XML

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	Apr. 30, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q1
Entity Registrant Name	ATEL 14, LLC
Entity Central Index Key	0001463389
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Units Outstanding		8,247,599

XML

Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
ASSETS
Cash and cash equivalents	$ 654	$ 1,266
Accounts receivable, net	81	86
Investment in securities	151	121
Warrants, fair value	245	232
Investments in equipment and leases, net	22,325	23,291
Prepaid expenses and other assets	115	85
Total assets	23,571	25,081
Accounts payable and accrued liabilities:
Managing Member	3	66
Affiliates	63	215
Accrued distributions to Other Members		797
Other	721	726
Non-recourse debt	3,374	4,229
Senior long-term debt	2,068	2,068
Unearned operating lease income	106	106
Credit facility	1,950	1,950
Total liabilities	8,285	10,157
Commitments and contingencies
Members' capital:
Managing Member
Other Members	15,286	14,924
Total Members' capital	15,286	14,924
Total liabilities and Members' capital	$ 23,571	$ 25,081

XML

Statements of Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Leasing and lending activities:
Operating leases	$ 1,658	$ 1,931
Direct financing leases	2	4
Interest on notes receivable	2
Gain on sales of lease assets and early termination of notes receivable	98	219
Unrealized gain (loss) on fair value adjustment for warrants	13	(1)
Unrealized gain on fair value adjustment for securities	30
Other	4	71
Total revenues	1,807	2,224
Expenses:
Depreciation of operating lease assets	852	1,094
Asset management fees to Managing Member	75	81
Cost reimbursements to Managing Member and/or affiliates	214	212
Reversal of provision for credit losses	(13)	(31)
Impairment losses on equipment	0	21
Amortization of initial direct costs	3	4
Interest expense	65	71
Professional fees	65	62
Outside services	38	35
Taxes on income and franchise fees	26	20
Bank charges	31	27
Railcar maintenance	25	117
Other	44	41
Total expenses	1,425	1,754
Net income	382	470
Net income:
Managing Member		151
Other Members	382	319
Net income	$ 382	$ 470
Net income per Limited Liability Company Unit (Other Members)	$ 0.05	$ 0.04
Weighted average number of Units outstanding	8,247,599	8,310,108

XML

Statements of Changes in Members' Capital - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Beginning Balance	$ 14,924	$ 22,113	$ 22,113
Repurchase of Units	(20)		(164)
Distributions to Other Members			(7,423)
Distributions to Managing Member			(602)
Net (loss) income	$ 382	$ 470	1,000
Ending Balance (in Units)	8,247,599
Ending Balance	$ 15,286		$ 14,924
Other Members [Member]
Beginning Balance (in Units)	8,257,599	8,316,662	8,316,662
Beginning Balance	$ 14,924	$ 22,113	$ 22,113
Repurchase of Units (in Units)	(10,000)		(59,063)
Repurchase of Units	$ (20)		$ (164)
Distributions to Other Members		$ (1,859)	(7,423)
Net (loss) income	$ 382		$ 398
Ending Balance (in Units)	8,247,599		8,257,599
Ending Balance	$ 15,286		$ 14,924
Managing Member [Member]
Distributions to Managing Member			(602)
Net (loss) income			$ 602

XML

Statements of Changes in Members' Capital (Parenthetical)	12 Months Ended
	Dec. 31, 2017 $ / shares
Statements of Changes in Members' Capital [Abstract]
Distributions to Other Members, per unit	$ 0.90

XML

Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Operating activities:
Net income	$ 382	$ 470
Adjustment to reconcile net income to cash provided by operating activities:
Gain on sales of lease assets and early termination of notes receivable	(98)	(219)
Depreciation of operating lease assets	852	1,094
Amortization of initial direct costs	3	4
Reversal of provision for credit losses	(13)	(31)
Impairment losses on equipment	0	21
Unrealized (gain) loss on fair value adjustment for warrants	(13)	1
Unrealized gain on fair value adjustment for marketable securities	(30)
Changes in operating assets and liabilities:
Accounts receivable	3	390
Prepaid expenses and other assets	(30)	7
Accounts payable, Managing Member	2	(103)
Accounts payable, other	(5)	2
Accrued liabilities, affiliates	(152)	57
Unearned operating lease income		(22)
Net cash provided by operating activities	901	1,671
Investing activities:
Proceeds from sales of lease assets and early termination of notes receivable	204	638
Principal payments received on direct financing leases	5	3
Principal payments received on notes receivable	15	18
Net cash provided by investing activities	224	659
Financing activities:
Repayments under non-recourse debt	(855)	(1,010)
Repurchase of Units	(20)	(54)
Net cash used in financing activities	(1,737)	(3,077)
Net decrease in cash and cash equivalents	(612)	(747)
Cash and cash equivalents at beginning of period	1,266	4,639
Cash and cash equivalents at end of period	654	3,892
Supplemental disclosures of cash flow information:
Cash paid during the period for interest	45	51
Cash paid during the period for taxes	3	42
Other Members [Member]
Operating activities:
Net income	382
Financing activities:
Distributions to Members	(797)	(1,862)
Schedule of non-cash transactions:
Distributions payable to Members at period-end		800
Managing Member [Member]
Financing activities:
Distributions to Members	(65)	(151)
Schedule of non-cash transactions:
Distributions payable to Members at period-end	$ 3	$ 65

XML

Organization and Limited Liability Company Matters

3 Months Ended

Mar. 31, 2018

Organization and Limited Liability Company Matters [Abstract]

Organization and Limited Liability Company Matters

1.  Organization and Limited Liability Company matters:

ATEL 14, LLC (the “Company” or the “Fund”) was formed under the laws of the state of California on April 1, 2009 (“Date of Inception”) for the purpose of equipment financing and acquiring equipment to engage in equipment leasing and sales activities. The Managing Member of the Company is ATEL Managing Member, LLC (the “Managing Member” or “Manager”), a Nevada limited liability company. Prior to May 9, 2011, the Manager was named ATEL Associates 14, LLC. The Managing Member is controlled by ATEL Financial Services, LLC (“AFS”), a wholly-owned subsidiary of ATEL Capital Group. The Fund may continue until December 31, 2030. Contributions in the amount of $500 were received as of May 8, 2009, which represented the initial member’s capital investment. As a limited liability company, the liability of any individual member for the obligations of the Fund is limited to the extent of capital contributions to the Fund by the individual member.

As of March 31,  2018, cumulative gross contributions, less rescissions and repurchases (net of distributions paid and allocated syndication costs, as applicable), totaling $83.5 million (inclusive of the $500 initial Member’s capital investment) have been received. As of the same date, 8,247,599 Units were issued and outstanding.

The Company is governed by the ATEL 14, LLC amended and restated limited liability company operating agreement dated October 7, 2009 (the “Operating Agreement”). Pursuant to the terms of the Operating Agreement, the Managing Member and/or its affiliates receives compensation for services rendered and reimbursements for costs incurred on behalf of the Company (See Note 6). The Company is required to maintain reasonable cash reserves for working capital, the repurchase of Units and contingencies. The repurchase of Units is solely at the discretion of the Managing Member.

These unaudited interim financial statements should be read in conjunction with the financial statements and notes thereto contained in the report on Form 10-K for the year ended December 31, 2017, filed with the Securities and Exchange Commission.

XML

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2018

Summary of Significant Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2.  Summary of significant accounting policies:

Basis of presentation:

The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q as mandated by the Securities and Exchange Commission. The unaudited interim financial statements reflect all adjustments which are, in the opinion of the Managing Member, necessary for a fair statement of financial position and results of operations for the interim periods presented. All such adjustments are of a normal recurring nature.

Operating results for the three months ended March 31, 2018 are not necessarily indicative of the results to be expected for the full year. Certain prior period amounts may have been reclassified to conform to the current period presentation. These reclassifications had no significant effect on the reported financial position or results of operations.

Footnote and tabular amounts are presented in thousands, except as to Units and per Unit data.

In preparing the accompanying unaudited financial statements, the Managing Member has reviewed, as determined necessary by the Managing Member, events that have occurred after March 31, 2018, up until the issuance of the financial statements. No events were noted which would require additional disclosure in the footnotes to the financial statements, or adjustments thereto.

Cash and cash equivalents:

Cash and cash equivalents include cash in banks and cash equivalent investments such as U.S. Treasury instruments with original and/or purchased maturities of ninety days or less.

Use of estimates:

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Such estimates primarily relate to the determination of residual values at the end of the lease term and expected future cash flows used for impairment analysis purposes, and for determination of the allowance for doubtful accounts and reserve for credit losses on notes receivable.

Segment reporting:

The Company is organized into one operating segment for the purpose of making operating decisions or assessing performance. Accordingly, the Company operates in one reportable operating segment in the United States.

The primary geographic region in which the Company seeks leasing opportunities is North America. For the three  months ended March 31, 2018 and 2017, and as of March 31, 2018 and December 31, 2017, all of the Company’s operating revenues and long-lived assets relate to customers domiciled in the United States.

Accounts receivable

Accounts receivable represent the amounts billed under operating and direct financing lease contracts, and notes receivable which are currently due to the Company.

Allowances for doubtful accounts are typically established based upon their aging and historical charge off and collection experience and the creditworthiness of specifically identified lessees and borrowers, and invoiced amounts. Accounts receivable deemed uncollectible are generally charged off against the allowance on a specific identification basis. Recoveries of amounts that were previously written-off are recorded as other income in the period received.

Accounts receivable are generally placed in a non-accrual status (i.e., no revenue is recognized) when payments are more than 90 days past due. Additionally, management periodically reviews the creditworthiness of companies with lease or note payments outstanding less than 90 days. Based upon management’s judgment, such leases or notes may be placed in non-accrual status. Leases or notes placed on non-accrual status are only returned to an accrual status when the account has been brought current and management believes recovery of the remaining unpaid receivable is probable. Until such time, revenues on operating leases are recognized on a cash basis. All payments received on amounts billed under direct financing leases and notes receivable are applied only against outstanding principal balances.

Financing receivables

In addition to the allowance established for delinquent accounts receivable, the total allowance related solely to financing receivables also includes anticipated impairment charges on notes receivable and direct financing leases.

Notes are considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal and/or interest when due according to the contractual terms of the note agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest when due. If it is determined that a loan is impaired with regard to scheduled payments, the Company will perform an analysis of the note to determine if an impairment valuation reserve is necessary. This analysis considers the estimated cash flows from the note, or the collateral value of the property underlying the note when note repayment is collateral dependent. Any required valuation reserve is charged to earnings when determined; and notes are charged off to the allowance as they are deemed uncollectible.

The asset underlying a direct financing lease contract is considered impaired if the estimated undiscounted future cash flows of the asset are less than its net book value. The estimated undiscounted future cash flows are the sum of the estimated residual value of the asset at the end of the asset’s expected holding period and estimates of undiscounted future rents. The residual value assumes, among other things, that the asset is utilized normally in an open, unrestricted and stable market. Short-term fluctuations in the marketplace are disregarded and it is assumed that there is no necessity either to dispose of a significant number of the assets, if held in quantity, simultaneously or to dispose of the asset quickly. Impairment is measured as the difference between the fair value (as determined by a valuation method using discounted estimated future cash flows, third party appraisals or comparable sales of similar assets as applicable based on asset type) of the asset and its carrying value on the measurement date.

Investment in securities:

From time to time, the Company may purchase securities of its borrowers or receive warrants in connection with its lending arrangements.

Purchased securities

The Company’s purchased securities registered for public sale with readily determinable fair values are measured at fair value with any changes in fair value recognized in the Company's results of operations. The Company’s purchased securities that do not have readily determinable fair values are measured at cost minus impairment, and adjusted for changes in observable prices. Factors considered by the Managing Member in determining fair value include, but are not limited to, available financial information, the issuer’s ability to meet its current obligations and indications of the issuer’s subsequent ability to raise capital. The Company had $151 thousand and $121 thousand of purchased securities at March 31, 2018 and December 31, 2017 respectively. There was no gain on sales or dispositions of investment in securities during the three months ended March 31, 2018 and 2017. Based upon the Company’s review of its portfolio, fair value adjustments of $30 thousand were deemed necessary for the three months ended March 31, 2018 and none for the respective prior year period.

Warrants

Warrants owned by the Company are not registered for public sale, but are considered derivatives and are reflected at an estimated fair value on the balance sheet as determined by the Managing Member. During the respective three months ended March 31, 2018 and 2017, the Company recorded an unrealized gain of $13 thousand and unrealized loss of $1 thousand on fair valuation of its warrants, respectively. The unrealized loss recorded during the current year period decreased the estimated fair value of the Company’s portfolio of warrants to $245 thousand at March 31, 2018 from $232 thousand at December 31, 2017. There were no exercises of warrants, net or otherwise, during the three months ended March 31, 2018 and 2017. 

