3806 Market Street
Please click below for a recording of a conference call Atlas had arranged in where they explain where Atlas Growth Partners currently stands and the outlook on the Limited Partnership.
Please see the information below from Atlas regarding the unit price reflected on your statements.
Historically, we have not provided valuations for AGP, other than the $10 per unit offering price. There is no NAV, the units are illiquid and not traded.
If an investor has the units custodied with a custodian, such as NFS, LPL, etc., they may see some type of valuation on their statements. Every year for the past 6+ years, NFS and other custodians, via Stanger, have requested a value from AGP on a per unit basis and AGP has provided NFS with the same value per unit, $10.00, which was the initial offering price per unit. Since AGP’s units do not trade on a public exchange, AGP simply reports the $10.00 per unit and does not estimate the market value of the units since there is no public market for the units.
In late 2020, we were notified by NFS/Stanger that they had changed their internal reporting system and would be reporting to their clients a “Not Reported” value with a default value of $0 because AGP does not provide a “market value” for its units. Following several discussions with Stanger, it was ascertained that Stanger would instead report a per unit valuation based upon numbers provided in our quarterly filings. As per the 6/30/20 financials filed with the SEC the Total Partners Capital is reported as $4,991,000 with 23,300,410 shares outstanding. Accordingly, the book value per share at 6/30/20 is $0.2142. Again, this is not a trading value, but a book value per share as calculated. A copy of the 3rd quarter Q from which that calculation was derived is attached.
Also keep in mind that the calculation valuation is different than what you will see as the k1 capital account number as one is a valuation based upon the financials and the other is a tax function based upon accounting principles.
The next valuation to come from Stanger will be based upon the next quarterly filing. Keep in mind that filings are posted on eth SEC site and www.atlasgrowthpartners.com/, so this is public information and any investor or advisor may calculate the same type of book valuation given the financials on hand.
We will continue to monitor this holding.
Please let us know if you have any questions.