a recovery in RSO. Not at all in ARR that I can see.