ATEL 17, LLC

Index


Part I. Financial Information		3

Item 1.	Financial Statements (Unaudited)	3
	Balance Sheets, September 30, 2024 and December 31, 2023	3
	Statements of Operations for the three and nine months ended September 30, 2024 and 2023	4
	Statements of Changes in Members’ Capital for the three and nine months ended September 30, 2024 and 2023	5
	Statements of Cash Flows for the nine months ended September 30, 2024 and 2023	6
	Notes to the Financial Statements	7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	20

Item 4.	Controls and Procedures	24

Part II. Other Information		24

Item 1.	Legal Proceedings	24

Item 2.	Defaults Upon Senior Securities	24

Item 3.	Mine Safety Disclosures	24

Item 4.	Other Information	24

Item 5.	Exhibits	24

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited).

ATEL 17, LLC

BALANCE SHEETS

SEPTEMBER 30, 2024 AND DECEMBER 31, 2023

(In Thousands)

(Unaudited)


	September 30,		December 31,
	2024		2023

ASSETS
Cash and cash equivalents	$	217	$	1,000
Accounts receivable, net		20		52
Warrants, fair value		81		77
Investments in equipment and leases, net		4,256		5,211
Prepaid expenses and other assets		5		4
Total assets	$	4,579	$	6,344

LIABILITIES AND MEMBERS' CAPITAL

Accounts payable and accrued liabilities:
Due to Managing Member and affiliates	$	10	$	31
Accrued distributions to Other Members		85		228
Other		61		65
Non-recourse debt		342		593
Unearned operating lease income		50		78
Total liabilities		548		995

Commitments and contingencies (Note 6)

Members’ capital:
Managing Member		1		1
Other Members		4,030		5,348
Total Members’ capital		4,031		5,349
Total liabilities and Members’ capital	$	4,579	$	6,344

See accompanying notes.

ATEL 17, LLC

STATEMENTS OF OPERATIONS

FOR THE THREE AND NINE MONTHS ENDED

SEPTEMBER 30, 2024 AND 2023

(In Thousands Except for Units and Per Unit Data)

(Unaudited)


		Three Months Ended				Nine Months Ended
		September 30,				September 30,
	2024		2023		2024		2023
Operating revenues:
Leasing and lending activities:
Operating lease revenue, net	$	314	$	434	$	1,154	$	1,309
Gain on sales of lease assets		46		—		221		—
Other revenue		1		1		12		2
Total operating revenues		361		435		1,387		1,311

Operating expenses:
Depreciation of operating lease assets		233		342		852		1,024
Asset management fees to Managing Member		39		55		146		165
Cost reimbursements to Managing Member and/or affiliates		91		75		237		226
Amortization of initial direct costs		3		6		12		17
Interest expense		5		8		16		30
Professional fees		19		58		134		118
Outside services		28		12		67		56
Other expense		11		7		27		28
Total operating expenses		429		563		1,491		1,664
Net loss from operations		(68)		(128)		(104)		(353)

Other income (loss):
Unrealized loss on fair value adjustment for equity securities		—		(8)		—		(10)
Unrealized gain (loss) on fair value adjustment for warrants		6		(5)		4		(7)
Total other income (loss)		6		(13)		4		(17)
Net loss	$	(62)	$	(141)	$	(100)	$	(370)

Net loss:
Managing Member	$	—	$	—	$	—	$	—
Other Members		(62)		(141)		(100)		(370)
	$	(62)	$	(141)	$	(100)	$	(370)

Net loss per Limited Liability Company Unit - Other Members	$	(0.02)	$	(0.05)	$	(0.04)	$	(0.14)
Weighted average number of Units outstanding		2,565,749		2,565,749		2,565,749		2,565,749

See accompanying notes.

ATEL 17, LLC

STATEMENTS OF CHANGES IN MEMBERS’ CAPITAL

FOR THE THREE AND NINE MONTHS ENDED

SEPTEMBER 30, 2024 AND 2023

(In Thousands Except for Units and Per Unit Data)

(Unaudited)


	Three Months Ended September 30, 2024
		Amount
		Other		Managing
	Units	Members		Member		Total
Balance June 30, 2024	2,565,749	$	4,284	$	1	$	4,285
Distributions to Other Members ($0.07 per Unit)	-		(192)		-		(192)
Net loss	-		(62)		-		(62)
Balance September 30, 2024	2,565,749	$	4,030	$	1	$	4,031

	Nine Months Ended September 30, 2024
		Amount
		Other		Managing
	Units	Members		Member		Total
Balance December 31, 2023	2,565,749	$	5,348	$	1	$	5,349
Distributions to Other Members ($0.47 per Unit)	-		(1,218)		-		(1,218)
Net loss	-		(100)		-		(100)
Balance September 30, 2024	2,565,749	$	4,030	$	1	$	4,031

	Three Months Ended September 30, 2023
		Amount
		Other		Managing
	Units	Members		Member		Total
Balance June 30, 2023	2,565,749	$	6,636	$	1	$	6,637
Distributions to Other Members ($0.20 per Unit)	-		(513)		-		(513)
Net loss	-		(141)		-		(141)
Balance September 30, 2023	2,565,749	$	5,982	$	1	$	5,983

	Nine Months Ended September 30, 2023
		Amount
		Other		Managing
	Units	Members		Member		Total
Balance December 31, 2022	2,565,749	$	7,891	$	1	$	7,892
Distributions to Other Members ($0.60 per Unit)	-		(1,539)		-		(1,539)
Net loss	-		(370)		-		(370)
Balance September 30, 2023	2,565,749	$	5,982	$	1	$	5,983

See accompanying notes.

ATEL 17, LLC

STATEMENTS OF CASH FLOWS

FOR THE NINE MONTHS ENDED

SEPTEMBER 30, 2024 AND 2023

(In Thousands)

(Unaudited)


	Nine Months Ended
	September 30,
	2024		2023
Operating activities:
Net loss	$	(100)	$	(370)
Adjustments to reconcile net loss to net cash provided by operating activities:
Gain on sales of lease assets		(221)		—
Depreciation of operating lease assets		852		1,024
Amortization of initial direct costs		12		17
Provision for doubtful accounts		3		—
Unrealized loss on fair value adjustment for equity securities		—		10
Unrealized (gain) loss on fair value adjustment for warrants		(4)		7
Changes in operating assets and liabilities:
Accounts receivable		29		5
Prepaid expenses and other assets		(1)		2
Due to/from Managing Member and affiliates		(21)		(12)
Accounts payable, other		(4)		(4)
Unearned operating lease income		(28)		(20)
Net cash provided by operating activities		517		659

Investing activities:
Proceeds from sales of lease assets		312		—
Net cash provided by investing activities		312		—

Financing activities:
Repayments under non-recourse debt		(251)		(403)
Distributions to Other Members		(1,361)		(1,539)
Net cash used in financing activities		(1,612)		(1,942)

Net decrease in cash and cash equivalents		(783)		(1,283)
Cash at beginning of period		1,000		2,644
Cash at end of period	$	217	$	1,361

Supplemental disclosures of cash flow information:
Cash paid during the period for interest	$	16	$	31
Cash paid during the period for taxes	$	1	$	1

Schedule of non-cash investing and financing transactions:
Distributions payable to Other Members at period-end	$	85	$	228

See accompanying notes.

ATEL 17, LLC

NOTES TO THE FINANCIAL STATEMENTS

(Unaudited)

1. Organization and Limited Liability Company matters:

ATEL 17, LLC (the “Company” or the “Fund”) was formed under the laws of the state of California on April 16, 2015 (“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. The Managing Member is controlled by ATEL Financial Services, LLC (“AFS”), a wholly-owned subsidiary of ATEL Capital Group. The Fund may continue as provided in the ATEL 17, LLC limited liability operating agreement dated April 24, 2015 (the “Operating Agreement”). Contributions in the amount of $500 were received as of April 28, 2015, 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.

The offering of the Company was granted effectiveness by the Securities and Exchange Commission as of January 5, 2016. The offering will continue until the earlier of a period of two years from that date or until sales of the limited liability company units (Units) to the public reach $150 million. As of February 2, 2016, subscriptions for the minimum number of Units (120,000, representing $1.2 million), excluding subscriptions from Pennsylvania investors, had been received and the Fund requested subscription proceeds to be released from escrow. On that date, the Company commenced initial operations and continued in its development stage activities until transitioning to an operating enterprise during the first quarter of 2016. Pennsylvania subscriptions are subject to a separate escrow and are released to the Fund only when aggregate subscriptions for all investors equal to at least $7.5 million. Total contributions to the Fund exceeded $7.5 million on July 6, 2016, at which time a request was processed to release the Pennsylvania escrowed amounts. The offering terminated on January 5, 2018.

As of September 30, 2024, cumulative gross contributions, less rescissions and repurchases (net of distributions paid and allocated syndication costs, as applicable), totaling $25.7 million (inclusive of the $500 initial Member’s capital investment) have been received. As of the same date, 2,565,749 Units were issued and outstanding.

The Company’s principal objectives are to invest in a diversified portfolio of investments that will (i) preserve, protect and return the Company’s invested capital; (ii) generate regular cash distributions to members, with any balance remaining after required minimum distributions to be used to purchase additional investments during the Reinvestment Period (ending six calendar years after the completion of the Company’s public offering of Units) and (iii) provide additional cash distributions following the Reinvestment Period and until all investment portfolio assets have been sold or otherwise disposed.

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 4, Related party transactions.) The Company is required to maintain reasonable cash reserves for working capital, for the repurchase of Units and for 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, 2023, filed with the Securities and Exchange Commission.

ATEL 17, LLC

NOTES TO THE FINANCIAL STATEMENTS

(Unaudited)

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 and nine months ended September 30, 2024 are not necessarily indicative of the results to be expected for the full year.