Credit risk:

Financial instruments that potentially subject the Company to concentrations of credit risk include cash and cash equivalents, operating and direct financing lease receivables, notes receivable and accounts receivable. The Company places the majority of its cash deposits in non-interest bearing accounts with financial institutions that have no less than $10 billion in assets. Such deposits are insured up to $250,000. The remainder of the Funds’ cash is temporarily invested in U.S. Treasury denominated instruments. The concentration of such deposits and temporary cash investments is not deemed to create a significant risk to the Company. Accounts receivable represent amounts due from in various industries, related to equipment on operating leases.

Equipment on operating leases and related revenue recognition:

Equipment subject to operating leases is stated at cost. Depreciation is being recognized on a straight-line method over the terms of the related leases to the equipment’s estimated residual values. Off-lease equipment is generally not subject to depreciation. The Company depreciates all lease assets, in accordance with guidelines consistent with ASC 840-20-35-3, over the periods of the lease terms contained in each asset’s respective lease contract to the estimated residual value at the end of the lease contract. All lease assets are purchased only concurrent with the execution of a lease commitment by the lessee. Thus, the original depreciation period corresponds with the term of the original lease. Once the term of an original lease contract is completed, the subject property is typically sold to the existing user, re-leased to the existing user, or, when off-lease, is held for sale. Assets which are re-leased continue to be depreciated using the terms of the new lease agreements and the estimated residual values at the end of the new lease terms, adjusted downward as necessary. Assets classified as held-for-sale are carried at the lower of carrying amount, or the fair value less cost to sell (ASC 360-10-35-43).

The Company does not use the equipment held in its portfolio, but holds it solely for lease and ultimate sale. In the course of marketing equipment that has come off-lease, management may determine at some point that re-leasing the assets may provide a superior return for investors and would then execute another lease. Upon entering into a new lease contract, management will estimate the residual value once again and resume depreciation. If, and when, the Company, at any time, determines that depreciation in value may have occurred with respect to an asset held-for-sale, the Company would review the value to determine whether a material reduction in value had occurred and recognize any appropriate impairment. All lease assets, including off-lease assets, are subject to the Company’s quarterly impairment analysis, as described below. Maintenance costs associated with the Fund’s portfolio of leased assets are expensed as incurred. Major additions and betterments are capitalized.

Operating lease revenue is recognized on a straight-line basis over the term of the underlying leases. The initial lease terms will vary as to the type of equipment subject to the leases, the needs of the lessees and the terms to be negotiated, but initial leases are generally on terms from 36 to 120 months. The difference between rent received and rental revenue recognized is recorded as unearned operating lease income on the balance sheet. Operating leases are generally placed in a non-accrual status (i.e., no revenue is recognized) when payments are more than 90 days past due. Additionally, management considers the equipment underlying the lease contracts for impairment and periodically reviews the credit worthiness of all operating lessees with payments outstanding less than 90 days. Based upon management’s judgment, the related operating leases may be placed on non-accrual status. Leases placed on non-accrual status are only returned to an accrual status when the account has been brought current and management believes recovery of the remaining unpaid lease payments is probable. Until such time, revenues are recognized on a cash basis.

Initial direct costs:

The Company capitalizes initial direct costs (“IDC”) associated with the origination of lease assets. IDC includes both internal costs (e.g., the costs of employees’ activities in connection with successful lease originations) and external broker fees incurred with such originations. The costs are amortized on a lease by lease basis based on actual contract term using a straight-line method for operating leases. Upon disposal of the underlying lease assets, both the initial direct costs and the associated accumulated amortization are relieved. Costs related to leases that are not consummated are not eligible for capitalization as initial direct costs and are expensed as acquisition expense.

Per Unit data:

The Company issues only one class of Units, none of which are considered dilutive. Net income (loss) and distributions per Unit are based upon the weighted average number of Other Members Units outstanding during the period.

Fair Value:

Fair value measurements and disclosures are based on a fair value hierarchy as determined by significant inputs used to measure fair value. The three levels of inputs within the fair value hierarchy are defined as follows:

Level 1 – Quoted prices in active markets for identical assets or liabilities. An active market for the asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis, generally on a national exchange.

Level 2 – Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuations in which all significant inputs are observable in the market.

Level 3 – Valuation is modeled using significant inputs that are unobservable in the market. These unobservable inputs reflect the Company's own estimates of assumptions that market participants would use in pricing the asset or liability.

The Company’s valuation policy is determined by members of the Asset Management, Credit and Accounting departments. Whenever possible, the policy is to obtain quoted market prices in active markets to estimate fair values for recognition and disclosure purposes. Where quoted market prices in active markets are not available, fair values are estimated using discounted cash flow analyses, broker quotes, information from third party remarketing agents, third party appraisals of collateral, and/or other valuation techniques. These techniques are significantly affected by certain of the Company’s assumptions, including discount rates and estimates of future cash flows. Potential taxes and other transaction costs are not considered in estimating fair values. As the Company is responsible for determining fair value, an analysis is performed on prices obtained from third parties. Such analysis is performed by asset management and credit department personnel who are familiar with the Company’s investments in equipment, notes receivable and equity securities of venture companies. The analysis may include a periodic review of price fluctuations and validation of numbers obtained from a specific third party by reference to multiple representative sources.

Recent Accounting Pronouncements:

In August 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2016-15 —Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”).  ASU 2016-15 addresses specific cash flow issues with the objective of reducing the existing diversity in practice. The amendments in this Update are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. This guidance is effective for the Company beginning on January 1, 2018. The adoption of ASU 2016-15 did not have a material impact on its financial statements and disclosures.

In June 2016, the FASB issued Accounting Standards Update 2016-13, Financial Instruments — Credit Losses (Topic 326) (“ASU 2016-13”). The main objective of this Update is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. To achieve this objective, the amendments in this Update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The amendments affect entities holding financial assets and net investment in leases that are not accounted for at fair value through net income. The amendments affect loans, debt securities, trade receivables, net investments in leases, off-balance-sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2018. Management is currently evaluating the standard and expects the Update may potentially result in an increase in the allowance for credit losses given the change to estimated losses over the contractual life adjusted for expected prepayments.

In February 2016, the FASB issued Accounting Standards Update 2016-02, Leases (Topic 842) (“ASU 2016-02”). The new standard will require lessees to recognize lease assets and lease liabilities arising from operating leases with lease terms greater than 12 months in the statement of financial position. Lessor accounting per ASU 2016-02 is mostly unchanged from the previous lease accounting under GAAP. Certain changes were made to the lessor accounting guidance in order to align the lessor accounting with the lessee accounting model and Topic 606, Revenue from Contracts with Customers. Similar to the previous guidance, lessors will classify leases as operating, direct financing, or sales-type. Lessors in operating leases will continue to recognize the underlying asset and recognize income on a straight-line basis. Lessors determine whether a lease is a sale of the underlying asset based on whether the lessee effectively obtains control of the underlying assets. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. While early adoption is permitted, the Company does not expect to elect that option. The Company expects to adopt the guidance in the first quarter 2019 using the modified retrospective method. Management is currently evaluating the impact of this standard on the financial statements and its operational and related disclosure requirements, including the impact on the Company’s current lease portfolio from a lessor perspective. Given the limited changes to lessor accounting, Management does not expect material changes to recognition or measurement, but the Company is early in the implementation process and will continue to evaluate the impact.

In January 2016, the FASB issued Accounting Standards Update 2016-01, Financial Instruments — Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”). The new standard provides guidance related to accounting for equity investments and financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. ASU 2016-01, among other things, (i) requires equity investments, with certain exceptions, to be measured at fair value with changes in fair value recognized in net income, (ii) simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment, (iii) eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet, (iv) requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, and (v) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements. ASU 2016-01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. This guidance is effective for the Company beginning on January 1, 2018. The adoption of ASU 2016-01 did have an impact on its financial statements and disclosures. The Company’s purchased securities registered for public sale with readily determinable fair value are carried at fair value. The Company elected to record equity investments without readily determinable fair values at cost, less impairment, and adjusted for changes in observable prices.  Any changes in the basis of these equity investments are reported in current earnings.

In May 2014, the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which amends the existing accounting standards for revenue recognition. ASU 2014-09 is based on principles that govern the recognition of revenue at an amount an entity expects to be entitled when products are transferred to customers. On July 9, 2015, the FASB approved the deferral of the effective date of ASU 2014-09 by one year and in August 2015, issued Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date (“ASU 2015-14”). ASU 2015-14 is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 31, 2016, including interim reporting periods within that reporting period. The new revenue standard may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of adoption. This guidance is effective for the Company beginning on January 1, 2018. Management’s evaluation of the impact of such adoption on the financial statements of the Fund indicated that such impact was non-material as the new revenue guideline does not affect revenues from leases and loans, which comprise the majority of the Company’s revenues since leases are not included within the scope of Topic 825.

XML

Notes Receivable, Net

3 Months Ended

Mar. 31, 2018

Notes Receivable [Abstract]

Notes Receivable, Net

3. Notes receivable, net:

The Company has various notes receivable from borrowers who have financed the purchase of equipment through the Company. The notes are generally secured by the equipment financed. As of March 31,  2018, the terms of the notes receivable are from 84 to 90 months and have interest rates ranging from 16.91% to18% per annum. The notes had  a net outstanding balance of $0 at bothMarch 31,  2018 and December 31, 2017.  The notes all mature in 2020.

As of March 31, 2018, two of the Company’s notes receivable previously in non-accrual status as of December 31, 2017 were removed from said status. Details are as follows, in thousands, except for the number of notes receivable and the interest rate:

	Notes receivable
	Non-accrual
	December 31, 2017
Number of notes		2
Net investment value	$	15
Annual interest rate		18%
Fair value adjustments	$	15
Fair value amount	$	-
Interest income not recorded relative to original terms	$	8

Date	Notes modifications
December 1, 2014	Notes placed on non-accrual status.
January 1, 2015	Defer payment of principal, interest-only payments at their original rates through June
	30, 2015.  Payments will be adjusted so ultimate amounts paid will reflect interest
	earned at 18% per annum related to the entire term from the original funding date.
1st quarter 2015	Impairment totaling $33 thousand was recorded.
3rd quarter 2015	Impairment totaling $30 thousand was recorded.
4th quarter 2015	Extend interest only payments through June 30, 2016.
	Entire balance on the notes due on July 1, 2016.
1st quarter 2016	Impairment totaling $6 thousand was recorded.
3rd quarter 2016	Extend interest only payments through January 1, 2017.
1st quarter 2017	Extend payment schedule through January 1, 2020.
	Notes mature on January 1, 2020.
1st quarter 2018	Notes removed from non-accrual status as of March 31, 2018.

XML

Allowance for Credit Losses

3 Months Ended

Mar. 31, 2018

Allowance for Credit Losses [Abstract]

Allowance for Credit Losses

4.  Allowance for credit losses:

The Company’s allowance for credit losses are as follows (in thousands):

	Accounts Receivable Allowance for Doubtful Accounts		Valuation Adjustments on Financing Receivables		Total
	Operating Leases		Notes Receivable		Allowance for Credit Losses
Balance December 31, 2016	$	31	$	69	$	100
Reversal of credit losses		(31)		(54)		(85)
Balance December 31, 2017		-		15		15
Provision for (reversal of) credit losses		2		(15)		(13)
Balance March 31, 2018	$	2	$	-	$	2

As December 31, 2017, the Company’s allowance for credit losses (related solely to financing receivables) and its recorded investment in financing receivables were as follows (in thousands):

December 31, 2017	Notes Receivable		Finance Leases
Allowance for credit losses:
Ending balance	$	15	$	-
Ending balance: individually evaluated for impairment	$	15	$	-
Ending balance: collectively evaluated for impairment	$	-	$	-
Financing receivables:
Ending balance	$	15	$	19
Ending balance: individually evaluated for impairment	$	15	$	19
Ending balance: collectively evaluated for impairment	$	-	$	-

The Company evaluates the credit quality of its financing receivables on a scale equivalent to the following quality indicators related to corporate risk profiles:

Pass – Any account whose lessee/debtor, co-lessee/debtor or any guarantor has a credit rating on publicly traded or privately placed debt issues as rated by Moody’s or S&P for either Senior Unsecured debt, Long Term Issuer rating or Issuer rating that are in the tiers of ratings generally recognized by the investment community as constituting an Investment Grade credit rating; or, has been determined by the Manager to be an Investment Grade Equivalent or High Quality Corporate Credit per its Credit Policy or has a Not Rated internal rating by the Manager and the account is not considered by the Chief Credit Officer of the Manager to fall into one of the three risk profiles below.

Special Mention – Any traditional corporate type account with potential weaknesses (e.g. large net losses or major industry downturns) or, any growth capital account that has less than three months of cash as of the end of the calendar quarter to fund their continuing operations. These accounts deserve management’s close attention. If left uncorrected, those potential weaknesses may result in deterioration of the Fund’s receivable at some future date.

