I don't believe that distributions of shares of purses get made to partners right away. As you point out, there are lots of expenses to pay so they might have to wait for a year end accounting to determine whether distributions get made and if so how much.
Because of the tiers of partnership, the micro investors must await a distribution by manager of the owning partnership to its partners and then the distribution by the myracehorse.com partnership to them. Probably lots of administrative fees get taken out at level also.
Their best hope for any real money could come from a future sale of breeding rights. When I first read about this sale of micro interests, I did the math and determined that their investment of $206 for a 0.001 % interest [i.e. 1 share of the 12,500 shares sold by myracehorse.com of their 12.5% interest in Authentic] would translate to a valuation of slightly over $20 million for the horse.
So, they mostly have bragging rights with some chance of getting at least some of their original investment back. That's my take on it anyway.
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