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

In preparing the accompanying financial statements, the Company has reviewed, as determined necessary by the Managing Member, events that have occurred after September 30, 2024, up until the issuance of the financial statements. No events were noted which would require disclosure in the footnotes to the financial statements.

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 the 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 the 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 on accounts 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 Company’s principal decision makers are the Managing Member’s Chief Executive Officer and its Chief Financial Officer and Chief Operating Officer. The Company believes that its equipment leasing business operates as one reportable segment because: a) the Company measures profit and loss at the equipment portfolio level as a whole; b) the principal decision makers do not review information based on any operating segment other than the equipment leasing transaction portfolio; c) the Company does not maintain discrete financial information on any specific segment other than its equipment financing operations; d) the Company has not chosen to organize its business around different products and services other than equipment lease financing; and e) the Company has not chosen to organize its business around geographic areas.

The primary geographic region in which the Company seeks leasing opportunities is North America. For the three and nine months ended September 30, 2024 and 2023, and as of September 30, 2024 and December 31, 2023, all of the Company’s current operating revenues and long-lived assets, respectively, relate to customers domiciled in the United States.

ATEL 17, LLC

NOTES TO THE FINANCIAL STATEMENTS

(Unaudited)

Accounts receivable:

Accounts receivable represent the amounts billed under operating lease contracts, and notes receivable which are currently due to the Company. Allowances for doubtful accounts are typically established based on historical charge off and collection experience and the collectability 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.

Investment in securities:

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

Investment in equity securities

The Company’s equity 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 equity 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 fair value of the Company’s investment equity securities was de minimis as of September 30, 2024 and December 31, 2023. All of such securities were publicly held and had readily determinable fair values. Unrealized gains and losses were de minimis during the three and nine months ended September 30, 2024. During the three and nine months ended September 30, 2023, the Company recorded unrealized losses of $8 thousand and $10 thousand, respectively, on its investment securities. There were no sales of securities for the three and nine months ended September 30, 2024 and 2023.

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. The estimated fair value of the Company’s portfolio of warrants was $81 thousand and $77 thousand at September 30, 2024 and December 31, 2023, respectively. The Company recorded unrealized gains of $6 thousand and $4 thousand on fair valuation of its warrants for the respective three- and nine-month periods ended September 30, 2024. Unrealized losses of $5 thousand and $7 thousand were recorded for the three and nine months ended September 30, 2023, respectively.

Credit risk:

Financial instruments that potentially subject the Company to concentrations of credit risk include cash and cash equivalents, operating lease receivables, and accounts receivable. The Company places the majority of its cash deposits in noninterest-bearing accounts with financial institutions that have no less than $10 billion in assets. Such deposits are insured up to $250 thousand. The concentration of such deposits is not deemed to create a significant risk to the Company. Accounts receivable represent amounts due from lessees in various industries, related to equipment on operating leases.

ATEL 17, LLC

NOTES TO THE FINANCIAL STATEMENTS

(Unaudited)

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 Accounting Standards Codification (“ASC”) 360-10-35-3, 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.

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. Provisions for doubtful accounts relating to operating leases are included in lease income in the Company’s financial statements.

Initial direct costs:

Incremental costs of a lease that would not have been incurred if the lease had not been obtained are capitalized and amortized over the lease term. All other costs associated with the execution of the Company’s leases are expensed as incurred.

Asset valuation:

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

ATEL 17, LLC

NOTES TO THE FINANCIAL STATEMENTS

(Unaudited)

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 the 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. 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.

Acquisition expense:

Acquisition expense represents costs which include, but are not limited to, legal fees and expenses, travel and communication expenses, cost of appraisals, accounting fees and expenses and miscellaneous expenses related to the selection and acquisition of equipment which are reimbursable to the Managing Member under the terms of the Operating Agreement. As the costs are not eligible for capitalization as initial direct costs, such amounts are expensed as incurred.

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.

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.

ATEL 17, LLC

NOTES TO THE FINANCIAL STATEMENTS

(Unaudited)

Per Unit data:

Net loss and distributions per Unit are based upon the weighted average number of members Units outstanding during the year.

Recent accounting pronouncements:

In October 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-06, Disclosure Improvements—Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative, which incorporates into the Accounting Standards Codification (“ASC”) certain incremental disclosure requirements introduced by the Securities and Exchange Commission (“SEC”) as part of its disclosure update and simplification initiative. The amendments in this update are intended to clarify or improve presentation and disclosure requirements around a variety of ASC Topics, improve entity comparability for users, and align ASC requirements with SEC regulations. For entities subject to the SEC’s existing disclosure requirements, the effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective. However, if by June 30, 2027, the SEC has not removed the related disclosure from its regulations, the amendments will be removed from the ASC and not become effective. Early adoption is prohibited. The Company does not expect the issuance of this ASU to have a material impact on its financial statements and disclosures.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures – to enhance disclosures about significant segment expenses for public entities reporting segment information. It requires that a public entity disclose, on an annual and interim basis, significant expense categories for each reportable segment. Significant expense categories are derived from expenses that are 1) regularly reported to an entity’s chief operating decision-maker (“CODM”), and 2) included in a segment’s reported measure of profit or loss. The disclosures should include an amount for “other segment items”, reflecting the difference between 1) segment revenue less significant segment expenses, and 2) the reportable segment’s profit or loss measures. It requires that a public entity disclose the title and position of the CODM and how the CODM uses the reported measure of profit or loss to assess segment performance and to allocate resources. Further it clarifies that entities with a single reportable segment must disclose both new and existing segment reporting requirements. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Entities must adopt the guidance on a retrospective basis. The Company is evaluating the accounting and disclosure requirements of this update and does not expect them to have a material effect on the financial statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures, which include improvements to income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. This ASU also includes certain other amendments to better align disclosures with Regulation S-X and to remove disclosures no longer considered cost beneficial or relevant. This ASU is effective for public entities for annual periods beginning after December 15, 2024, with earlier or retrospective application permitted. The amendments in this ASU should be applied prospectively for annual financial statements not yet issued or made available for issuance. The Company is evaluating the future impact of the issuance of this ASU on its financial statements and disclosures.

In November 2024, the FASB issued ASU 2024-03, Comprehensive Income (Topic 220) – Disaggregation of Income Statement Expenses, which requires disclosure in the notes to financial statements about specific types of expenses included in the expense captions presented on the face of the statement of operations. The requirements of the ASU are effective for annual periods beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The requirements will be applied prospectively with the option for retrospective

ATEL 17, LLC

NOTES TO THE FINANCIAL STATEMENTS

(Unaudited)

application. The Company is currently evaluating the impact related to the adoption of ASU 2024-03 on its financial statement disclosures.

3. Investment in equipment and leases, net:

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


	Balance		Additions/		Depreciation/		Balance
	December 31,		Dispositions/		Amortization		September 30,
	2023		Reclassifications		Expense		2024
Equipment under operating leases, net	$	5,187	$	(91)	$	(852)	$	4,244
Initial direct costs, net		24		-		(12)		12
Total	$	5,211	$	(91)	$	(864)	$	4,256

Impairment of equipment:

As a result of impairment reviews, management determined that no impairment losses existed for the three- and nine-month periods ended September 30, 2024 and 2023.

The Company utilizes a straight line depreciation method over the term of the equipment lease for equipment under operating leases currently in its portfolio. Depreciation expense on the Company’s equipment totaled $233 thousand and $342 thousand for the respective three months ended September 30, 2024 and 2023; and was $852 thousand and $1 million for the respective nine months ended September 30, 2024 and 2023. Total depreciation for the three and nine months ended September 30, 2024 included additional depreciation recorded to reflect respective quarter-to-date and year-to-date changes in estimated residual values of certain equipment generating revenue under month-to-month extensions. Such amount was de minimis for the three months ended September 30, 2024, and totaled $8 thousand for the nine months ended September 30, 2024.The estimated residual values of equipment associated with leases on month-to-month extensions are evaluated at least semi-annually, and depreciation recorded for the change in the estimated reduction in value. Such additional depreciation was deemed de minimis during the prior year three- and nine-month periods.

IDC amortization expense related to the Company’s operating leases totaled $3 thousand and $6 thousand for the three months ended September 30, 2024 and 2023, respectively, and was $12 thousand and $17 thousand for the nine months ended September 30, 2024 and 2023, respectively.

All of the Company’s lease asset purchases and capital improvements were made during the years from 2016 through 2022.

ATEL 17, LLC

NOTES TO THE FINANCIAL STATEMENTS

(Unaudited)

Operating leases:

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


	Balance						Balance
	December 31,				Reclassifications		September 30,
	2023		Additions		or Dispositions		2024
Construction	$	3,218	$	-	$	-	$	3,218
Mining		2,749		-		-		2,749
Aviation		2,327		-		-		2,327
Transportation, rail		1,723		-		-		1,723
Materials handling		1,249		-		(495)		754
Paper processing		1,058		-		-		1,058
Transportation, other		215		-		(97)		118
		12,539		-		(592)		11,947
Less accumulated depreciation		(7,352)		(852)		501		(7,703)
Total	$	5,187	$	(852)	$	(91)	$	4,244

The average estimated residual value for assets on operating leases was 25% and 27% of the assets’ original cost at September 30, 2024 and December 31, 2023, respectively. There were no operating leases in non-accrual status at September 30, 2024 and December 31, 2023.

At September 30, 2024, the aggregate amounts of future minimum lease payments receivable are as follows (in thousands):


	Operating
	Leases
Three months ending December 31, 2024	$	293
Year ending December 31, 2025		687
2026		397
2027		329
2028		165
	$	1,871

The useful lives for each category of leases is reviewed at a minimum of once per quarter. As of September 30, 2024, 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 - 50
Aviation		15 - 20
Mining		10 - 15
Paper processing		10 - 15
Construction		7 - 10
Materials handling		7 - 10
Transportation, other		7 - 10

4. 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.