Substandard – Any account that is inadequately protected by the current worth and paying capacity of the borrower or of the collateral pledged, if any. Accounts that are so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Fund will sustain some loss as the likelihood of fully collecting all receivables may be questionable if the deficiencies are not corrected. Such accounts are on the Manager’s Credit Watch List.

Doubtful – Any account where the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Accordingly, an account that is so classified is on the Manager’s Credit Watch List, and has been declared in default and the Manager has repossessed, or is attempting to repossess, the equipment it financed. This category includes impaired notes and leases as applicable.

At March 31, 2018 and December 31, 2017, the Company’s financing receivables by credit quality indicator and by class of financing receivables are as follows (excludes initial direct costs) (in thousands):

	Notes Receivable				Finance Leases
	March 31, 2018		December 31, 2017		March 31, 2018		December 31, 2017
Pass	$	-	$	-	$	15	$	19
Special mention		-		15		-		-
Substandard		-		-		-		-
Doubtful		-		-		-		-
Total	$	-	$	15	$	15	$	19

As of December 31, 2017, the Company’s impaired loans were as follows (in thousands):

	Impaired Loans
December 31, 2017	Recorded Investment		Unpaid Principal Balance		Related Allowance		Average Recorded Investment		Interest Income Recognized
With no related allowance recorded
Notes receivable	$	-	$	-	$	-	$	-	$	-
With an allowance recorded
Notes receivable		15		15		15		42		-
Total	$	15	$	15	$	15	$	42	$	-

At March 31, 2018 and December 31, 2017, the investment in financing receivables is aged as follows (in thousands):

March 31, 2018	31-60 Days Past Due		61-90 Days Past Due		Greater  Than 90 Days		Total Past Due		Current		Total Financing Receivables		Recorded Investment>90 Days and Accruing
Notes receivable	$	-	$	-	$	-	$	-	$	-	$	-	$	-
Finance leases		-		-		-		-		15		15		-
Total	$	-	$	-	$	-	$	-	$	15	$	15	$	-

December 31, 2017	31-60 Days Past Due		61-90 Days Past Due		Greater  Than 90 Days		Total Past Due		Current		Total Financing Receivables		Recorded Investment>90 Days and Accruing
Notes receivable	$	-	$	-	$	-	$	-	$	15	$	15	$	-
Finance leases		-		-		-		-		19		19		-
Total	$	-	$	-	$	-	$	-	$	34	$	34	$	-

At December 31, 2017, the Company had two notes receivable which were on non-accrual status (See Note 3). These same notes were removed from non-accrual status as of March 31, 2018.

XML

Investments in Equipment and Leases, Net

3 Months Ended

Mar. 31, 2018

Investments in Equipment and Leases, Net [Abstract]

Investments in Equipment and Leases, Net

5.  Investments in equipment and leases, net:

The Company’s investment in equipment and leases consists of the following (in thousands):

			Reclassifications,		Depreciation/
			Improvements/		Amortization
	Balance		Dispositions and		Expense or		Balance
	December 31,		Impairment		Amortization		March 31,
	2017		Losses		of Leases		2018
Net investment in operating leases	$	22,612	$	(248)	$	(852)	$	21,512
Net investment in direct financing leases		19		-		(5)		14
Assets held for sale or lease, net		652		142		-		794
Initial direct costs, net of accumulated   amortization of $63 at March 31, 2018   and $60 at December 31, 2017		8		-		(3)		5
Total	$	23,291	$	(106)	$	(860)	$	22,325

Impairment of investments in leases:

Recorded values of the Company’s leased asset portfolio are reviewed each quarter to confirm the reasonableness of established residual values and to determine whether there is indication that an asset impairment might have taken place. The Company uses a variety of sources and considers many factors in evaluating whether the respective book values of its assets are appropriate. In addition, the Company may direct a residual value review at any time if it becomes aware of issues regarding the ability of a lessee to continue to make payments on its lease contract. An impairment loss is measured and recognized only if the estimated undiscounted future cash flows of the asset are less than their net book value. The estimated undiscounted future cash flows are the sum of the residual value of the asset at the end of the asset’s lease contract and undiscounted future rents from the existing lease contract, if any. The residual value assumes, among other things, that the asset is utilized normally in an open, unrestricted and stable market. Short-term fluctuations in the marketplace are disregarded and it is assumed that there is no necessity either to dispose of a significant number of the assets, if held in quantity, simultaneously or to dispose of the asset quickly. Impairment is measured as the difference between the fair value (as determined by a valuation method using discounted estimated future cash flows, third party appraisals or comparable sales of similar assets as applicable based on asset type) of the asset and its carrying value on the measurement date. Upward adjustments for impairments recognized in prior periods are not made in any circumstances.

As a result of these reviews, the Company recorded impairment losses of $0 and $21 thousand during the three months ended March 31,  2018 and 2017, respectively.

The Company utilizes a straight line depreciation method over the term of the equipment lease for equipment on operating leases currently in its portfolio. Depreciation expense on the Company’s equipment totaled $852thousand and $1.1 million for the respective three months ended March 31,  2018 and 2017.

IDC amortization expense related to operating leases and direct financing leases totaled $3 thousand and$4 thousand for the respective three months ended March 31,  2018 and 2017.

Operating leases:

Property on operating leases consists of the following (in thousands):

	Balance						Balance
	December 31,				Reclassifications		March 31,
	2017		Improvements		or Dispositions		2018
Marine vessel	$	19,410	$	-	$	-	$	19,410
Transportation, rail		9,211		-		(731)		8,481
Transportation		7,467		-		-		7,467
Manufacturing		6,595		-		(144)		6,451
Research		2,250		-		-		2,250
Materials handling		1,485		-		-		1,485
Construction		1,264		-		(16)		1,248
Agriculture		542		-		-		542
Air support equipment		120		-		-		120
Other		83		-		-		83
		48,427		-		(891)		47,536
Less accumulated depreciation		(25,815)		(852)		643		(26,024)
Total	$	22,612	$	(852)	$	(248)	$	21,512

The average estimated residual value for assets on operating leases was 39% and 38% of the assets’ original cost at March 31,  2018 and December 31, 2017, respectively. There were no operating leases in non-accrual status at both March 31,  2018 and December 31, 2017.

All of the Company’s lease asset purchases and capital improvements were made during the years from 2009 through 2015.

Direct financing leases:

As of March 31,  2018 and December 31, 2017, investment in direct financing leases consists of materials handling equipment. The components of the Company’s investment in direct financing leases as of March 31, 2018 and December 31, 2017 are as follows (in thousands):

	Balance		Balance
	March 31,		December 31,
	2018		2017
Total minimum lease payments receivable	$	15	$	22
Estimated residual values of leased equipment    (unguaranteed)		1		1
Investment in direct financing leases		16		23
Less unearned income		(2)		(4)
Net investment in direct financing leases	$	14	$	19

As of March 31,  2018 and December 31, 2017, there were no investments in direct financing leases in non-accrual status.

At March 31, 2018, the aggregate amounts of future minimum lease payments receivable are as follows (in thousands):

	Operating Leases		Direct Financing Leases		Total
Nine months ending December 31, 2018	$	2,993	$	15	$	3,008
Year ending December 31, 2019		1,342		-		1,342
2020		312		-		312
2021		54		-		54
	$	4,701	$	15	$	4,716

The useful lives for each category of leases is reviewed at a minimum of once per quarter. As of March 31, 2018, the respective useful lives of each category of lease assets in the Company’s portfolio are as follows (in years):

Equipment category	Useful Life
Transportation, rail	35 - 40
Marine vessel	20 - 30
Air support equipment	15 - 20
Manufacturing	10 - 15
Agriculture	7 - 10
Construction	7 - 10
Materials handling	7 - 10
Transportation	7 - 10
Research	5 - 7

XML

Related Party Transactions

3 Months Ended

Mar. 31, 2018

Related Party Transactions [Abstract]

Related Party Transactions

6.  Related party transactions:

The terms of the Operating Agreement provide that the Managing Member and/or affiliates are entitled to receive certain fees for equipment management and resale and for management of the Company.

The Operating Agreement allows for the reimbursement of costs incurred by the Managing Member and/or affiliates for providing administrative services to the Company. Administrative services provided include Company accounting, investor relations, legal counsel, and lease and equipment documentation. The Managing Member is not reimbursed for services whereby it is entitled to receive a separate fee as compensation for such services, such as management of investments.

Each of ATEL Financial Services, LLC (“AFS”) and ATEL Leasing Corporation (“ALC”) is a wholly-owned subsidiary of ATEL Capital Group and performs services for the Company on behalf of the Managing Member. Acquisition services, equipment management, lease administration and asset disposition services are performed by ALC; investor relations, communications and general administrative services are performed by AFS.

Cost reimbursements to the Managing Member or its affiliates are based on its costs incurred in performing administrative services for the Company. These costs are allocated to each managed entity based on certain criteria such as total assets, number of investors or contributed capital based upon the type of cost incurred. The Managing Member believes that the costs reimbursed are the lower of (i) actual costs incurred on behalf of the Company or (ii) the amount the Company would be required to pay independent parties for comparable administrative services in the same geographic location.

The Managing Member and/or affiliates earned fees and billed for reimbursements of costs and expenses, pursuant to the Operating Agreement, during the three  months ended March 31, 2018 and 2017 as follows (in thousands):

	Three Months Ended
	March 31,
	2018		2017
Administrative costs reimbursed to Managing Member and/or affiliates	$	214	$	212
Asset management fees to Managing Member		75		81
	$	289	$	293

XML

Non-Recourse Debt

3 Months Ended

Mar. 31, 2018

Non-Recourse Debt [Abstract]

Non-Recourse Debt

7.  Non-recourse debt:

At March 31,  2018, non-recourse debt consists of notes payable to financial institutions. The notes are due in monthly installments. Interest on the notes is at fixed rates ranging from 1.97% to 3.00% per annum. The notes are secured by assignments of lease payments and pledges of assets. At March 31,  2018, gross operating lease rentals totaled $3.4 million over the remaining lease terms, and the carrying value of the pledged assets is $14.2 million. The notes mature at various dates from 2018 through 2019.

The non-recourse debt does not contain any material financial covenants. The debt is secured by a specific lien granted by the Company to the non-recourse lenders on (and only on) the discounted lease transactions. The lenders have recourse only to the following collateral: the leased equipment; the related lease chattel paper; the lease receivables; and proceeds of the foregoing items. The non-recourse obligation is payable solely out of the respective specific security and the Company does not guarantee (nor is the Company otherwise contractually responsible for) the payment of the non-recourse debt as a general obligation or liability of the Company. Although the Company does not have any direct or general liability in connection with the non-recourse debt apart from the security granted, the Company is directly and generally liable and responsible for certain representations, warranties, and covenants made to the lenders, such as warranties as to genuineness of the transaction parties' signatures, as to the genuineness of the respective lease chattel paper or the transaction as a whole, or as to the Company's good title to or perfected interest in the secured collateral, as well as similar representations, warranties and covenants typically provided by non-recourse borrowers and customary in the equipment finance industry, and are viewed by such industry as being consistent with non-recourse discount financing obligations. Accordingly, as there are no financial covenants or ratios imposed on the Company in connection with the non-recourse debt, the Company has determined that there are no material covenants with respect to the non-recourse debt that warrant footnote disclosure.

Future minimum payments of non-recourse debt are as follows (in thousands):                                                                    

	Principal		Interest		Total
Nine months ending December 31, 2018	$	2,378	$	45	$	2,423
Year ending December 31, 2019		996		8		1,004
	$	3,374	$	53	$	3,427

XML

Senior Long-Term Debt

3 Months Ended

Mar. 31, 2018

Senior Long-Term Debt [Abstract]

Senior Long-Term Debt

8.  Senior long-term debt:

As of March 31,  2018, the $2.1 million of senior long-term debt consists of a note payable to a lender. Such debt was utilized during the fourth quarter of 2013 to partially fund the marine vessel and related bareboat charter purchased by the Fund and its affiliate, ATEL 15, LLC. The note bears interest at a fixed-rate of 3.5% per annum, to accrue in arrears on a monthly basis. The full pro rata principal amount of $2.1 million plus all outstanding accrued and unpaid interest of approximately $400 thousand shall be paid in one payment of $2.5 million due on May 25, 2019. The note is recourse to the residual value of the vessel which is expected to be well in excess of the note amount. In addition, the lender has recourse to the Fund’s general assets up to $2.5 million. The note does not contain any material financial covenants and is guaranteed as a senior obligation of the Fund.

XML

Borrowing Facilities

3 Months Ended

Mar. 31, 2018

Borrowing Facilities [Abstract]

Borrowing Facilities

9.  Borrowing facilities:

The Company participates with ATEL Capital Group and certain subsidiaries and affiliated funds in a $75 million revolving credit facility (the “Credit Facility”) with a syndicate of financial institutions as lenders. The Credit Facility is comprised of a working capital facility, an acquisition facility (the “Acquisition Facility”) and a warehouse facility (the “Warehouse Facility”), the Company and affiliates, and a venture facility.