ATEL 17, LLC

NOTES TO THE FINANCIAL STATEMENTS

(Unaudited)

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 AFS and ATEL Leasing Corporation (“ALC”) is a wholly-owned subsidiary of ATEL Capital Group, Inc. 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.

Pursuant to the Operating Agreement, the Managing Member and/or affiliates earned fees and billed for reimbursements during the three and nine months ended September 30, 2024 and 2023 as follows (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
Administrative costs reimbursed to Managing Member and/or affiliates	$	91	$	75	$	237	$	226
Asset management fees to Managing Member		39		55		146		165
	$	130	$	130	$	383	$	391

5. Non-recourse debt:

At September 30, 2024, non-recourse debt consists of notes payable to financial institutions. The note payments are due in monthly installments. The interest on all notes is 4.66% per annum. The notes are secured by assignments of lease payments and pledges of assets. At September 30, 2024, gross operating lease rentals totaled approximately $376 thousand over the remaining lease terms and the carrying value of the pledged assets was $690 thousand. The notes mature from 2024 through 2028.

The non-recourse debt does not contain any material financial covenants. The debt is secured by a 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 specific 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

ATEL 17, LLC

NOTES TO THE FINANCIAL STATEMENTS

(Unaudited)

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
Three months ending December 31, 2024	$	37	$	4	$	41
Year ending December 31, 2025		73		13		86
2026		76		9		85
2027		79		6		85
2028		77		2		79
	$	342	$	34	$	376

6. Commitments and contingencies:

At September 30, 2024, there were no commitments to purchase lease assets or to fund investments in notes receivable.

The Company enters into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

The Managing Member knows of no facts or circumstances that would make the Company’s contractual commitments outside standard mutual covenants applicable to commercial transactions between businesses. Accordingly, the Company believes that these indemnification obligations are made in the ordinary course of business as part of standard commercial and industry practice, and that any potential liability under the Company’s similar commitments is remote. Should any such indemnification obligation become payable, the Company would separately record and/or disclose such liability in accordance with GAAP.

7. Members’ capital:

A total of 2,565,749 Units were issued and outstanding at both September 30, 2024 and December 31, 2023, inclusive of 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.

The Company has the right, exercisable at the Managing Member’s discretion, but not the obligation, to repurchase Units of a Unitholder who ceases to be a U.S. Citizen, for a price equal to 100% of the holder’s capital account. The Company is otherwise permitted, but not required, to repurchase Units upon a holder’s request. The repurchase of Fund Units is made in accordance with Section 13 of the Amended and Restated Limited Liability Company Operating Agreement. The repurchase would be at the discretion of the Managing Member on terms it determines to be appropriate under given circumstances, in the event that the Managing Member deems such repurchase to be in the best interest of the Company; provided, the Company is never required to repurchase any Units. Upon the repurchase of any Units by the Fund, the tendered Units are cancelled. Units repurchased in prior periods were repurchased at amounts representing the original investment less cumulative distributions made to the Unitholder with respect to the Units. All Units repurchased during a quarter are deemed to be repurchased effective the last day of the preceding quarter, and are not deemed to be outstanding during, or entitled to allocations of net income, net loss or distributions for the quarter in which such repurchase occurs.

The Fund’s net income or net losses are to be allocated 100% to the members. From the commencement of the Fund until the initial closing date, net income and net loss were allocated 99% to the Managing Member and 1% to the initial

ATEL 17, LLC

NOTES TO THE FINANCIAL STATEMENTS

(Unaudited)

members. Commencing with the initial closing date, net income and net loss are to be allocated 99.99% to the Other Members and 0.01% to the Managing Member.

Fund distributions are to be allocated 0.01% to the Managing Member and 99.99% to the Other Members. The Company commenced periodic distributions in February 2016.

Distributions to the Other Members for the three and nine months ended September 30, 2024 and 2023 were as follows (in thousands except Units and per Unit data):


		Three Months Ended				Nine Months Ended
		September 30,				September 30,
	2024		2023		2024		2023
Distributions	$	192	$	513	$	1,218	$	1,539
Weighted average number of Units outstanding		2,565,749		2,565,749		2,565,749		2,565,749
Weighted average distributions per Unit	$	0.07	$	0.20	$	0.47	$	0.60

8. 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 September 30, 2024 and December 31, 2023, the Company’s warrants and investment securities were measured at fair value on a recurring basis. There were no assets or liabilities measured at fair value on a non-recurring basis as of September 30, 2024 and December 31, 2023.

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 are determined using a Black-Scholes formulation of value based upon the stock price(s), the exercise price(s), the volatility of comparable venture companies, the time to maturity, and a risk free interest rate for the term(s) of the warrant exercise(s). The calculated fair value of the Fund’s warrant portfolio was $81 thousand and $77 thousand as of September 30, 2024 and December 31, 2023, respectively. Such valuations are classified within Level 3 of the valuation hierarchy.

The following table reconciles the beginning and ending balances of the Company’s Level 3 recurring assets for the three and nine months ended September 30, 2024 and 2023 (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
Fair value of warrants at beginning of period	$	75	$	136	$	77	$	138
Unrealized gain (loss) on fair value adjustment for warrants		6		(5)		4		(7)
Fair value of warrants at end of period	$	81	$	131	$	81	$	131

Investment in equity securities (recurring)

ATEL 17, LLC

NOTES TO THE FINANCIAL STATEMENTS

(Unaudited)

December 31, 2023, the fair value of equity securities were deemed de minimis. Such valuations are classified within Level 1 of the valuation hierarchy.

The following table summarizes 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 September 30, 2024 and December 31, 2023:


September 30, 2024
	Valuation	Valuation	Unobservable	Range of Input Values
Name	Frequency	Technique	Inputs	(Weighted Average)
Warrants	Recurring	Black-Scholes formulation	Stock price	$0.01 - $9.34 ($0.06)
			Exercise price	$0.02 - $9.00 ($0.07)
			Time to maturity (in years)	3.16 - 7.19 (3.30)
			Annualized volatility	48.75% - 83.00% (49.01%)


December 31, 2023
	Valuation	Valuation	Unobservable	Range of Input Values
Name	Frequency	Technique	Inputs	(Weighted Average)
Warrants	Recurring	Black-Scholes formulation	Stock price	$0.01 - $9.34 ($0.06)
			Exercise price	$0.02 - $9.00 ($0.07)
			Time to maturity (in years)	3.91 - 7.94 (4.08)
			Annualized volatility	31.90% - 83.00% (43.07%)

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.

Non-recourse debt

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

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.

ATEL 17, LLC

NOTES TO THE FINANCIAL STATEMENTS

(Unaudited)

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 September 30, 2024 and December 31, 2023 (in thousands):


	Fair Value Measurements at September 30, 2024
	Carrying
	Amount		Level 1		Level 2		Level 3		Total
Financial assets:
Cash and cash equivalents	$	217	$	217	$	-	$	-	$	217
Warrants, fair value		81		-		-		81		81
Financial liabilities:
Non-recourse debt		342		-		-		335		335


	Fair Value Measurements at December 31, 2023
	Carrying
	Amount		Level 1		Level 2		Level 3		Total
Financial assets:
Cash and cash equivalents	$	1,000	$	1,000	$	-	$	-	$	1,000
Warrants, fair value		77		-		-		77		77
Financial liabilities:
Non-recourse debt		593		-		-		579		579

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Statements contained in this Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” (“MD&A”) and elsewhere in this Form 10-Q, which are not historical facts, may be forward-looking statements. Such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. In particular, economic recession and changes in general economic conditions, including fluctuations in demand for equipment, lease rates, and interest rates, may result in delays in investment and reinvestment, delays in leasing, re-leasing, and disposition of equipment, and reduced returns on invested capital. The Company’s performance is subject to risks relating to lessee and borrower defaults and the creditworthiness of its lessees and borrowers. The Company’s performance is also subject to risks relating to the value of its equipment at the end of its leases, which may be affected by the condition of the equipment, technological obsolescence and the markets for new and used equipment at the end of lease terms. Investors are cautioned not to attribute undue certainty to these forward-looking statements, which speak only as of the date of this Form 10-Q. We undertake no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of this Form 10-Q or to reflect the occurrence of unanticipated events, other than as required by law.

Overview

ATEL 17, LLC (the “Company” or the “Fund”) was formed under the laws of the state of California on April 16, 2015 for the purpose of raising capital and originating equipment financing transactions and acquiring equipment to engage in equipment leasing and sales activities. The offering of the Company was granted effectiveness by the Securities and Exchange Commission as of January 5, 2016.

The Company conducted a public offering of 15,000,000 Limited Liability Company Units (“Units”), at a price of $10 per Unit. The offering will continue until the earlier of a period of two years from that date or until sales of the limited liability company Units to the public reach $150 million. As of February 2, 2016, subscriptions for the minimum number of Units (120,000, representing $1.2 million), excluding subscriptions from Pennsylvania investors, had been received and the Fund requested subscription proceeds to be released from escrow. On that date, the Company commenced initial operations. Pennsylvania subscriptions are subject to a separate escrow and will be released to the Fund only at such time as total subscription proceeds received by the Fund from all subscribers, including the escrowed Pennsylvania subscriptions, equal not less than $7.5 million in gross proceeds. Total contributions to the Fund exceeded $7.5 million on July 6, 2016. The offering was terminated on January 5, 2018.

Results of Operations

The three months ended September 30, 2024 versus the three months ended September 30, 2023

The Company had net losses of $62 thousand and $141 thousand for the three months ended September 30, 2024 and 2023, respectively. Compared to the prior year quarter, the results for the third quarter of 2024 primarily reflect a decrease in total operating expenses and a favorable change in other gains and losses related to the fair valuation of the Fund’s equity securities and warrants offset, in part, by a decline in total operating revenues.

Revenues

Total operating revenues decreased by $74 thousand, or 17%, mainly due to a $120 thousand decrease in operating lease revenues partially offset by a $46 thousand increase in gains realized on sales of lease assets. The decrease in operating lease revenues was mostly related to a $78 thousand decline in revenues from leases under month-to-month contracts. The remaining decline in operating lease revenues was mainly due to lease run-off and asset dispositions. Offsetting such decrease in revenues was a $46 thousand gain realized on sales of lease assets, mostly trucks and trailers, during the current period. There were no such sales during the prior year period.

Expenses

Total operating expenses decreased by $134 thousand, or 24%, primarily due to decreases in depreciation, professional fees and asset management fees. These were offset by increases in cost reimbursements to affiliates and outside services.

Deprecation expense decreased by $109 thousand mainly due to lease run-off and asset disposition since September 30, 2023. Professional fees decreased by $39 thousand due to a lower audit fees paid during the current quarter resulting from timing differences in receipt of services and billings, and asset management fees decreased by $16 thousand primarily due to the decline in managed assets and related revenue. Partially offsetting such decreases was a $16 thousand increase in cost reimbursements to affiliates, mainly due to allocated severance related payments, and a $16 thousand increase in outside services due to increased information technology-related charges.

Other income/loss

During the three months ended September 30, 2024 and 2023, the Company recorded other income totaling $6 thousand and other loss totaling $13 thousand, respectively, to reflect unrealized gains and losses on the fair valuation of the Fund’s investment securities and warrants portfolio. Other income recorded during the current period all relates to unrealized gains on the Fund’s warrant positions. In contrast, the prior year period other loss reflects an $8 thousand unrealized loss related to the Fund’s equity securities and $5 thousand of unrealized losses related to its warrant positions, both due to adverse changes in prices of the underlying securities.

The nine months ended September 30, 2024 versus the nine months ended September 30, 2023

The Company had net losses of $100 thousand and $370 thousand for the nine months ended September 30, 2024 and 2023, respectively. The results for the first nine months of 2024 reflect an increase in total operating revenues, a reduction in total operating expenses and a favorable change in other gains and losses related to the fair valuation of the Fund’s equity securities and warrants.

Revenues

Total operating revenues for the first nine months of 2024 increased by $76 thousand, or 6%, when compared to the prior year period. Such increase was primarily due to a $221 thousand increase in gains on sale of lease assets, mostly lift trucks, during the period. There were no such sales during the prior year period. Such increase in revenues was partially offset by a $155 thousand decline in operating lease revenues, which was attributable to a $78 thousand decline in revenues from leases under month-to-month contracts, coupled with the impact of lease run-off and asset dispositions since September 30, 2023.

Expenses

Total operating expenses decreased by $173 thousand, or 10%, when compared to the prior year period. Such decrease was mainly a result of lower depreciation, asset management fees and interest expense offset, in part, by increases in professional fees, cost reimbursements to affiliates and outside sevices.

Depreciation expense decreased by $172 thousand mainly due to lease run-off and dispositions since September 30, 2023. Asset management fees decreased by $19 thousand due to the continued decline of managed assets and related revenues, and interest expense decreased by $14 thousand due to the scheduled run-off of the Fund’s borrowings under non-recourse debt. Partially offsetting such decreases was a $16 thousand increase in professional fees, which was attributable to higher legal fees paid during the current period resulting from timing differences in receipt of services and billings. In addition, costs reimbursed to the Manager increased by $11 thousand primarily due to allocated severance related payments; and outside services increased by $11 thousand mainly due to increased information technology-related charges.

Other income/loss

During the nine months ended September 30, 2024 and 2023, the Company recorded other income totaling $4 thousand and other loss totaling $17 thousand, respectively, to reflect unrealized gains and losses on the fair valuation of the Fund’s investment securities and warrants portfolio. Other income recorded during the current period all relates to unrealized gains on the Fund’s warrant positions. By comparison, the prior year period other loss reflects a $10 thousand unrealized loss related to the Fund’s equity securities and $7 thousand of unrealized losses related to its warrant positions, both due to adverse changes in prices of the underlying securities.

Capital Resources and Liquidity

At September 30, 2024 and December 31, 2023, the Company’s cash and cash equivalents totaled $217 thousand and $1 million, respectively. The liquidity of the Company varies, increasing to the extent cash flows from leases and proceeds of asset sales exceed expenses and decreasing as leases and other assets are acquired, as distributions are made to the Members and to the extent expenses exceed cash flows from leases and proceeds from asset sales.

The Company currently believes it has adequate reserves available to meet its immediate cash requirements and those of the next twelve months, but in the event those reserves are found to be inadequate, the Company would likely be in a position to borrow against its current portfolio to meet such requirements. The Managing Member envisions no such requirements for operating purposes.

Cash Flows

The following table sets forth summary cash flow data (in thousands):


	Nine Months Ended
	September 30,
	2024		2023
Net cash provided by (used in):
Operating activities	$	517	$	659
Investing activities		312		-
Financing activities		(1,612)		(1,942)
Net decrease in cash and cash equivalents	$	(783)	$	(1,283)

During the respective nine months ended September 30, 2024 and 2023, the Company’s main source of liquidity was cash flows from its portfolio of operating lease contracts. During the current period, the Company also received $312 thousand of proceeds from sales of lease assets. There were no such proceeds during the prior year period.

During the respective nine months ended September 30, 2024 and 2023, cash was primarily used to pay distributions and repay borrowings under non-recourse debt. Cash used to pay distributions totaled $1.4 million and $1.5 million for the respective nine-month periods ended September 30, 2024 and 2023; and repayments of non-recourse debt totaled $251 thousand and $403 thousand for the respective nine-month periods ended September 30, 2024 and 2023. Cash was also used to pay invoices related to management fees and expenses, and other payables in both nine-month periods.

Distributions

The Unitholders of record are entitled to certain distributions as provided under the Operating Agreement. The Company commenced periodic distributions beginning with the month of April 2016.

Cash distributions were paid by the Fund to Unitholders of record as of August 31, 2024, and paid through September 30, 2024. The distributions may be characterized for tax, accounting and economic purposes as a return of capital, a return on capital (including escrow interest) or a portion of each. Generally, the portion of each cash distribution by a company which exceeds its net income for the fiscal period would constitute a return of capital. The Fund is required by the terms of its Operating Agreement to distribute the net cash flow generated by its investments in certain minimum amounts during the Reinvestment Period before it can reinvest its operating cash flow in additional portfolio assets; see the discussion in the Prospectus under “Income, Losses and Distributions.” Accordingly, the amount of cash flow from Fund investments distributed to Unitholders will not be available for reinvestment in additional portfolio assets.

The cash distributions were based on current and anticipated gross revenues from the loans funded and equity investments acquired. During the Fund’s acquisition and operating stages, the Fund may incur short term borrowing to fund regular distributions of such gross revenues to be generated by newly acquired transactions during their respective initial fixed terms. As such, all Fund periodic cash distributions made during these stages have been, and are expected in

the future to be, based on the Fund’s actual and anticipated gross revenues to be generated from the binding initial terms of the loans and investments funded.

The following table summarizes distribution activity for the Fund from inception through September 30, 2024 (in thousands except for Units and Per Unit Data):


											Total		Weighted
		Return of			Distribution			Total			Distribution		Average Units
Distribution Period (1)	Paid	Capital			of Income			Distribution			per Unit (2)		Outstanding (3)
Monthly and quarterly distributions
Feb 2016 - Nov 2016	Apr 2016 - Dec 2016	$	492		$	-		$	492		$	0.64	770,832
Dec 2016 - Nov 2017	Jan 2017 - Dec 2017		1,540			-			1,540			0.78	1,967,313
Dec 2017 - Nov 2018	Jan 2018 - Dec 2018		2,043			-			2,043			0.80	2,562,088
Dec 2018 - Nov 2019	Jan 2019 - Dec 2019		2,052			-			2,052			0.80	2,565,749
Dec 2019 - Nov 2020	Jan 2020 - Dec 2020		2,052			-			2,052			0.80	2,565,749
Dec 2020 - Nov 2021	Jan 2021 - Dec 2021		2,053			-			2,053			0.80	2,565,749
Dec 2021 - Nov 2022	Jan 2022 - Dec 2022		2,053			-			2,053			0.80	2,565,749
Dec 2022 - Nov 2023	Jan 2023 - Dec 2023		2,053			-			2,053			0.80	2,565,749
Dec 2023 - Aug 2024	Jan 2024 - Sep 2024		1,218			-			1,218			0.47	2,565,749

		$	15,556		$	-		$	15,556		$	6.69
Source of distributions
Lease and loan payments and sales proceeds received		$	15,556	100.00%	$	-	0.00%	$	15,556	100.00%
Interest income			-	0.00%		-	0.00%		-	0.00%
Debt against non-cancellable firm term payments on leases and loans			-	0.00%		-	0.00%		-	0.00%

(1)	Investors may elect to receive their distributions either monthly or quarterly. See “Timing and Method of Distributions” on Page 67 of the Prospectus.

(2)	Total distributions per Unit represents the per Unit distributions rate for those units which were outstanding for all of the applicable period.

(3)

Balances shown represent weighted average units for the period from February 2 - November 30, 2016, December 1, 2016 - November 30, 2017, December 1, 2017 - November 30, 2018, December 1, 2018 - November 30, 2019, December 1, 2019 - November 30, 2020, December 1, 2020 - November 30, 2021, December 1, 2021- November 30, 2022, December 1, 2022 - November 30, 2023, and December 1, 2023 - August 31, 2024, respectively.