After various amendments to extend, and adjust the base amounts availability, the Credit Facility has been extended to June 30, 2019 and ATEL 17, LLC, an affiliated company, has been added to the credit facility.  The lending syndicate providing the Credit Facility has a blanket lien on all of the Company’s assets as collateral for any and all borrowings under the Acquisition Facility, and on a pro-rata basis under the Warehouse Facility. Such Credit Facility includes certain financial covenants.

As of March 31, 2018 and December 31, 2017, borrowings under the Credit Facility were as follows (in thousands):                           

	March 31,		December 31,
	2018		2017
Total available under the financing arrangement	$	75,000	$	75,000
Amount borrowed by the Company under the acquisition facility		(1,950)		(1,950)
Amount borrowed by affiliated partnerships and limited liability companies under the venture, acquisition, and warehouse facilities		(1,565)		(3,820)
Total remaining available under the venture, acquisition and warehouse facilities	$	71,485	$	69,230

The Company and its affiliates pay an annual commitment fee to have access to this line of credit. As of March 31,  2018, the aggregate amount of the Credit Facility is potentially available to the Company, subject to certain sub-facility and borrowing-base limitations. However, as amounts are drawn on the Credit Facility by each of the Company and the affiliates who are borrowers under the Credit Facility, the amount remaining available to all borrowers to draw under the Credit Facility is reduced. As the Warehousing Facility is a short term bridge facility, any amounts borrowed under the Warehousing Facility, and then repaid by the affiliated borrowers (including the Company) upon allocation of an acquisition to a specific purchaser, become available under the Warehouse Facility for further short term borrowing.

As of March 31,  2018, the Company’s Tangible Net Worth requirement under the Credit Facility was $10.0 million, the permitted maximum leverage ratio was not to exceed 1.25 to 1, and the required minimum interest coverage ratio was not to be less than 2 to 1. The Company was in compliance with these financial covenants under the Credit Facility with a minimum Tangible Net Worth, leverage ratio and interest coverage ratio, as calculated per the Credit Facility agreement of $15.3 million, 0.48 to 1, and 20.34 to 1, respectively, as of March 31,  2018. As such, as of March 31,  2018, the Company was in compliance with all material financial covenants, and with all other material conditions of the Credit Facility. The Company does not anticipate any covenant violations nor does it anticipate that any of these covenants will restrict its operations or its ability to procure additional financing.

Fee and interest terms

The interest rate on the Credit Facility is based on either the LIBOR/Eurocurrency rate of 1-, 2-, 3- or 6-month maturity plus a lender designated spread, or the bank’s Prime rate, which re-prices daily. Principal amounts of loans made under the Credit Facility that are prepaid may be re-borrowed on the terms and subject to the conditions set forth under the Credit Facility.

Warehouse facility

To hold the assets under the Warehousing Facility prior to allocation to specific investor programs, a Warehousing Trust has been entered into by the Company, AFS, ALC, and certain of the affiliated partnerships and limited liability companies.

The Warehousing Trust is used by the Warehouse Facility borrowers to acquire and hold, on a short-term basis, certain lease transactions that meet the investment objectives of each of such entities. Each of the leasing programs sponsored by AFS and ALC is a pro rata participant in the Warehousing Trust, as described below. When a program no longer has a need for short-term financing provided by the Warehousing Facility, it is removed from participation, and as new leasing investment entities are formed by AFS and ALC and commence their acquisition stages, these new entities are added.

As of March 31,  2018, the investment program participants were the Company, ATEL 15, LLC, ATEL 16, LLC and ATEL 17, LLC. Pursuant to the Warehousing Trust, the benefit of the lease transaction assets, and the corresponding liabilities under the Warehouse Facility, inure to each of such entities based upon each entity’s pro-rata share in the Warehousing Trust estate. The “pro-rata share” is calculated as a ratio of the net worth of each entity over the aggregate net worth of all entities benefiting from the Warehousing Trust estate, excepting that the trustees, AFS and ALC, are both jointly and severally liable for the pro-rata portion of the obligations of each of the affiliated limited liability companies participating under the Warehouse Facility.

Transactions are financed through this Warehouse Facility only until the transactions are allocated to a specific program for purchase or are otherwise disposed by AFS and ALC. When a determination is made to allocate the transaction to a specific program for purchase by the program, the purchaser repays the debt associated with the asset, either with cash or by means of proceeds of a draw under the Acquisition Facility, and the asset is removed from the Warehouse Facility collateral, and ownership of the asset and any debt obligation associated with the asset are assumed solely by the purchasing entity.

The Company borrowed $2 million under the Acquisition Facility as of March 31,  2018 and December 31, 2017.

XML

Commitments

3 Months Ended

Mar. 31, 2018

Commitments [Abstract]

Commitments

10.  Commitments:

At March 31,  2018, there were no commitments to fund investments in notes receivable and to purchase lease assets.

XML

Members' Capital

3 Months Ended

Mar. 31, 2018

Members' Capital [Abstract]

Members' Capital

11.  Members’ capital:

A total of 8,247,599 and 8,257,599Units were issued and outstanding as of March 31,  2018 and December 31, 2017, respectively.These amounts included the 50 Units issued to the initial Member (Managing Member). The Fund was authorized to issue up to 15,000,000 Units in addition to the Units issued to the initial Member.

Distributions to the Other Members for the three months ended March 31, 2018 and 2017 were as follows (in thousands except Units and per Unit data):

	Three Months Ended
	March 31,
	2018		2017
Distributions declared	$	-	$	1,859
Weighted average number of Units outstanding		8,247,599		8,310,108
Weighted average distributions per Unit	$	-	$	0.22

XML

Fair Value Measurements

3 Months Ended

Mar. 31, 2018

Fair Value Measurements [Abstract]

Fair Value Measurements

12.  Fair value measurements:

Under applicable accounting standards, fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.

At March 31, 2018, the Company’s investment in securities and warrants were measured on a recurring basis. At December 31, 2017, only the Company’s warrants were measured on a recurring basis. In addition, certain off-lease equipment deemed impaired were measured at fair value on a non-recurring basis as of March 31, 2018. During the year ended December 31, 2017, certain notes receivable were deemed impaired and measured at fair value on a non-recurring basis.

Such fair value adjustments utilized the following methodology:

Warrants (recurring)

Warrants owned by the Company are not registered for public sale, but are considered derivatives and are carried on the balance sheet at an estimated fair value at the end of the period. The valuation of the warrants was determined using a Black-Scholes formulation of value based upon the stock price(s), the exercise price(s), the volatility of comparable venture companies, and a risk free interest rate for the term(s) of the warrant exercise(s). As of March 31,  2018 and December 31, 2017, the calculated fair value of the Fund’s warrant portfolio approximated $245 thousand and $232 thousand, respectively. Such valuations are classified within Level 3 of the valuation hierarchy.

The fair value of warrants that were accounted for on a recurring basis as of the three months ended March 31, 2018 and 2017 and classified as Level 3 are as follows (in thousands):

	Three Months Ended
	March 31,
	2018		2017
Fair value of warrants at beginning of period	$	232	$	247
Unrealized gain (loss) on fair value adjustment for warrants		13		(1)
Fair value of warrants at end of period	$	245	$	246

Investment securities (recurring)

The Company’s investment securities registered for public sale (on a recurring basis) with readily determinable fair values are measured at fair value with any changes in fair value recognized in the Company's results of operations.

Factors considered by the Managing Member in determining fair value include, but are not limited to, available financial information, the issuer’s ability to meet its current obligations and indications of the issuer’s subsequent ability to raise capital.

The fair value of investment securities that were accounted for on a recurring basis as of the three months ended March 31, 2018 and classified as Level 1 are as follows (in thousands):

Fair value of securities at beginning of period	$	21
Unrealized gain on fair value of securities		30
Fair value of investment securities at end of period	$	51

Impaired notes receivable (non-recurring)

The fair value of the Company’s notes receivable, when impairment adjustments are required, is estimated using either third party appraisals or estimations of the value of collateral (for collateral dependent loans) or discounted cash flow analyses (by discounting estimated future cash flows) using the effective interest rate contained in the terms of the original loan. AtMarch 31,  2018 and December 31, 2017, the Company did not record fair value adjustments on notes receivable.

The fair value adjustments when recorded are non-recurring and are based upon an estimated valuation of underlying collateral. Under the Fair Value Measurements Topic of the FASB Accounting Standards Codification, the fair value of the impaired notes receivable is classified within Level 3 of the valuation hierarchy. The valuation utilizes a market approach technique and uses inputs from third party appraisers that utilize current market transactions as adjusted for certain factors specific to the underlying collateral.

Impaired off-lease equipment (non-recurring)

During the three months ended March 31,  2018 and 2017, the Company recorded fair value adjustments totaling $0 and $21 thousand, respectively, to reduce the cost basis of certain off-lease research and construction equipment.

Under the Fair Value Measurements Topic of the FASB Accounting Standards Codification, the fair value of impaired lease assets were classified within Level 3 of the valuation hierarchy as the data sources utilized for the valuation of such assets reflect significant inputs that are unobservable in the market. Such valuation utilizes a market approach technique and uses inputs that reflect the sales price of similar assets sold by affiliates and/or information from third party remarketing agents not readily available in the market.

Under the Fair Value Measurements Topic of the FASB Accounting Standards Codification, the fair value of the aforementioned impaired investment securities were classified within Level 3 of the valuation hierarchy.

The following tables summarize the valuation techniques and significant unobservable inputs used for the Company’s recurring and non-recurring fair value calculation/adjustments categorized as Level 3 in the fair value hierarchy at March 31, 2018 and December 31, 2017:

March 31, 2018
	Valuation	Valuation	Unobservable	Range of
Name	Frequency	Technique	Inputs	Input Values
Warrants	Recurring	Black-Scholes formulation	Stock price	$0.00 - $14.75
			Exercise price	$0.01 - $1,000.00
			Time to maturity (in years)	2.37 - 7.83
			Risk-free interest rate	2.31% - 2.70%
			Annualized volatility	51.12% - 88.34%
December 31, 2017
	Valuation	Valuation	Unobservable	Range of
Name	Frequency	Technique	Inputs	Input Values
Warrants	Recurring	Black-Scholes formulation	Stock price	$0.00 - $14.75
			Exercise price	$0.01 - $1,000.00
			Time to maturity (in years)	2.62 - 8.08
			Risk-free interest rate	1.94% - 2.36%
			Annualized volatility	52.08% - 84.08%
Impaired Notes Receivable	Non-recurring	Market Approach	Third Party Agents' estimate of the value of collateral	$6,530 - $17,051
			Condition of collateral (equipment)	Poor to Average

The following disclosure of the estimated fair value of financial instruments is made in accordance with the guidance provided by the Financial Instruments Topic of the FASB Accounting Standards Codification. Fair value estimates, methods and assumptions, set forth below for the Company’s financial instruments, are made solely to comply with the requirements of the Financial Instruments Topic and should be read in conjunction with the Company’s financial statements and related notes.

The Company determines the estimated fair value amounts by using market information and valuation methodologies that it considers appropriate and consistent with the fair value accounting guidance. Considerable judgment is required to interpret market data to develop the estimates of fair value. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts.

Cash and cash equivalents

The recorded amounts of the Company’s cash and cash equivalents approximate fair value because of the liquidity and short-term maturity of these instruments.

Notes receivable

The fair value of the Company’s notes receivable is generally estimated based upon various methodologies deployed by financial and credit management including, but not limited to, credit analysis, third party appraisal and/or discounted cash flow analysis based upon current market valuation techniques and market rates for similar types of lending arrangements, which may consider adjustments for impaired loans as deemed necessary.

Non-recourse debt and Long-term debt

The fair value of the Company’s non-recourse and long-term debt is estimated using discounted cash flow analyses, based upon current market borrowing rates for similar types of borrowing arrangements.

Commitments and Contingencies

Management has determined that no recognition for the fair value of the Company’s loan commitments is necessary because their terms are made on a market rate basis and require borrowers to be in compliance with the Company’s credit requirements at the time of funding.

The fair value of contingent liabilities (or guarantees) is not considered material because management believes there has been no event that has occurred wherein a guarantee liability has been incurred or will likely be incurred.