Commitments and Contingencies and Off-Balance Sheet Transactions

Commitments and Contingencies

At September 30, 2024, there were no commitments to purchase lease assets or to fund investments in notes receivable.

Off-Balance Sheet Transactions

None.

Recent Accounting Pronouncements

For information on recent accounting pronouncements, see Note 2, Summary of significant accounting policies.

Significant Accounting Policies and Estimates

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America 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. On an on-going basis, the Company evaluates its estimates, which are based upon historical experiences, market trends and financial forecasts, and upon various other assumptions that management believes to be reasonable under the circumstances and at that certain point in time. Actual results may differ, significantly at times, from these estimates under different assumptions or conditions.

The Company’s significant accounting policies are described in its Annual Report on Form 10-K for the year ended December 31, 2023. There have been no material changes to the Company’s significant accounting policies since December 31, 2023.

Item 4. Controls and procedures.

Evaluation of disclosure controls and procedures

The Company’s Managing Member’s Chief Executive Officer, and Executive Vice President and Chief Financial Officer and Chief Operating Officer (“Management”), evaluated the effectiveness of the Company’s disclosure controls and procedures (as defined in Exchange Act Rule 13a-15(e)) as of the end of the period covered by this report. Based on the evaluation of the Company’s disclosure controls and procedures, Management concluded that as of the end of the period covered by this report, the design and operation of these disclosure controls and procedures were effective.

The Company does not control the financial reporting process, and is solely dependent on the Management of the Managing Member, who is responsible for providing the Company with financial statements in accordance with generally accepted accounting principles in the United States. The Managing Member’s disclosure controls and procedures, as they are applicable to the Company, means controls and other procedures of an issuer that are designed to ensure that information required to be disclosed by the issuer in the reports that it files or submits under the Act (15 U.S.C. 78a et seq.) is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Act is accumulated and communicated to the issuer’s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

Changes in internal control

There were no changes in the Managing Member’s internal control over financial reporting, as it is applicable to the Company, during the quarter ended September 30, 2024, that has materially affected, or is reasonably likely to materially affect, the Managing Member’s internal control over financial reporting, as it is applicable to the Company.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings.

In the ordinary course of conducting business, there may be certain claims, suits, and complaints filed against the Managing Member. In the opinion of management, the outcome of such matters, if any, will not have a material impact on the Managing Member’s financial position or results of operations.

Item 2. Defaults Upon Senior Securities.

None.

Item 3. Mine Safety Disclosures.

Not Applicable.

Item 4. Other Information.

None.

Item 5. Exhibits.

(a)	Documents filed as a part of this report


		1.	Financial Statement Schedules
			All schedules for which provision is made in the applicable accounting regulations of the Securities and Exchange Commission are not required under the related instructions or are inapplicable and, therefore, have been omitted.


2.	Other Exhibits

	(31.1)	Certification of Dean L. Cash pursuant to Rules 13a-14(a)/15d-14(a)
	(31.2)	Certification of Paritosh K. Choksi pursuant to Rules 13a-14(a)/15d-14(a)
	(32.1)	Certification of Dean L. Cash pursuant to 18 U.S.C. section 1350
	(32.2)	Certification of Paritosh K. Choksi pursuant to 18 U.S.C. section 1350
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	(104)	The cover page for the Company’s Quarterly Report on Form 10-Q for the quarter ended
		September 30, 2024 has been formatted in Inline XBRL

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: November 14, 2024

ATEL 17, LLC

(Registrant)


By:	ATEL Managing Member, LLC Managing Member of Registrant

By:	/s/ Dean L. Cash
	Dean L. Cash
	Chairman of the Board, President and Chief Executive Officer of ATEL Managing Member, LLC (Managing Member)


By:	/s/ Paritosh K. Choksi
	Paritosh K. Choksi
	Director, Executive Vice President and Chief Financial Officer and Chief Operating Officer of ATEL Managing Member, LLC (Managing Member)


By:	/s/ Raymond A. Rigo
	Raymond A. Rigo
	Senior Vice President, Fund Controller of ATEL Managing Member, LLC (Managing Member)

EX-31.1 2 tmb-20240930xex31d1.htm EX-31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO RULE 13a-14(a) OR RULE 15d-14(a)

OF THE SECURITIES EXCHANGE ACT OF 1934

AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Dean L. Cash, certify that:

1. I have reviewed this quarterly report on Form 10-Q of ATEL 17, LLC;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

9
Date: November 14, 2024

/s/ Dean L. Cash
Dean L. Cash
Chairman of the Board, President and Chief
Executive Officer of ATEL Managing Member, LLC (Managing Member)

EX-31.2 3 tmb-20240930xex31d2.htm EX-31.2

Exhibit 31.2

CERTIFICATION PURSUANT TO RULE 13a-14(a) OR RULE 15d-14(a)

OF THE SECURITIES EXCHANGE ACT OF 1934

AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Paritosh K. Choksi, certify that:

1. I have reviewed this quarterly report on Form 10-Q of ATEL 17, LLC;

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: November 14, 2024

/s/ Paritosh K. Choksi
Paritosh K. Choksi
Director, Executive Vice President and Chief Financial Officer
and Chief Operating Officer of ATEL Managing Member, LLC (Managing Member)

EX-32.1 4 tmb-20240930xex32d1.htm EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. §1350,

AS ADOPTED PURSUANT TO

§906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of ATEL 17, LLC (the “Company”) on Form 10-Q for the period ended September 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Dean L. Cash, Chairman of the Board, President and Chief Executive Officer of ATEL Managing Member, LLC, Managing Member of the Company, hereby certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: November 14, 2024


/s/ Dean L. Cash
Dean L. Cash
Chairman of the Board, President and Chief
Executive Officer of ATEL Managing Member, LLC
(Managing Member)

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2 5 tmb-20240930xex32d2.htm EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO 18 U.S.C. §1350,

AS ADOPTED PURSUANT TO

§906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of ATEL 17, LLC (the “Company”) on Form 10-Q for the period ended September 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Paritosh K. Choksi, Director, Executive Vice President and Chief Financial Officer and Chief Operating Officer of ATEL Managing Member, LLC, Managing Member of the Company, hereby certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: November 14, 2024


/s/ Paritosh K. Choksi
Paritosh K. Choksi
Director, Executive Vice President and Chief
Financial Officer and Chief Operating Officer
of ATEL Managing Member, LLC (Managing Member)

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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Oct. 31, 2024
Document And Entity Information [Abstract]
Document Type	10-Q
Document Period End Date	Sep. 30, 2024
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	333-203841
Entity Registrant Name	ATEL 17, LLC
Entity Incorporation, State or Country Code	CA
Entity Tax Identification Number	90-1108275
Entity Address, Address Line One	505 Montgomery Street, 7th Floor
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94111
City Area Code	415
Local Phone Number	989-8800
Title of 12(g) Security	NONE
No Trading Symbol Flag	true
Security Exchange Name	NONE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Smaller Reporting Company	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001640982
Amendment Flag	false
Entity Units Outstanding		2,565,749

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BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents	$ 217	$ 1,000
Accounts receivable, net	20	52
Warrants, fair value	81	77
Investments in equipment and leases, net	4,256	5,211
Prepaid expenses and other assets	5	4
Total assets	4,579	6,344
Accounts payable and accrued liabilities:
Non-recourse debt	342	593
Unearned operating lease income	50	78
Total liabilities	548	995
Commitments and contingencies
Members' capital:
Managing Member	1	1
Other Members	4,030	5,348
Total Members' capital	4,031	5,349
Total liabilities and Members' capital	4,579	6,344
Managing Member And Affiliates
Accounts payable and accrued liabilities:
Accounts payable and accrued liabilities	10	31
Other Member
Accounts payable and accrued liabilities:
Accounts payable and accrued liabilities	85	228
Nonrelated Party
Accounts payable and accrued liabilities:
Accounts payable and accrued liabilities	$ 61	$ 65

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STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leasing and lending activities:
Operating lease revenue, net	$ 314	$ 434	$ 1,154	$ 1,309
Gain on sales of lease assets	46		221
Other revenue	1	1	12	2
Total operating revenues	361	435	1,387	1,311
Operating expenses:
Depreciation of operating lease assets	233	342	852	1,024
Asset management fees to Managing Member	39	55	146	165
Cost reimbursements to Managing Member and/or affiliates	91	75	237	226
Amortization of initial direct costs	3	6	12	17
Interest expense	5	8	16	30
Professional fees	19	58	134	118
Outside services	28	12	67	56
Other expense	11	7	27	28
Total operating expenses	429	563	1,491	1,664
Net loss from operations	(68)	(128)	(104)	(353)
Net loss from operations
Unrealized loss on fair value adjustment for equity securities		(8)		(10)
Unrealized gain (loss) on fair value adjustment for warrants	6	(5)	4	(7)
Total other income (loss)	6	(13)	4	(17)
Net loss	(62)	(141)	(100)	(370)
Net loss
Other Members	(62)	(141)	(100)	(370)
Net loss	$ (62)	$ (141)	$ (100)	$ (370)
Net loss per Limited Liability Company Unit - Other Members	$ (0.02)	$ (0.05)	$ (0.04)	$ (0.14)
Weighted average number of Units outstanding	2,565,749	2,565,749	2,565,749	2,565,749