The following tables present estimated fair values of the Company’s financial instruments in accordance with the guidance provided by the Financial Instruments Topic of the FASB Accounting Standards Codification at March 31, 2018 and December 31, 2017 (in thousands):

	Fair Value Measurements at March 31, 2018
	Carrying Value		Level 1		Level 2		Level 3		Total
Financial assets:
Cash and cash equivalents	$	654	$	654	$	-	$	-	$	654
Investment in securities		51		51		-		-		51
Warrants, fair value		245		-		-		245		245
Financial liabilities:
Non-recourse debt		3,374		-		-		3,360		3,360
Senior long-term debt		2,068		-		-		2,391		2,391
Acquisition credit facility		1,950		-		-		1,950		1,950

	Fair Value Measurements at December 31, 2017
	Carrying Value		Level 1		Level 2		Level 3		Total
Financial assets:
Cash and cash equivalents	$	1,266	$	1,266	$	-	$	-	$	1,266
Notes receivable, net		-		-		-		-		-
Investment in securities		121		-		-		121		121
Warrants, fair value		232		-		-		232		232
Financial liabilities:
Non-recourse debt		4,229		-		-		4,218		4,218
Senior long-term debt		2,068		-		-		2,379		2,379
Acquisition credit facility		1,950		-		-		1,950		1,950

XML

Summary of Significant Accounting Policies (Policy)

3 Months Ended

Mar. 31, 2018

Summary of Significant Accounting Policies [Abstract]

Basis of Presentation

Basis of presentation:

The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q as mandated by the Securities and Exchange Commission. The unaudited interim financial statements reflect all adjustments which are, in the opinion of the Managing Member, necessary for a fair statement of financial position and results of operations for the interim periods presented. All such adjustments are of a normal recurring nature.

Operating results for the three months ended March 31, 2018 are not necessarily indicative of the results to be expected for the full year. Certain prior period amounts may have been reclassified to conform to the current period presentation. These reclassifications had no significant effect on the reported financial position or results of operations.

Footnote and tabular amounts are presented in thousands, except as to Units and per Unit data.

In preparing the accompanying unaudited financial statements, the Managing Member has reviewed, as determined necessary by the Managing Member, events that have occurred after March 31, 2018, up until the issuance of the financial statements. No events were noted which would require additional disclosure in the footnotes to the financial statements, or adjustments thereto.

Cash and Cash Equivalents

Cash and cash equivalents:

Cash and cash equivalents include cash in banks and cash equivalent investments such as U.S. Treasury instruments with original and/or purchased maturities of ninety days or less.

Use of Estimates

Use of estimates:

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Such estimates primarily relate to the determination of residual values at the end of the lease term and expected future cash flows used for impairment analysis purposes, and for determination of the allowance for doubtful accounts and reserve for credit losses on notes receivable.

Segment Reporting

Segment reporting:

The Company is organized into one operating segment for the purpose of making operating decisions or assessing performance. Accordingly, the Company operates in one reportable operating segment in the United States.

The primary geographic region in which the Company seeks leasing opportunities is North America. For the three  months ended March 31, 2018 and 2017, and as of March 31, 2018 and December 31, 2017, all of the Company’s operating revenues and long-lived assets relate to customers domiciled in the United States.

Accounts Receivable

Accounts receivable

Accounts receivable represent the amounts billed under operating and direct financing lease contracts, and notes receivable which are currently due to the Company.

Allowances for doubtful accounts are typically established based upon their aging and historical charge off and collection experience and the creditworthiness of specifically identified lessees and borrowers, and invoiced amounts. Accounts receivable deemed uncollectible are generally charged off against the allowance on a specific identification basis. Recoveries of amounts that were previously written-off are recorded as other income in the period received.

Accounts receivable are generally placed in a non-accrual status (i.e., no revenue is recognized) when payments are more than 90 days past due. Additionally, management periodically reviews the creditworthiness of companies with lease or note payments outstanding less than 90 days. Based upon management’s judgment, such leases or notes may be placed in non-accrual status. Leases or notes placed on non-accrual status are only returned to an accrual status when the account has been brought current and management believes recovery of the remaining unpaid receivable is probable. Until such time, revenues on operating leases are recognized on a cash basis. All payments received on amounts billed under direct financing leases and notes receivable are applied only against outstanding principal balances.

Financing Receivables

Financing receivables

In addition to the allowance established for delinquent accounts receivable, the total allowance related solely to financing receivables also includes anticipated impairment charges on notes receivable and direct financing leases.

Notes are considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal and/or interest when due according to the contractual terms of the note agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest when due. If it is determined that a loan is impaired with regard to scheduled payments, the Company will perform an analysis of the note to determine if an impairment valuation reserve is necessary. This analysis considers the estimated cash flows from the note, or the collateral value of the property underlying the note when note repayment is collateral dependent. Any required valuation reserve is charged to earnings when determined; and notes are charged off to the allowance as they are deemed uncollectible.

The asset underlying a direct financing lease contract is considered impaired if the estimated undiscounted future cash flows of the asset are less than its net book value. The estimated undiscounted future cash flows are the sum of the estimated residual value of the asset at the end of the asset’s expected holding period and estimates of undiscounted future rents. The residual value assumes, among other things, that the asset is utilized normally in an open, unrestricted and stable market. Short-term fluctuations in the marketplace are disregarded and it is assumed that there is no necessity either to dispose of a significant number of the assets, if held in quantity, simultaneously or to dispose of the asset quickly. Impairment is measured as the difference between the fair value (as determined by a valuation method using discounted estimated future cash flows, third party appraisals or comparable sales of similar assets as applicable based on asset type) of the asset and its carrying value on the measurement date.

Investment in Securities

Investment in securities:

From time to time, the Company may purchase securities of its borrowers or receive warrants in connection with its lending arrangements.

Purchased securities

The Company’s purchased securities registered for public sale with readily determinable fair values are measured at fair value with any changes in fair value recognized in the Company's results of operations. The Company’s purchased securities that do not have readily determinable fair values are measured at cost minus impairment, and adjusted for changes in observable prices. Factors considered by the Managing Member in determining fair value include, but are not limited to, available financial information, the issuer’s ability to meet its current obligations and indications of the issuer’s subsequent ability to raise capital. The Company had $151 thousand and $121 thousand of purchased securities at March 31, 2018 and December 31, 2017 respectively. There was no gain on sales or dispositions of investment in securities during the three months ended March 31, 2018 and 2017. Based upon the Company’s review of its portfolio, fair value adjustments of $30 thousand were deemed necessary for the three months ended March 31, 2018 and none for the respective prior year period.

Warrants

Warrants owned by the Company are not registered for public sale, but are considered derivatives and are reflected at an estimated fair value on the balance sheet as determined by the Managing Member. During the respective three months ended March 31, 2018 and 2017, the Company recorded an unrealized gain of $13 thousand and unrealized loss of $1 thousand on fair valuation of its warrants, respectively. The unrealized loss recorded during the current year period decreased the estimated fair value of the Company’s portfolio of warrants to $245 thousand at March 31, 2018 from $232 thousand at December 31, 2017. There were no exercises of warrants, net or otherwise, during the three months ended March 31, 2018 and 2017. 

Credit Risk

Credit risk:

Financial instruments that potentially subject the Company to concentrations of credit risk include cash and cash equivalents, operating and direct financing lease receivables, notes receivable and accounts receivable. The Company places the majority of its cash deposits in non-interest bearing accounts with financial institutions that have no less than $10 billion in assets. Such deposits are insured up to $250,000. The remainder of the Funds’ cash is temporarily invested in U.S. Treasury denominated instruments. The concentration of such deposits and temporary cash investments is not deemed to create a significant risk to the Company. Accounts receivable represent amounts due from in various industries, related to equipment on operating leases.

Equipment on Operating Leases and Related Revenue Recognition

Equipment on operating leases and related revenue recognition:

Equipment subject to operating leases is stated at cost. Depreciation is being recognized on a straight-line method over the terms of the related leases to the equipment’s estimated residual values. Off-lease equipment is generally not subject to depreciation. The Company depreciates all lease assets, in accordance with guidelines consistent with ASC 840-20-35-3, over the periods of the lease terms contained in each asset’s respective lease contract to the estimated residual value at the end of the lease contract. All lease assets are purchased only concurrent with the execution of a lease commitment by the lessee. Thus, the original depreciation period corresponds with the term of the original lease. Once the term of an original lease contract is completed, the subject property is typically sold to the existing user, re-leased to the existing user, or, when off-lease, is held for sale. Assets which are re-leased continue to be depreciated using the terms of the new lease agreements and the estimated residual values at the end of the new lease terms, adjusted downward as necessary. Assets classified as held-for-sale are carried at the lower of carrying amount, or the fair value less cost to sell (ASC 360-10-35-43).

The Company does not use the equipment held in its portfolio, but holds it solely for lease and ultimate sale. In the course of marketing equipment that has come off-lease, management may determine at some point that re-leasing the assets may provide a superior return for investors and would then execute another lease. Upon entering into a new lease contract, management will estimate the residual value once again and resume depreciation. If, and when, the Company, at any time, determines that depreciation in value may have occurred with respect to an asset held-for-sale, the Company would review the value to determine whether a material reduction in value had occurred and recognize any appropriate impairment. All lease assets, including off-lease assets, are subject to the Company’s quarterly impairment analysis, as described below. Maintenance costs associated with the Fund’s portfolio of leased assets are expensed as incurred. Major additions and betterments are capitalized.

Operating lease revenue is recognized on a straight-line basis over the term of the underlying leases. The initial lease terms will vary as to the type of equipment subject to the leases, the needs of the lessees and the terms to be negotiated, but initial leases are generally on terms from 36 to 120 months. The difference between rent received and rental revenue recognized is recorded as unearned operating lease income on the balance sheet. Operating leases are generally placed in a non-accrual status (i.e., no revenue is recognized) when payments are more than 90 days past due. Additionally, management considers the equipment underlying the lease contracts for impairment and periodically reviews the credit worthiness of all operating lessees with payments outstanding less than 90 days. Based upon management’s judgment, the related operating leases may be placed on non-accrual status. Leases placed on non-accrual status are only returned to an accrual status when the account has been brought current and management believes recovery of the remaining unpaid lease payments is probable. Until such time, revenues are recognized on a cash basis.

Initial Direct Costs

Initial direct costs:

The Company capitalizes initial direct costs (“IDC”) associated with the origination of lease assets. IDC includes both internal costs (e.g., the costs of employees’ activities in connection with successful lease originations) and external broker fees incurred with such originations. The costs are amortized on a lease by lease basis based on actual contract term using a straight-line method for operating leases. Upon disposal of the underlying lease assets, both the initial direct costs and the associated accumulated amortization are relieved. Costs related to leases that are not consummated are not eligible for capitalization as initial direct costs and are expensed as acquisition expense.

Per Unit Data

Per Unit data:

The Company issues only one class of Units, none of which are considered dilutive. Net income (loss) and distributions per Unit are based upon the weighted average number of Other Members Units outstanding during the period.

Fair Value

Fair Value:

Fair value measurements and disclosures are based on a fair value hierarchy as determined by significant inputs used to measure fair value. The three levels of inputs within the fair value hierarchy are defined as follows:

Level 1 – Quoted prices in active markets for identical assets or liabilities. An active market for the asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis, generally on a national exchange.

Level 2 – Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuations in which all significant inputs are observable in the market.

Level 3 – Valuation is modeled using significant inputs that are unobservable in the market. These unobservable inputs reflect the Company's own estimates of assumptions that market participants would use in pricing the asset or liability.

The Company’s valuation policy is determined by members of the Asset Management, Credit and Accounting departments. Whenever possible, the policy is to obtain quoted market prices in active markets to estimate fair values for recognition and disclosure purposes. Where quoted market prices in active markets are not available, fair values are estimated using discounted cash flow analyses, broker quotes, information from third party remarketing agents, third party appraisals of collateral, and/or other valuation techniques. These techniques are significantly affected by certain of the Company’s assumptions, including discount rates and estimates of future cash flows. Potential taxes and other transaction costs are not considered in estimating fair values. As the Company is responsible for determining fair value, an analysis is performed on prices obtained from third parties. Such analysis is performed by asset management and credit department personnel who are familiar with the Company’s investments in equipment, notes receivable and equity securities of venture companies. The analysis may include a periodic review of price fluctuations and validation of numbers obtained from a specific third party by reference to multiple representative sources.

Recent Accounting Pronouncements

Recent Accounting Pronouncements:

In August 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2016-15 —Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”).  ASU 2016-15 addresses specific cash flow issues with the objective of reducing the existing diversity in practice. The amendments in this Update are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. This guidance is effective for the Company beginning on January 1, 2018. The adoption of ASU 2016-15 did not have a material impact on its financial statements and disclosures.

In June 2016, the FASB issued Accounting Standards Update 2016-13, Financial Instruments — Credit Losses (Topic 326) (“ASU 2016-13”). The main objective of this Update is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. To achieve this objective, the amendments in this Update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The amendments affect entities holding financial assets and net investment in leases that are not accounted for at fair value through net income. The amendments affect loans, debt securities, trade receivables, net investments in leases, off-balance-sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2018. Management is currently evaluating the standard and expects the Update may potentially result in an increase in the allowance for credit losses given the change to estimated losses over the contractual life adjusted for expected prepayments.

In February 2016, the FASB issued Accounting Standards Update 2016-02, Leases (Topic 842) (“ASU 2016-02”). The new standard will require lessees to recognize lease assets and lease liabilities arising from operating leases with lease terms greater than 12 months in the statement of financial position. Lessor accounting per ASU 2016-02 is mostly unchanged from the previous lease accounting under GAAP. Certain changes were made to the lessor accounting guidance in order to align the lessor accounting with the lessee accounting model and Topic 606, Revenue from Contracts with Customers. Similar to the previous guidance, lessors will classify leases as operating, direct financing, or sales-type. Lessors in operating leases will continue to recognize the underlying asset and recognize income on a straight-line basis. Lessors determine whether a lease is a sale of the underlying asset based on whether the lessee effectively obtains control of the underlying assets. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. While early adoption is permitted, the Company does not expect to elect that option. The Company expects to adopt the guidance in the first quarter 2019 using the modified retrospective method. Management is currently evaluating the impact of this standard on the financial statements and its operational and related disclosure requirements, including the impact on the Company’s current lease portfolio from a lessor perspective. Given the limited changes to lessor accounting, Management does not expect material changes to recognition or measurement, but the Company is early in the implementation process and will continue to evaluate the impact.

In January 2016, the FASB issued Accounting Standards Update 2016-01, Financial Instruments — Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”). The new standard provides guidance related to accounting for equity investments and financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. ASU 2016-01, among other things, (i) requires equity investments, with certain exceptions, to be measured at fair value with changes in fair value recognized in net income, (ii) simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment, (iii) eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet, (iv) requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, and (v) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements. ASU 2016-01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. This guidance is effective for the Company beginning on January 1, 2018. The adoption of ASU 2016-01 did have an impact on its financial statements and disclosures. The Company’s purchased securities registered for public sale with readily determinable fair value are carried at fair value. The Company elected to record equity investments without readily determinable fair values at cost, less impairment, and adjusted for changes in observable prices.  Any changes in the basis of these equity investments are reported in current earnings.

In May 2014, the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which amends the existing accounting standards for revenue recognition. ASU 2014-09 is based on principles that govern the recognition of revenue at an amount an entity expects to be entitled when products are transferred to customers. On July 9, 2015, the FASB approved the deferral of the effective date of ASU 2014-09 by one year and in August 2015, issued Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date (“ASU 2015-14”). ASU 2015-14 is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 31, 2016, including interim reporting periods within that reporting period. The new revenue standard may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of adoption. This guidance is effective for the Company beginning on January 1, 2018. Management’s evaluation of the impact of such adoption on the financial statements of the Fund indicated that such impact was non-material as the new revenue guideline does not affect revenues from leases and loans, which comprise the majority of the Company’s revenues since leases are not included within the scope of Topic 825.

XML

Notes Receivable, Net (Tables)

3 Months Ended

Mar. 31, 2018

Notes Receivable [Abstract]

Schedule of Notes Receivable on Non-Accrual Status

As of March 31, 2018, two of the Company’s notes receivable previously in non-accrual status as of December 31, 2017 were removed from said status. Details are as follows, in thousands, except for the number of notes receivable and the interest rate:

	Notes receivable
	Non-accrual
	December 31, 2017
Number of notes		2
Net investment value	$	15
Annual interest rate		18%
Fair value adjustments	$	15
Fair value amount	$	-
Interest income not recorded relative to original terms	$	8

Date	Notes modifications
December 1, 2014	Notes placed on non-accrual status.
January 1, 2015	Defer payment of principal, interest-only payments at their original rates through June
	30, 2015.  Payments will be adjusted so ultimate amounts paid will reflect interest
	earned at 18% per annum related to the entire term from the original funding date.
1st quarter 2015	Impairment totaling $33 thousand was recorded.
3rd quarter 2015	Impairment totaling $30 thousand was recorded.
4th quarter 2015	Extend interest only payments through June 30, 2016.
	Entire balance on the notes due on July 1, 2016.
1st quarter 2016	Impairment totaling $6 thousand was recorded.
3rd quarter 2016	Extend interest only payments through January 1, 2017.
1st quarter 2017	Extend payment schedule through January 1, 2020.
	Notes mature on January 1, 2020.
1st quarter 2018	Notes removed from non-accrual status as of March 31, 2018.

XML

Allowance for Credit Losses (Tables)

3 Months Ended

Mar. 31, 2018

Allowance for Credit Losses [Abstract]

Activity in Allowance for Doubtful Accounts

The Company’s allowance for credit losses are as follows (in thousands):

	Accounts Receivable Allowance for Doubtful Accounts		Valuation Adjustments on Financing Receivables		Total
	Operating Leases		Notes Receivable		Allowance for Credit Losses
Balance December 31, 2016	$	31	$	69	$	100
Reversal of credit losses		(31)		(54)		(85)
Balance December 31, 2017		-		15		15
Provision for (reversal of) credit losses		2		(15)		(13)
Balance March 31, 2018	$	2	$	-	$	2

Recorded Investment in Financing Receivables

As December 31, 2017, the Company’s allowance for credit losses (related solely to financing receivables) and its recorded investment in financing receivables were as follows (in thousands):

December 31, 2017	Notes Receivable		Finance Leases
Allowance for credit losses:
Ending balance	$	15	$	-
Ending balance: individually evaluated for impairment	$	15	$	-
Ending balance: collectively evaluated for impairment	$	-	$	-
Financing receivables:
Ending balance	$	15	$	19
Ending balance: individually evaluated for impairment	$	15	$	19
Ending balance: collectively evaluated for impairment	$	-	$	-

Financing Receivables by Credit Quality Indicator and by Class

At March 31, 2018 and December 31, 2017, the Company’s financing receivables by credit quality indicator and by class of financing receivables are as follows (excludes initial direct costs) (in thousands):

	Notes Receivable				Finance Leases
	March 31, 2018		December 31, 2017		March 31, 2018		December 31, 2017
Pass	$	-	$	-	$	15	$	19
Special mention		-		15		-		-
Substandard		-		-		-		-
Doubtful		-		-		-		-
Total	$	-	$	15	$	15	$	19

Schedule of Impaired Loans

As of December 31, 2017, the Company’s impaired loans were as follows (in thousands):

	Impaired Loans
December 31, 2017	Recorded Investment		Unpaid Principal Balance		Related Allowance		Average Recorded Investment		Interest Income Recognized
With no related allowance recorded
Notes receivable	$	-	$	-	$	-	$	-	$	-
With an allowance recorded
Notes receivable		15		15		15		42		-
Total	$	15	$	15	$	15	$	42	$	-

Net Investment in Financing Receivables by Age

At March 31, 2018 and December 31, 2017, the investment in financing receivables is aged as follows (in thousands):

March 31, 2018	31-60 Days Past Due		61-90 Days Past Due		Greater  Than 90 Days		Total Past Due		Current		Total Financing Receivables		Recorded Investment>90 Days and Accruing
Notes receivable	$	-	$	-	$	-	$	-	$	-	$	-	$	-
Finance leases		-		-		-		-		15		15		-
Total	$	-	$	-	$	-	$	-	$	15	$	15	$	-

December 31, 2017	31-60 Days Past Due		61-90 Days Past Due		Greater  Than 90 Days		Total Past Due		Current		Total Financing Receivables		Recorded Investment>90 Days and Accruing
Notes receivable	$	-	$	-	$	-	$	-	$	15	$	15	$	-
Finance leases		-		-		-		-		19		19		-
Total	$	-	$	-	$	-	$	-	$	34	$	34	$	-

XML

Investments in Equipment and Leases, Net (Tables)

3 Months Ended

Mar. 31, 2018

Investments in Equipment and Leases, Net [Abstract]

Investment in Leases

The Company’s investment in equipment and leases consists of the following (in thousands):

			Reclassifications,		Depreciation/
			Improvements/		Amortization
	Balance		Dispositions and		Expense or		Balance
	December 31,		Impairment		Amortization		March 31,
	2017		Losses		of Leases		2018
Net investment in operating leases	$	22,612	$	(248)	$	(852)	$	21,512
Net investment in direct financing leases		19		-		(5)		14
Assets held for sale or lease, net		652		142		-		794
Initial direct costs, net of accumulated   amortization of $63 at March 31, 2018   and $60 at December 31, 2017		8		-		(3)		5
Total	$	23,291	$	(106)	$	(860)	$	22,325

Property on Operating Leases

Property on operating leases consists of the following (in thousands):

	Balance						Balance
	December 31,				Reclassifications		March 31,
	2017		Improvements		or Dispositions		2018
Marine vessel	$	19,410	$	-	$	-	$	19,410
Transportation, rail		9,211		-		(731)		8,481
Transportation		7,467		-		-		7,467
Manufacturing		6,595		-		(144)		6,451
Research		2,250		-		-		2,250
Materials handling		1,485		-		-		1,485
Construction		1,264		-		(16)		1,248
Agriculture		542		-		-		542
Air support equipment		120		-		-		120
Other		83		-		-		83
		48,427		-		(891)		47,536
Less accumulated depreciation		(25,815)		(852)		643		(26,024)
Total	$	22,612	$	(852)	$	(248)	$	21,512

Components of Company's Investment in Direct Financing Leases

The components of the Company’s investment in direct financing leases as of March 31, 2018 and December 31, 2017 are as follows (in thousands):

	Balance		Balance
	March 31,		December 31,
	2018		2017
Total minimum lease payments receivable	$	15	$	22
Estimated residual values of leased equipment    (unguaranteed)		1		1
Investment in direct financing leases		16		23
Less unearned income		(2)		(4)
Net investment in direct financing leases	$	14	$	19

Future Minimum Lease Payments Receivable

At March 31, 2018, the aggregate amounts of future minimum lease payments receivable are as follows (in thousands):

	Operating Leases		Direct Financing Leases		Total
Nine months ending December 31, 2018	$	2,993	$	15	$	3,008
Year ending December 31, 2019		1,342		-		1,342
2020		312		-		312
2021		54		-		54
	$	4,701	$	15	$	4,716

Schedule of Useful Lives of Lease Assets

The useful lives for each category of leases is reviewed at a minimum of once per quarter. As of March 31, 2018, the respective useful lives of each category of lease assets in the Company’s portfolio are as follows (in years):

Equipment category	Useful Life
Transportation, rail	35 - 40
Marine vessel	20 - 30
Air support equipment	15 - 20
Manufacturing	10 - 15
Agriculture	7 - 10
Construction	7 - 10
Materials handling	7 - 10
Transportation	7 - 10
Research	5 - 7

XML

Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2018

Related Party Transactions [Abstract]

Managing Member and/or Affiliates Earned Commissions and Billed for Reimbursements Pursuant to Operating Agreement

The Managing Member and/or affiliates earned fees and billed for reimbursements of costs and expenses, pursuant to the Operating Agreement, during the three  months ended March 31, 2018 and 2017 as follows (in thousands):

	Three Months Ended
	March 31,
	2018		2017
Administrative costs reimbursed to Managing Member and/or affiliates	$	214	$	212
Asset management fees to Managing Member		75		81
	$	289	$	293

XML

Non-Recourse Debt (Tables)

3 Months Ended

Mar. 31, 2018

Non-Recourse Debt [Abstract]

Future Minimum Payments of Non-Recourse Debt

Future minimum payments of non-recourse debt are as follows (in thousands):                                                                    

	Principal		Interest		Total
Nine months ending December 31, 2018	$	2,378	$	45	$	2,423
Year ending December 31, 2019		996		8		1,004
	$	3,374	$	53	$	3,427

XML

Borrowing Facilities (Tables)

3 Months Ended

Mar. 31, 2018

Borrowing Facilities [Abstract]

Borrowings under Credit Facility

As of March 31, 2018 and December 31, 2017, borrowings under the Credit Facility were as follows (in thousands):                           

	March 31,		December 31,
	2018		2017
Total available under the financing arrangement	$	75,000	$	75,000
Amount borrowed by the Company under the acquisition facility		(1,950)		(1,950)
Amount borrowed by affiliated partnerships and limited liability companies under the venture, acquisition, and warehouse facilities		(1,565)		(3,820)
Total remaining available under the venture, acquisition and warehouse facilities	$	71,485	$	69,230

XML

Members' Capital (Tables)

3 Months Ended

Mar. 31, 2018

Members' Capital [Abstract]

Distributions to Other Members

Distributions to the Other Members for the three months ended March 31, 2018 and 2017 were as follows (in thousands except Units and per Unit data):

	Three Months Ended
	March 31,
	2018		2017
Distributions declared	$	-	$	1,859
Weighted average number of Units outstanding		8,247,599		8,310,108
Weighted average distributions per Unit	$	-	$	0.22

XML

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2018

Fair Value Measurements [Abstract]