XML 15 R4.htm IDEA: XBRL DOCUMENT

STATEMENTS OF CHANGES IN MEMBERS' CAPITAL - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Beginning Balance (in units)			2,565,749
Beginning Balance	$ 4,285	$ 6,637	$ 5,349	$ 7,892
Distributions to Other Members	(192)	(513)	(1,218)	(1,539)
Net Income (Loss)	$ (62)	(141)	$ (100)	(370)
Ending Balance (in units)	2,565,749		2,565,749
Ending Balance	$ 4,031	$ 5,983	$ 4,031	$ 5,983
Other Members [Member]
Beginning Balance (in units)	2,565,749	2,565,749	2,565,749	2,565,749
Beginning Balance	$ 4,284	$ 6,636	$ 5,348	$ 7,891
Distributions to Other Members	(192)	(513)	(1,218)	(1,539)
Net Income (Loss)	$ (62)	$ (141)	$ (100)	$ (370)
Ending Balance (in units)	2,565,749	2,565,749	2,565,749	2,565,749
Ending Balance	$ 4,030	$ 5,982	$ 4,030	$ 5,982
Managing Member [Member]
Beginning Balance	1	1	1	1
Ending Balance	$ 1	$ 1	$ 1	$ 1

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Organization and Limited Liability Company Matters [Abstract]

XML 16 R5.htm IDEA: XBRL DOCUMENT

STATEMENTS OF CHANGES IN MEMBERS' CAPITAL (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Distributions to Other Members, per unit			$ 0.47	$ 0.60
Other Members [Member]
Distributions to Other Members, per unit	$ 0.07	$ 0.20	$ 0.47	$ 0.60

XML 17 R6.htm IDEA: XBRL DOCUMENT

STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023
Operating activities:
Net loss	$ (100)	$ (370)
Adjustment to reconcile net loss to net cash provided by operating activities:
Gain on sales of lease assets	(221)
Depreciation of operating lease assets	852	1,024
Amortization of initial direct costs	12	17
Provision for doubtful accounts	3
Unrealized loss on fair value adjustment for equity securities		10
Unrealized (gain) loss on fair value adjustment for warrants	(4)	7
Changes in operating assets and liabilities:
Accounts receivable	29	5
Due to/from Managing Member and affiliates	(21)	(12)
Prepaid expenses and other assets	(1)	2
Accounts payable, other	(4)	(4)
Unearned operating lease income	(28)	(20)
Net cash provided by operating activities	517	659
Investing activities:
Proceeds from sales of lease assets	312
Net cash provided by investing activities	312
Financing activities:
Repayments under non-recourse debt	(251)	(403)
Distributions to Other Members	(1,361)	(1,539)
Net cash used in financing activities	(1,612)	(1,942)
Net decrease in cash and cash equivalents	(783)	(1,283)
Cash at beginning of period	1,000	2,644
Cash at end of period	217	1,361
Supplemental disclosures of cash flow information:
Cash paid during the year for interest	16	31
Cash paid during the year for taxes	1	1
Schedule of non-cash investing and financing transactions:
Distributions payable to Other Members at year-end	$ 85	$ 228

XML 18 R7.htm IDEA: XBRL DOCUMENT

Organization and Limited Liability Company Matters

9 Months Ended

Sep. 30, 2024

Organization and Limited Liability Company Matters

1. Organization and Limited Liability Company matters:

XML 19 R8.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2024

Summary of Significant Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of significant accounting policies:

Basis of presentation:

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

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:

Segment reporting:

Accounts receivable:

Investment in securities:

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

Investment in equity securities

Warrants

Credit risk:

Equipment on operating leases and related revenue recognition:

Initial direct costs:

Asset valuation:

Acquisition expense:

Fair Value:

Per Unit data:

Net loss and distributions per Unit are based upon the weighted average number of members Units outstanding during the year.

Recent accounting pronouncements:

application. The Company is currently evaluating the impact related to the adoption of ASU 2024-03 on its financial statement disclosures.

XML 20 R9.htm IDEA: XBRL DOCUMENT

Investment in Equipment and Leases, Net

9 Months Ended

Sep. 30, 2024

Investment in Equipment and Leases, Net [Abstract]

Investment in Equipment and Leases, Net

3. Investment in equipment and leases, net:

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


	Balance		Additions/		Depreciation/		Balance
	December 31,		Dispositions/		Amortization		September 30,
	2023		Reclassifications		Expense		2024
Equipment under operating leases, net	$	5,187	$	(91)	$	(852)	$	4,244
Initial direct costs, net		24		-		(12)		12
Total	$	5,211	$	(91)	$	(864)	$	4,256

Impairment of equipment:

As a result of impairment reviews, management determined that no impairment losses existed for the three- and nine-month periods ended September 30, 2024 and 2023.

All of the Company’s lease asset purchases and capital improvements were made during the years from 2016 through 2022.

Operating leases:

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


	Balance						Balance
	December 31,				Reclassifications		September 30,
	2023		Additions		or Dispositions		2024
Construction	$	3,218	$	-	$	-	$	3,218
Mining		2,749		-		-		2,749
Aviation		2,327		-		-		2,327
Transportation, rail		1,723		-		-		1,723
Materials handling		1,249		-		(495)		754
Paper processing		1,058		-		-		1,058
Transportation, other		215		-		(97)		118
		12,539		-		(592)		11,947
Less accumulated depreciation		(7,352)		(852)		501		(7,703)
Total	$	5,187	$	(852)	$	(91)	$	4,244

At September 30, 2024, the aggregate amounts of future minimum lease payments receivable are as follows (in thousands):


	Operating
	Leases
Three months ending December 31, 2024	$	293
Year ending December 31, 2025		687
2026		397
2027		329
2028		165
	$	1,871


Equipment category		Useful Life
Transportation, rail		35 - 50
Aviation		15 - 20
Mining		10 - 15
Paper processing		10 - 15
Construction		7 - 10
Materials handling		7 - 10
Transportation, other		7 - 10

XML 21 R10.htm IDEA: XBRL DOCUMENT

Related Party Transactions

9 Months Ended

Sep. 30, 2024

Related Party Transactions

4. 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.


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
Administrative costs reimbursed to Managing Member and/or affiliates	$	91	$	75	$	237	$	226
Asset management fees to Managing Member		39		55		146		165
	$	130	$	130	$	383	$	391

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 850
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Commitments and contingencies [Abstract]

XML 22 R11.htm IDEA: XBRL DOCUMENT

Non-Recourse Debt

9 Months Ended

Sep. 30, 2024

Non-Recourse Debt [Abstract]

Non-Recourse Debt

5. Non-recourse debt:

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
Three months ending December 31, 2024	$	37	$	4	$	41
Year ending December 31, 2025		73		13		86
2026		76		9		85
2027		79		6		85
2028		77		2		79
	$	342	$	34	$	376

XML 23 R12.htm IDEA: XBRL DOCUMENT

Commitments and contingencies

9 Months Ended

Sep. 30, 2024

Commitments and contingencies

6. Commitments and contingencies:

At September 30, 2024, there were no commitments to purchase lease assets or to fund investments in notes receivable.

XML 24 R13.htm IDEA: XBRL DOCUMENT

Members' Capital

9 Months Ended

Sep. 30, 2024

Members' Capital [Abstract]

Members' Capital

7. Members’ capital:

members. Commencing with the initial closing date, net income and net loss are to be allocated 99.99% to the Other Members and 0.01% to the Managing Member.

Fund distributions are to be allocated 0.01% to the Managing Member and 99.99% to the Other Members. The Company commenced periodic distributions in February 2016.

Distributions to the Other Members for the three and nine months ended September 30, 2024 and 2023 were as follows (in thousands except Units and per Unit data):


		Three Months Ended				Nine Months Ended
		September 30,				September 30,
	2024		2023		2024		2023
Distributions	$	192	$	513	$	1,218	$	1,539
Weighted average number of Units outstanding		2,565,749		2,565,749		2,565,749		2,565,749
Weighted average distributions per Unit	$	0.07	$	0.20	$	0.47	$	0.60

XML 25 R14.htm IDEA: XBRL DOCUMENT

Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Fair Value Measurements [Abstract]

Fair Value Measurements

8. Fair value measurements:

Such fair value adjustments utilized the following methodology:

Warrants (recurring)

The following table reconciles the beginning and ending balances of the Company’s Level 3 recurring assets for the three and nine months ended September 30, 2024 and 2023 (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
Fair value of warrants at beginning of period	$	75	$	136	$	77	$	138
Unrealized gain (loss) on fair value adjustment for warrants		6		(5)		4		(7)
Fair value of warrants at end of period	$	81	$	131	$	81	$	131

Investment in equity securities (recurring)

December 31, 2023, the fair value of equity securities were deemed de minimis. Such valuations are classified within Level 1 of the valuation hierarchy.


September 30, 2024
	Valuation	Valuation	Unobservable	Range of Input Values
Name	Frequency	Technique	Inputs	(Weighted Average)
Warrants	Recurring	Black-Scholes formulation	Stock price	$0.01 - $9.34 ($0.06)
			Exercise price	$0.02 - $9.00 ($0.07)
			Time to maturity (in years)	3.16 - 7.19 (3.30)
			Annualized volatility	48.75% - 83.00% (49.01%)


December 31, 2023
	Valuation	Valuation	Unobservable	Range of Input Values
Name	Frequency	Technique	Inputs	(Weighted Average)
Warrants	Recurring	Black-Scholes formulation	Stock price	$0.01 - $9.34 ($0.06)
			Exercise price	$0.02 - $9.00 ($0.07)
			Time to maturity (in years)	3.91 - 7.94 (4.08)
			Annualized volatility	31.90% - 83.00% (43.07%)

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.