Fair Value of Warrants that were Accounted for on a Recurring Basis and Classified as Level 3 Assets

The fair value of warrants that were accounted for on a recurring basis as of the three months ended March 31, 2018 and 2017 and classified as Level 3 are as follows (in thousands):

	Three Months Ended
	March 31,
	2018		2017
Fair value of warrants at beginning of period	$	232	$	247
Unrealized gain (loss) on fair value adjustment for warrants		13		(1)
Fair value of warrants at end of period	$	245	$	246

Fair Value Measurement Securities Measured at Fair Value on a Recurring Basis

The fair value of investment securities that were accounted for on a recurring basis as of the three months ended March 31, 2018 and classified as Level 1 are as follows (in thousands):

Fair value of securities at beginning of period	$	21
Unrealized gain on fair value of securities		30
Fair value of investment securities at end of period	$	51

Summary of Valuation Techniques and Significant Unobservable Inputs Used

The following tables summarize the valuation techniques and significant unobservable inputs used for the Company’s recurring and non-recurring fair value calculation/adjustments categorized as Level 3 in the fair value hierarchy at March 31, 2018 and December 31, 2017:

March 31, 2018
	Valuation	Valuation	Unobservable	Range of
Name	Frequency	Technique	Inputs	Input Values
Warrants	Recurring	Black-Scholes formulation	Stock price	$0.00 - $14.75
			Exercise price	$0.01 - $1,000.00
			Time to maturity (in years)	2.37 - 7.83
			Risk-free interest rate	2.31% - 2.70%
			Annualized volatility	51.12% - 88.34%
December 31, 2017
	Valuation	Valuation	Unobservable	Range of
Name	Frequency	Technique	Inputs	Input Values
Warrants	Recurring	Black-Scholes formulation	Stock price	$0.00 - $14.75
			Exercise price	$0.01 - $1,000.00
			Time to maturity (in years)	2.62 - 8.08
			Risk-free interest rate	1.94% - 2.36%
			Annualized volatility	52.08% - 84.08%
Impaired Notes Receivable	Non-recurring	Market Approach	Third Party Agents' estimate of the value of collateral	$6,530 - $17,051
			Condition of collateral (equipment)	Poor to Average

Estimated Fair Values of Financial Instruments

The following tables present estimated fair values of the Company’s financial instruments in accordance with the guidance provided by the Financial Instruments Topic of the FASB Accounting Standards Codification at March 31, 2018 and December 31, 2017 (in thousands):

	Fair Value Measurements at March 31, 2018
	Carrying Value		Level 1		Level 2		Level 3		Total
Financial assets:
Cash and cash equivalents	$	654	$	654	$	-	$	-	$	654
Investment in securities		51		51		-		-		51
Warrants, fair value		245		-		-		245		245
Financial liabilities:
Non-recourse debt		3,374		-		-		3,360		3,360
Senior long-term debt		2,068		-		-		2,391		2,391
Acquisition credit facility		1,950		-		-		1,950		1,950

	Fair Value Measurements at December 31, 2017
	Carrying Value		Level 1		Level 2		Level 3		Total
Financial assets:
Cash and cash equivalents	$	1,266	$	1,266	$	-	$	-	$	1,266
Notes receivable, net		-		-		-		-		-
Investment in securities		121		-		-		121		121
Warrants, fair value		232		-		-		232		232
Financial liabilities:
Non-recourse debt		4,229		-		-		4,218		4,218
Senior long-term debt		2,068		-		-		2,379		2,379
Acquisition credit facility		1,950		-		-		1,950		1,950

XML

Organization and Limited Liability Company Matters (Narrative) (Details) - USD ($)	3 Months Ended	108 Months Ended
	Mar. 31, 2018	Mar. 31, 2018	May 08, 2009
Organization and Limited Liability Company Matters [Abstract]
Business activities, description	equipment financing and acquiring equipment to engage in equipment leasing and sales activities
Business termination date		Dec. 31, 2030
Business formation date	Apr. 01, 2009
Business formation State	California
Contributions of capital			$ 500
Contributions received, net of rescissions	$ 83,500,000	$ 83,500,000
Units issued	8,247,599	8,247,599
Units outstanding	8,247,599	8,247,599

XML

Summary of Significant Accounting Policies (Narrative) (Details)	3 Months Ended
	Mar. 31, 2018 USD ($) segment	Mar. 31, 2017 USD ($)	Dec. 31, 2017 USD ($)
Equipment on operating leases, depreciation method	straight-line
Warrants, fair value	$ 245,000		$ 232,000
Number of operating segments | segment	1
Number of reportable segments | segment	1
Investment in securities	$ 151,000		$ 121,000
Unrealized gains (loss) on warrants, net	13,000	$ (1,000)
Unrealized gain on fair value adjustment for securities	30,000
Gain on sales or dispositions of securities	0	0
Exercises of warrants	0	$ 0
Minimum [Member]
Required assets value of financial institutions for cash deposits	$ 10,000,000,000
Operating leases, initial terms	36 months
Operating leases, period for non-accrual status	90 days
Accounts receivable, period for non-accrual status	90 days
Maximum [Member]
U.S. Treasury instruments maturity period	90 days
Cash deposits, insured amount	$ 250,000
Operating leases, initial terms	120 months
Equipment and lessee period of review for impairment	90 days
Accounts receivable, period for review of impairment	90 days

XML

Notes Receivable, Net (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Financing Receivable, Recorded Investment, Past Due [Line Items]
Notes receivable, maturity date, description	The notes all mature in 2020
Notes receivable, net	$ 0	$ 0
Minimum [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Terms of the notes receivable	84 months
Notes receivable, interest rate	16.91%
Maximum [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Terms of the notes receivable	90 months
Notes receivable, interest rate	18.00%

XML

Notes Receivable, Net (Schedule of Notes Receivable on Non-Accrual Status) (Details) $ in Thousands	3 Months Ended			12 Months Ended
	Mar. 31, 2016 USD ($)	Sep. 30, 2015 USD ($)	Mar. 31, 2015 USD ($)	Dec. 31, 2017 USD ($) contract
Notes Receivable [Abstract]
Number of notes | contract				2
Net investment value				$ 15
Annual interest rate				18.00%
Fair value adjustments				$ 15
Interest income not recorded relative to original terms				$ 8
Notes receivable in non-accrual status, recorded impairment	$ 6	$ 30	$ 33

XML

Allowance for Credit Losses (Narrative) (Details)	12 Months Ended
	Dec. 31, 2017 contract
Allowance for Credit Losses [Abstract]
Number of notes in non-accrual status	2

XML

Allowance for Credit Losses (Activity in Allowance for Doubtful Accounts) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Beginning Balance	$ 15	$ 100	$ 100
Provision for credit losses	(13)	(31)	(85)
Ending Balance	2		15
Allowance For Doubtful Accounts [Member] | Operating Leases [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Beginning Balance		31	31
Provision for credit losses	2		(31)
Ending Balance	2
Valuation Adjustments on Financing Receivables [Member] | Notes Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Beginning Balance	15	$ 69	69
Provision for credit losses	$ (15)		(54)
Ending Balance			$ 15

XML

Allowance for Credit Losses (Recorded Investment in Financing Receivables) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Financing Receivables:
Ending balance	$ 15	$ 34
Finance Leases [Member]
Allowances for credit losses:
Ending balance
Ending balance: individually evaluated for impairment
Ending balance: collectively evaluated for impairment
Financing Receivables:
Ending balance	$ 15	19
Ending balance: individually evaluated for impairment		19
Ending balance: collectively evaluated for impairment
Notes Receivable [Member]
Allowances for credit losses:
Ending balance		15
Ending balance: individually evaluated for impairment		15
Ending balance: collectively evaluated for impairment
Financing Receivables:
Ending balance		15
Ending balance: individually evaluated for impairment		15
Ending balance: collectively evaluated for impairment

XML

Allowance for Credit Losses (Financing Receivables by Credit Quality Indicator and by Class) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Finance Leases [Member]
Financing Receivable, Recorded Investment [Line Items]
Finance Leases	$ 15	$ 19
Finance Leases [Member] | Pass [Member]
Financing Receivable, Recorded Investment [Line Items]
Finance Leases	$ 15	19
Notes Receivable [Member]
Financing Receivable, Recorded Investment [Line Items]
Notes Receivable		15
Notes Receivable [Member] | Special Mention [Member]
Financing Receivable, Recorded Investment [Line Items]
Notes Receivable		$ 15

XML

Allowance for Credit Losses (Schedule of Impaired Loans) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($)
Allowance for Credit Losses [Abstract]
Notes receivable, With no allowance recorded, Recorded investment
Notes receivable, With no allowance recorded, Unpaid principal balance
Notes receivable, With no allowance recorded, Average recorded investment
Notes receivable, With no allowance recorded, Interest income recognized
Notes receivable, With an allowance recorded, Recorded investment	15
Notes receivable, With an allowance recorded, Unpaid Principal Balance	15
Notes receivable, With an allowance recorded, Related Allowance	15
Notes receivable, With an allowance recorded, Average recorded investment	42
Notes receivable, With an allowance recorded, Interest income recognized
Recorded investment, Total	15
Unpaid principal balance, Total	15
Average recorded investment, Total	42
Interest income recognized, Total

XML

Allowance for Credit Losses (Net Investment in Financing Receivables by Age) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due
Current	$ 15	34
Total financing receivables	15	34
Recorded Investment > 90 Days and Accruing
31-60 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due
61-90 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due
Greater Than 90 Days [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due
Notes Receivable [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due
Current		15
Total financing receivables		15
Recorded Investment > 90 Days and Accruing
Notes Receivable [Member] | 31-60 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due
Notes Receivable [Member] | 61-90 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due
Notes Receivable [Member] | Greater Than 90 Days [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due
Finance Leases [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due
Current	15	19
Total financing receivables	15	19
Recorded Investment > 90 Days and Accruing
Finance Leases [Member] | 31-60 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due
Finance Leases [Member] | 61-90 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due
Finance Leases [Member] | Greater Than 90 Days [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due

XML

Investments in Equipment and Leases, Net (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Investments in Equipment and Leases, Net [Abstract]
Depreciation of operating lease assets	$ 852	$ 1,094
Average estimated residual value of assets on operating leases	39.00%		38.00%
Impairment losses	$ 0	21
Amortization of initial direct costs	$ 3	$ 4

XML

Investments in Equipment and Leases, Net (Investment in Leases) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Leases Disclosure [Line Items]
Balance December 31, 2017	$ 23,291
Reclassifications, Improvements/ Dispositions and Impairment Losses	(106)
Depreciation/Amortization Expense or Amortization of Leases	(860)
Balance March 31, 2018	22,325
Initial direct costs, accumulated amortization	63	$ 60
Operating Leases [Member]
Leases Disclosure [Line Items]
Balance December 31, 2017	22,612
Reclassifications, Improvements/ Dispositions and Impairment Losses	(248)
Depreciation/Amortization Expense or Amortization of Leases	(852)
Balance March 31, 2018	21,512
Direct Financing Leases [Member]
Leases Disclosure [Line Items]
Balance December 31, 2017	19
Depreciation/Amortization Expense or Amortization of Leases	(5)
Balance March 31, 2018	14
Assets Held for Sale or Lease, Net [Member]
Leases Disclosure [Line Items]
Balance December 31, 2017	652
Reclassifications, Improvements/ Dispositions and Impairment Losses	142
Balance March 31, 2018	794
Initial Direct Cost [Member]
Leases Disclosure [Line Items]
Balance December 31, 2017	8
Depreciation/Amortization Expense or Amortization of Leases	(3)
Balance March 31, 2018	$ 5

XML

Investments in Equipment and Leases, Net (Property on Operating Leases) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Property Subject to or Available for Operating Lease [Line Items]
Property on operating leases, gross	$ 47,536	$ 48,427
Less accumulated depreciation	(26,024)	(25,815)
Property on operating leases, net	21,512	22,612
Improvements, less accumulated depreciation	(852)
Improvements, net	(852)
Reclassifications or dispositions, gross	(891)
Reclassifications or dispositions, less accumulated depreciation	643
Reclassifications or dispositions, net	(248)
Marine Vessel [Member]
Property Subject to or Available for Operating Lease [Line Items]
Property on operating leases, gross	19,410	19,410
Reclassifications or dispositions, gross
Transportation, Rail [Member]
Property Subject to or Available for Operating Lease [Line Items]
Property on operating leases, gross	8,481	9,211
Reclassifications or dispositions, gross	(731)
Transportation [Member]
Property Subject to or Available for Operating Lease [Line Items]
Property on operating leases, gross	7,467	7,467
Reclassifications or dispositions, gross
Manufacturing [Member]
Property Subject to or Available for Operating Lease [Line Items]
Property on operating leases, gross	6,451	6,595
Reclassifications or dispositions, gross	(144)
Research [Member]
Property Subject to or Available for Operating Lease [Line Items]
Property on operating leases, gross	2,250	2,250
Reclassifications or dispositions, gross
Construction [Member]
Property Subject to or Available for Operating Lease [Line Items]
Property on operating leases, gross	1,248	1,264
Reclassifications or dispositions, gross	(16)
Materials Handling [Member]
Property Subject to or Available for Operating Lease [Line Items]
Property on operating leases, gross	1,485	1,485
Reclassifications or dispositions, gross
Agriculture [Member]
Property Subject to or Available for Operating Lease [Line Items]
Property on operating leases, gross	542	542
Reclassifications or dispositions, gross
Air Support Equipment [Member]
Property Subject to or Available for Operating Lease [Line Items]
Property on operating leases, gross	120	120
Reclassifications or dispositions, gross
Other [Member]
Property Subject to or Available for Operating Lease [Line Items]
Property on operating leases, gross	83	$ 83
Reclassifications or dispositions, gross