Non-recourse debt

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

Commitments and Contingencies


	Fair Value Measurements at September 30, 2024
	Carrying
	Amount		Level 1		Level 2		Level 3		Total
Financial assets:
Cash and cash equivalents	$	217	$	217	$	-	$	-	$	217
Warrants, fair value		81		-		-		81		81
Financial liabilities:
Non-recourse debt		342		-		-		335		335


	Fair Value Measurements at December 31, 2023
	Carrying
	Amount		Level 1		Level 2		Level 3		Total
Financial assets:
Cash and cash equivalents	$	1,000	$	1,000	$	-	$	-	$	1,000
Warrants, fair value		77		-		-		77		77
Financial liabilities:
Non-recourse debt		593		-		-		579		579

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

XML 26 R15.htm IDEA: XBRL DOCUMENT

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (62)	$ (141)	$ (100)	$ (370)

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Investment in Equipment and Leases, Net [Abstract]

XML 27 R16.htm IDEA: XBRL DOCUMENT

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

XML 28 R17.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Policy)	9 Months Ended
Summary of Significant Accounting Policies (Policy)	Sep. 30, 2024
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 and nine months ended September 30, 2024 are not necessarily indicative of the results to be expected for the full year. Footnote and tabular amounts are presented in thousands, except as to Units and per Unit data. In preparing the accompanying financial statements, the Company has reviewed, as determined necessary by the Managing Member, events that have occurred after September 30, 2024, up until the issuance of the financial statements. No events were noted which would require disclosure in the footnotes to the financial statements.
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 the 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 the 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 on accounts 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 Company’s principal decision makers are the Managing Member’s Chief Executive Officer and its Chief Financial Officer and Chief Operating Officer. The Company believes that its equipment leasing business operates as one reportable segment because: a) the Company measures profit and loss at the equipment portfolio level as a whole; b) the principal decision makers do not review information based on any operating segment other than the equipment leasing transaction portfolio; c) the Company does not maintain discrete financial information on any specific segment other than its equipment financing operations; d) the Company has not chosen to organize its business around different products and services other than equipment lease financing; and e) the Company has not chosen to organize its business around geographic areas. The primary geographic region in which the Company seeks leasing opportunities is North America. For the three and nine months ended September 30, 2024 and 2023, and as of September 30, 2024 and December 31, 2023, all of the Company’s current operating revenues and long-lived assets, respectively, relate to customers domiciled in the United States.
Accounts Receivable	Accounts receivable: Accounts receivable represent the amounts billed under operating lease contracts, and notes receivable which are currently due to the Company. Allowances for doubtful accounts are typically established based on historical charge off and collection experience and the collectability 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.
Investment in Securities	Investment in securities: From time to time, the Company may receive rights to purchase equity securities of its borrowers or receive warrants in connection with its lending arrangements. Investment in equity securities The Company’s equity 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 equity 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 fair value of the Company’s investment equity securities was de minimis as of September 30, 2024 and December 31, 2023. All of such securities were publicly held and had readily determinable fair values. Unrealized gains and losses were de minimis during the three and nine months ended September 30, 2024. During the three and nine months ended September 30, 2023, the Company recorded unrealized losses of $8 thousand and $10 thousand, respectively, on its investment securities. There were no sales of securities for the three and nine months ended September 30, 2024 and 2023. 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. The estimated fair value of the Company’s portfolio of warrants was $81 thousand and $77 thousand at September 30, 2024 and December 31, 2023, respectively. The Company recorded unrealized gains of $6 thousand and $4 thousand on fair valuation of its warrants for the respective three- and nine-month periods ended September 30, 2024. Unrealized losses of $5 thousand and $7 thousand were recorded for the three and nine months ended September 30, 2023, respectively.
Credit Risk	Credit risk: Financial instruments that potentially subject the Company to concentrations of credit risk include cash and cash equivalents, operating lease receivables, and accounts receivable. The Company places the majority of its cash deposits in noninterest-bearing accounts with financial institutions that have no less than $10 billion in assets. Such deposits are insured up to $250 thousand. The concentration of such deposits is not deemed to create a significant risk to the Company. Accounts receivable represent amounts due from lessees 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 Accounting Standards Codification (“ASC”) 360-10-35-3, 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. 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. Provisions for doubtful accounts relating to operating leases are included in lease income in the Company’s financial statements.
Initial Direct Costs	Initial direct costs: Incremental costs of a lease that would not have been incurred if the lease had not been obtained are capitalized and amortized over the lease term. All other costs associated with the execution of the Company’s leases are expensed as incurred.
Asset Valuation	Asset valuation: 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 the 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. 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.
Acquisition Expense	Acquisition expense: Acquisition expense represents costs which include, but are not limited to, legal fees and expenses, travel and communication expenses, cost of appraisals, accounting fees and expenses and miscellaneous expenses related to the selection and acquisition of equipment which are reimbursable to the Managing Member under the terms of the Operating Agreement. As the costs are not eligible for capitalization as initial direct costs, such amounts are expensed as incurred.
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. 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.
Per Unit Data	Per Unit data: Net loss and distributions per Unit are based upon the weighted average number of members Units outstanding during the year.
Recent Accounting Pronouncements	Recent accounting pronouncements: In October 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-06, Disclosure Improvements—Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative, which incorporates into the Accounting Standards Codification (“ASC”) certain incremental disclosure requirements introduced by the Securities and Exchange Commission (“SEC”) as part of its disclosure update and simplification initiative. The amendments in this update are intended to clarify or improve presentation and disclosure requirements around a variety of ASC Topics, improve entity comparability for users, and align ASC requirements with SEC regulations. For entities subject to the SEC’s existing disclosure requirements, the effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective. However, if by June 30, 2027, the SEC has not removed the related disclosure from its regulations, the amendments will be removed from the ASC and not become effective. Early adoption is prohibited. The Company does not expect the issuance of this ASU to have a material impact on its financial statements and disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures – to enhance disclosures about significant segment expenses for public entities reporting segment information. It requires that a public entity disclose, on an annual and interim basis, significant expense categories for each reportable segment. Significant expense categories are derived from expenses that are 1) regularly reported to an entity’s chief operating decision-maker (“CODM”), and 2) included in a segment’s reported measure of profit or loss. The disclosures should include an amount for “other segment items”, reflecting the difference between 1) segment revenue less significant segment expenses, and 2) the reportable segment’s profit or loss measures. It requires that a public entity disclose the title and position of the CODM and how the CODM uses the reported measure of profit or loss to assess segment performance and to allocate resources. Further it clarifies that entities with a single reportable segment must disclose both new and existing segment reporting requirements. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Entities must adopt the guidance on a retrospective basis. The Company is evaluating the accounting and disclosure requirements of this update and does not expect them to have a material effect on the financial statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures, which include improvements to income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. This ASU also includes certain other amendments to better align disclosures with Regulation S-X and to remove disclosures no longer considered cost beneficial or relevant. This ASU is effective for public entities for annual periods beginning after December 15, 2024, with earlier or retrospective application permitted. The amendments in this ASU should be applied prospectively for annual financial statements not yet issued or made available for issuance. The Company is evaluating the future impact of the issuance of this ASU on its financial statements and disclosures. In November 2024, the FASB issued ASU 2024-03, Comprehensive Income (Topic 220) – Disaggregation of Income Statement Expenses, which requires disclosure in the notes to financial statements about specific types of expenses included in the expense captions presented on the face of the statement of operations. The requirements of the ASU are effective for annual periods beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The requirements will be applied prospectively with the option for retrospective application. The Company is currently evaluating the impact related to the adoption of ASU 2024-03 on its financial statement disclosures.

XML 29 R18.htm IDEA: XBRL DOCUMENT

Investment in Equipment and Leases, Net (Tables)

9 Months Ended

Sep. 30, 2024

Investment in Leases

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


	Balance		Additions/		Depreciation/		Balance
	December 31,		Dispositions/		Amortization		September 30,
	2023		Reclassifications		Expense		2024
Equipment under operating leases, net	$	5,187	$	(91)	$	(852)	$	4,244
Initial direct costs, net		24		-		(12)		12
Total	$	5,211	$	(91)	$	(864)	$	4,256

Property on Operating Leases

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


	Balance						Balance
	December 31,				Reclassifications		September 30,
	2023		Additions		or Dispositions		2024
Construction	$	3,218	$	-	$	-	$	3,218
Mining		2,749		-		-		2,749
Aviation		2,327		-		-		2,327
Transportation, rail		1,723		-		-		1,723
Materials handling		1,249		-		(495)		754
Paper processing		1,058		-		-		1,058
Transportation, other		215		-		(97)		118
		12,539		-		(592)		11,947
Less accumulated depreciation		(7,352)		(852)		501		(7,703)
Total	$	5,187	$	(852)	$	(91)	$	4,244

Future Minimum Lease Payments Receivable

At September 30, 2024, the aggregate amounts of future minimum lease payments receivable are as follows (in thousands):


	Operating
	Leases
Three months ending December 31, 2024	$	293
Year ending December 31, 2025		687
2026		397
2027		329
2028		165
	$	1,871

Schedule of Useful Lives of Lease Assets


Equipment category		Useful Life
Transportation, rail		35 - 50
Aviation		15 - 20
Mining		10 - 15
Paper processing		10 - 15
Construction		7 - 10
Materials handling		7 - 10
Transportation, other		7 - 10

XML 30 R19.htm IDEA: XBRL DOCUMENT

Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2024

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
Administrative costs reimbursed to Managing Member and/or affiliates	$	91	$	75	$	237	$	226
Asset management fees to Managing Member		39		55		146		165
	$	130	$	130	$	383	$	391

XML 31 R20.htm IDEA: XBRL DOCUMENT

Non-Recourse Debt (Tables)

9 Months Ended

Sep. 30, 2024

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
Three months ending December 31, 2024	$	37	$	4	$	41
Year ending December 31, 2025		73		13		86
2026		76		9		85
2027		79		6		85
2028		77		2		79
	$	342	$	34	$	376

XML 32 R21.htm IDEA: XBRL DOCUMENT

Members' Capital (Tables)

9 Months Ended

Sep. 30, 2024

Members' Capital [Abstract]

Distributions to Other Members

Distributions to the Other Members for the three and nine months ended September 30, 2024 and 2023 were as follows (in thousands except Units and per Unit data):