XML

Investments in Equipment and Leases, Net (Components of Company's Investment in Direct Financing Leases) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Investments in Equipment and Leases, Net [Abstract]
Total minimum lease payments receivable	$ 15	$ 22
Estimated residual values of leased equipment (unguaranteed)	1	1
Investment in direct financing leases	16	23
Less unearned income	(2)	(4)
Net investment in direct financing leases	$ 14	$ 19

XML

Investments in Equipment and Leases, Net (Future Minimum Lease Payments Receivable) (Details) $ in Thousands	Mar. 31, 2018 USD ($)
Operating Leases
Nine months ending December 31, 2018	$ 2,993
Year ending December 31, 2019	1,342
2020	312
2021	54
Operating leases, future minimum payments receivable, total	4,701
Direct Financing Leases
Nine months ending December 31, 2018	15
Direct financing leases, future minimum payments receivable, total	15
Total
Nine months ending December 31, 2018	3,008
Year ending December 31, 2019	1,342
2020	312
2021	54
Operating and direct financing leases, future minimum payments receivable, total	$ 4,716

XML

Investments in Equipment and Leases, Net (Schedule of Useful Lives of Lease Assets) (Details)	3 Months Ended
	Mar. 31, 2018
Minimum [Member] | Transportation, Rail [Member]
Property Subject to or Available for Operating Lease [Line Items]
Useful lives of lease assets	35 years
Minimum [Member] | Marine Vessel [Member]
Property Subject to or Available for Operating Lease [Line Items]
Useful lives of lease assets	20 years
Minimum [Member] | Air Support Equipment [Member]
Property Subject to or Available for Operating Lease [Line Items]
Useful lives of lease assets	15 years
Minimum [Member] | Materials Handling [Member]
Property Subject to or Available for Operating Lease [Line Items]
Useful lives of lease assets	7 years
Minimum [Member] | Manufacturing [Member]
Property Subject to or Available for Operating Lease [Line Items]
Useful lives of lease assets	10 years
Minimum [Member] | Agriculture [Member]
Property Subject to or Available for Operating Lease [Line Items]
Useful lives of lease assets	7 years
Minimum [Member] | Construction [Member]
Property Subject to or Available for Operating Lease [Line Items]
Useful lives of lease assets	7 years
Minimum [Member] | Transportation [Member]
Property Subject to or Available for Operating Lease [Line Items]
Useful lives of lease assets	7 years
Minimum [Member] | Research [Member]
Property Subject to or Available for Operating Lease [Line Items]
Useful lives of lease assets	5 years
Maximum [Member] | Transportation, Rail [Member]
Property Subject to or Available for Operating Lease [Line Items]
Useful lives of lease assets	40 years
Maximum [Member] | Marine Vessel [Member]
Property Subject to or Available for Operating Lease [Line Items]
Useful lives of lease assets	30 years
Maximum [Member] | Air Support Equipment [Member]
Property Subject to or Available for Operating Lease [Line Items]
Useful lives of lease assets	20 years
Maximum [Member] | Materials Handling [Member]
Property Subject to or Available for Operating Lease [Line Items]
Useful lives of lease assets	10 years
Maximum [Member] | Manufacturing [Member]
Property Subject to or Available for Operating Lease [Line Items]
Useful lives of lease assets	15 years
Maximum [Member] | Agriculture [Member]
Property Subject to or Available for Operating Lease [Line Items]
Useful lives of lease assets	10 years
Maximum [Member] | Construction [Member]
Property Subject to or Available for Operating Lease [Line Items]
Useful lives of lease assets	10 years
Maximum [Member] | Transportation [Member]
Property Subject to or Available for Operating Lease [Line Items]
Useful lives of lease assets	10 years
Maximum [Member] | Research [Member]
Property Subject to or Available for Operating Lease [Line Items]
Useful lives of lease assets	7 years

XML

Related Party Transactions (Managing Member and/or Affiliates Earned Commissions and Billed for Reimbursements Pursuant to Operating Agreement) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Related Party Transactions [Abstract]
Administrative costs reimbursed to Managing Member and/or affiliates	$ 214	$ 212
Asset management fees to Managing Member	75	81
Related party transaction, total	$ 289	$ 293

XML

Non-Recourse Debt (Narrative) (Details) - Non-Recourse Debt [Member] $ in Millions	3 Months Ended
	Mar. 31, 2018 USD ($)
Debt Instrument [Line Items]
Gross operating lease rentals and future payments on direct financing leases	$ 3.4
Carrying value of pledged assets	$ 14.2
Note maturity date, description	The notes mature at various dates from 2018 through 2019.
Minimum [Member]
Debt Instrument [Line Items]
Fixed interest rate on note	1.97%
Maximum [Member]
Debt Instrument [Line Items]
Fixed interest rate on note	3.00%

XML

Non-Recourse Debt (Future Minimum Payments of Non-Recourse Debt) (Details) $ in Thousands	Mar. 31, 2018 USD ($)
Principal
Nine months ending December 31, 2018	$ 2,378
Year ending December 31, 2019	996
Long-term debt, total	3,374
Interest
Nine months ending December 31, 2018	45
Year ending December 31, 2019	8
Long-term debt interest, total	53
Total
Nine months ending December 31, 2018	2,423
Year ending December 31, 2019	1,004
Long-term debt principal and interest, total	$ 3,427

XML

Senior Long-Term Debt (Narrative) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018 USD ($)
Debt Instrument [Line Items]
Long-term debt	$ 3,374
Long-term debt interest	53
Principal and interest, total	3,427
Atel 15, LLC [Member] | Maximum [Member]
Debt Instrument [Line Items]
General assets recourse amount	2,500
Marine Vessel [Member] | Atel 15, LLC [Member]
Debt Instrument [Line Items]
Long-term debt	$ 2,100
Long-term debt, description	The note bears interest at a fixed-rate of 3.5% per annum, to accrue in arrears on a monthly basis
Debt maturity date	May 25, 2019
Interest rates on borrowings	3.50%
Long-term debt interest	$ 400
Principal and interest, total	$ 2,500

XML

Borrowing Facilities (Narrative) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Line of Credit Facility [Line Items]
Maximum amount of Credit Facility	$ 75,000	$ 75,000
Credit facility, expiration date	Jun. 30, 2019
Tangible net worth required under the Credit Facility	$ 10,000
Outstanding borrowings under facility	1,950	1,950
Maximum [Member]
Line of Credit Facility [Line Items]
Maximum amount of Credit Facility	$ 75,000
Leverage ratio	1.25
Minimum [Member]
Line of Credit Facility [Line Items]
Interest coverage ratio	2
Covenant Requirement [Member]
Line of Credit Facility [Line Items]
Leverage ratio	0.48
Interest coverage ratio	20.34
Net worth	$ 15,300
Acquisition Facility [Member]
Line of Credit Facility [Line Items]
Outstanding borrowings under facility	$ 2,000	$ 2,000

XML

Borrowings Facilities (Borrowings Under Facility) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Borrowing Facilities [Abstract]
Total available under the financing arrangement	$ 75,000	$ 75,000
Amount borrowed by the Company under the acquisition facility	(1,950)	(1,950)
Amounts borrowed by affiliated partnerships and Limited Liability Companies under the venture, acquisition and warehouse facilities	(1,565)	(3,820)
Total remaining available under the venture, acquisition and warehouse facilities	$ 71,485	$ 69,230

XML

Commitments (Narrative) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018 USD ($)
Commitments [Abstract]
Commitments to purchase lease assets	$ 0

XML

Members' Capital (Narrative) (Details) - shares	Mar. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Other Members Capital Account [Line Items]
Members capital account, Units issued	8,247,599
Members capital account, Units outstanding	8,247,599
Managing Member [Member]
Other Members Capital Account [Line Items]
Members capital account, Units issued	50	50
Other Members [Member]
Other Members Capital Account [Line Items]
Members capital account, Units issued	8,247,599	8,257,599
Members capital account, Units outstanding	8,247,599	8,257,599	8,316,662
Members capital account, Units authorized	15,000,000

XML

Members' Capital (Distributions to Other Members) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Distributions declared			$ 7,423
Weighted average number of Units outstanding	8,247,599	8,310,108
Weighted average distributions per Unit			$ 0.90
Other Members [Member]
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Distributions declared		$ 1,859	$ 7,423
Weighted average number of Units outstanding	8,247,599	8,310,108
Weighted average distributions per Unit		$ 0.22

XML

Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Fair Value Measurements [Abstract]
Warrants, fair value	$ 245		$ 232
Fair value adjustments which reduced the cost basis of assets	$ 0	$ 21

XML

Fair Value Measurements (Fair Value of Warrants that were Accounted for on a Recurring Basis and Classified as Level 3 Assets) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized (loss) gain on fair value adjustment for warrants	$ 13	$ (1)
Level 3 Estimated Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of warrants at beginning of period	232	247
Unrealized (loss) gain on fair value adjustment for warrants	13	(1)
Fair value of warrants at end of period	$ 245	$ 246

XML

Fair Value Measurements (Fair Value Measurement Securities Measured at Fair Value on a Recurring Basis) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018 USD ($)
Fair Value Measurements [Abstract]
Fair value of securities at beginning of period	$ 21
Unrealized gain on fair value adjustment for securities	30
Fair value of investment securities at end of period	$ 51

XML

Fair Value Measurements (Summary of Valuation Techniques and Significant Unobservable Inputs Used) (Details) - Level 3 Estimated Fair Value [Member] - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Minimum [Member] | Recurring [Member] | Warrant [Member] | Black-Scholes Model [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Stock price	$ 0.00	$ 0.00
Exercise price	$ 0.01	$ 0.01
Time to maturity (in years)	2 years 4 months 13 days	2 years 7 months 13 days
Risk-free interest rate	2.31%	1.94%
Annualized volatility	51.12%	52.08%
Minimum [Member] | Nonrecurring [Member] | Notes Receivable [Member] | Market Approach Valuation Technique [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair value inputs, third party agents' pricing quotes per equipment		$ 6,530
Maximum [Member] | Recurring [Member] | Warrant [Member] | Black-Scholes Model [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Stock price	$ 14.75	$ 14.75
Exercise price	$ 1,000.00	$ 1,000.00
Time to maturity (in years)	7 years 9 months 29 days	8 years 29 days
Risk-free interest rate	2.70%	2.36%
Annualized volatility	88.34%	84.08%
Maximum [Member] | Nonrecurring [Member] | Notes Receivable [Member] | Market Approach Valuation Technique [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair value inputs, third party agents' pricing quotes per equipment		$ 17,051

XML

Fair Value Measurements (Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Financial assets:
Warrants, fair value	$ 245	$ 232
Carrying Amount [Member]
Financial assets:
Cash and cash equivalents	654	1,266
Investment in securities	51	121
Warrants, fair value	245	232
Financial liabilities:
Non-recourse debt	3,374	4,229
Senior long-term debt	2,068	2,068
Acquisition credit facility	1,950	1,950
Estimated Fair Value [Member]
Financial assets:
Cash and cash equivalents	654	1,266
Investment in securities	51	121
Warrants, fair value	245	232
Financial liabilities:
Non-recourse debt	3,360	4,218
Senior long-term debt	2,391	2,379
Acquisition credit facility	1,950	1,950
Estimated Fair Value [Member] | Level 1 Estimated Fair Value [Member]
Financial assets:
Cash and cash equivalents	654	1,266
Investment in securities	51
Estimated Fair Value [Member] | Level 2 Estimated Fair Value [Member]
Financial assets:
Cash and cash equivalents
Investment in securities
Warrants, fair value
Financial liabilities:
Non-recourse debt
Senior long-term debt
Acquisition credit facility
Estimated Fair Value [Member] | Level 3 Estimated Fair Value [Member]
Financial assets:
Investment in securities		121
Warrants, fair value	245	232
Financial liabilities:
Non-recourse debt	3,360	4,218
Senior long-term debt	2,391	2,379
Acquisition credit facility	$ 1,950	$ 1,950