		Three Months Ended				Nine Months Ended
		September 30,				September 30,
	2024		2023		2024		2023
Distributions	$	192	$	513	$	1,218	$	1,539
Weighted average number of Units outstanding		2,565,749		2,565,749		2,565,749		2,565,749
Weighted average distributions per Unit	$	0.07	$	0.20	$	0.47	$	0.60

XML 33 R22.htm IDEA: XBRL DOCUMENT

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Measurements [Abstract]

Fair Value, Warrants Measured on Recurring Basis

The following table reconciles the beginning and ending balances of the Company’s Level 3 recurring assets for the three and nine months ended September 30, 2024 and 2023 (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
Fair value of warrants at beginning of period	$	75	$	136	$	77	$	138
Unrealized gain (loss) on fair value adjustment for warrants		6		(5)		4		(7)
Fair value of warrants at end of period	$	81	$	131	$	81	$	131

Summary of Valuation Techniques and Significant Unobservable Inputs Used


September 30, 2024
	Valuation	Valuation	Unobservable	Range of Input Values
Name	Frequency	Technique	Inputs	(Weighted Average)
Warrants	Recurring	Black-Scholes formulation	Stock price	$0.01 - $9.34 ($0.06)
			Exercise price	$0.02 - $9.00 ($0.07)
			Time to maturity (in years)	3.16 - 7.19 (3.30)
			Annualized volatility	48.75% - 83.00% (49.01%)


December 31, 2023
	Valuation	Valuation	Unobservable	Range of Input Values
Name	Frequency	Technique	Inputs	(Weighted Average)
Warrants	Recurring	Black-Scholes formulation	Stock price	$0.01 - $9.34 ($0.06)
			Exercise price	$0.02 - $9.00 ($0.07)
			Time to maturity (in years)	3.91 - 7.94 (4.08)
			Annualized volatility	31.90% - 83.00% (43.07%)

Estimated Fair Values of Financial Instruments


	Fair Value Measurements at September 30, 2024
	Carrying
	Amount		Level 1		Level 2		Level 3		Total
Financial assets:
Cash and cash equivalents	$	217	$	217	$	-	$	-	$	217
Warrants, fair value		81		-		-		81		81
Financial liabilities:
Non-recourse debt		342		-		-		335		335


	Fair Value Measurements at December 31, 2023
	Carrying
	Amount		Level 1		Level 2		Level 3		Total
Financial assets:
Cash and cash equivalents	$	1,000	$	1,000	$	-	$	-	$	1,000
Warrants, fair value		77		-		-		77		77
Financial liabilities:
Non-recourse debt		593		-		-		579		579

XML 34 R23.htm IDEA: XBRL DOCUMENT

Organization and Limited Liability Company Matters (Narrative) (Details) - USD ($)	9 Months Ended	24 Months Ended
	Sep. 30, 2024	Jan. 05, 2018	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Jul. 06, 2016	Feb. 02, 2016	Apr. 28, 2015
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Business activities, description	equipment financing and acquiring equipment to engage in equipment leasing and sales activities
Business formation date	Apr. 16, 2015
Business formation State	California
Initial offering expiration period		2 years
Limited liability company, minimum required proceeds from initial offering		$ 150,000,000
Sale of limited liability Company Units, number of Units									120,000
Proceeds from sale of Limited Liability Company Units	$ 25,700,000								$ 1,200,000
Members capital account, Units outstanding	2,565,749			2,565,749
Reinvestment period	6 years
Minimum [Member]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Amount of aggregate subscriptions for Pennsylvania subscriptions to be released to the Fund									$ 7,500,000
Contributions received, net of rescissions								$ 7,500,000
Other Members [Member]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Members capital account, Units issued	2,565,749			2,565,749
Members capital account, Units outstanding	2,565,749		2,565,749	2,565,749	2,565,749	2,565,749	2,565,749
Initial Member [Member]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Contributions of capital, initial										$ 500
Members capital account, Units issued	50			50

XML 35 R24.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Narrative) (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) segment	Sep. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Summary of Significant Accounting Policies [Line Items]
Cash deposits, insured amount	$ 250		$ 250
Securities sold, but proceed not received	0	$ 0	$ 0	$ 0
Unrealized loss on fair value adjustment for equity securities		(8)		(10)
Number of operating segments \| segment			1
Number of reportable segments \| segment			1
Unrealized gain (loss) on fair value adjustment for warrants	6	(5)	$ 4	(7)
Warrants, fair value	$ 81	$ 131	$ 81	$ 131	$ 75	$ 77	$ 136	$ 138
Minimum [Member]
Summary of Significant Accounting Policies [Line Items]
Operating leases, initial terms	36 months		36 months
Operating leases, period for non-accrual status			90 days
Maximum [Member]
Summary of Significant Accounting Policies [Line Items]
Required assets value of financial institutions for cash deposits			$ 10,000,000
Operating leases, initial terms	120 months		120 months
Operating leases, period of review for impairment			90 days

XML 36 R25.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Schedule of Differences Between Book Value and Tax Basis of Net Assets) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Summary of Significant Accounting Policies [Abstract]
Financial statement basis of net assets	$ 4,031	$ 4,285	$ 5,349	$ 5,983	$ 6,637	$ 7,892

XML 37 R26.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Reconciliation of Net Income (Loss) Reported in Financial Statements and Federal Tax Return) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Summary of Significant Accounting Policies [Abstract]
Net loss	$ (62)	$ (141)	$ (100)	$ (370)

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

XML 38 R27.htm IDEA: XBRL DOCUMENT

Investment in Equipment and Leases, Net (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Lessor, Lease, Description [Line Items]
Lease investment impairment charges	$ 0	$ 0	$ 0	$ 0
Depreciation of operating lease assets	233	342	852	1,024
Additional depreciation			8
Amortization of initial direct costs	$ 3	$ 6	$ 12	$ 17
Average estimated residual value of assets on operating leases	25.00%		25.00%		27.00%
Operating leases in non-accrual status	$ 0		$ 0		$ 0
Operating Leases [Member]
Lessor, Lease, Description [Line Items]
Amortization of initial direct costs	$ 3

XML 39 R28.htm IDEA: XBRL DOCUMENT

Investment in Equipment and Leases, Net (Investment in Leases) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Revenues from External Customers and Long-Lived Assets [Line Items]
Balance December 31, 2022	$ 5,211
Additions/ Dispositions/ Reclassifications	(91)
Depreciation/ Amortization Expense	(864)
Balance December 31, 2023	4,256
Initial direct costs, net [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Balance December 31, 2022	24
Additions/ Dispositions/ Reclassifications	0
Depreciation/ Amortization Expense	(12)
Balance December 31, 2023	12
Equipment under operating leases, net [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Balance December 31, 2022	5,187
Additions/ Dispositions/ Reclassifications	(91)
Depreciation/ Amortization Expense	(852)
Balance December 31, 2023	$ 4,244

Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold or consumed after one year or beyond the normal operating cycle, if longer.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (bb)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 25
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-25

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 17: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481404/852-10-50-7

XML 40 R29.htm IDEA: XBRL DOCUMENT

Investment in Equipment and Leases, Net (Property on Operating Leases) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Lessor, Lease, Description [Line Items]
Property on operating leases, gross	$ 11,947	$ 12,539
Less accumulated depreciation	(7,703)	(7,352)
Property on operating leases, net	4,244	5,187
Additions, gross	0
Additions, less accumulated depreciation	(852)
Additions, net	(852)
Reclassifications or Dispositions, gross	(592)
Reclassifications or Dispositions, less accumulated depreciation	501
Reclassifications or Dispositions, net	(91)
Railroad [Member]
Lessor, Lease, Description [Line Items]
Property on operating leases, gross	1,723	1,723
Additions, gross	0
Reclassifications or Dispositions, gross	0
Mining [Member]
Lessor, Lease, Description [Line Items]
Property on operating leases, gross	2,749	2,749
Additions, gross	0
Reclassifications or Dispositions, gross	0
Construction [Member]
Lessor, Lease, Description [Line Items]
Property on operating leases, gross	3,218	3,218
Additions, gross	0
Reclassifications or Dispositions, gross	0
Aviation [Member]
Lessor, Lease, Description [Line Items]
Property on operating leases, gross	2,327	2,327
Additions, gross	0
Reclassifications or Dispositions, gross	0
Paper Processing [Member]
Lessor, Lease, Description [Line Items]
Property on operating leases, gross	1,058	1,058
Additions, gross	0
Reclassifications or Dispositions, gross	0
Materials Handling [Member]
Lessor, Lease, Description [Line Items]
Property on operating leases, gross	754	1,249
Additions, gross	0
Reclassifications or Dispositions, gross	(495)
Transportation, other [Member]
Lessor, Lease, Description [Line Items]
Property on operating leases, gross	118	$ 215
Additions, gross	0
Reclassifications or Dispositions, gross	$ (97)

XML 41 R30.htm IDEA: XBRL DOCUMENT

Investment in Equipment and Leases, Net (Future Minimum Lease Payments Receivable) (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Operating Leases
Three months ending December 31, 2024	$ 293
Year ending December 31, 2025	687
2026	397
2027	329
2028	165
Operating leases, total	$ 1,871

XML 42 R31.htm IDEA: XBRL DOCUMENT

Investment in Equipment and Leases, Net (Schedule of Useful Lives of Lease Assets) (Details)	Sep. 30, 2024
Railroad [Member] \| Minimum [Member]
Lessor, Lease, Description [Line Items]
Useful lives of lease assets	35 years
Railroad [Member] \| Maximum [Member]
Lessor, Lease, Description [Line Items]
Useful lives of lease assets	50 years
Aviation [Member] \| Minimum [Member]
Lessor, Lease, Description [Line Items]
Useful lives of lease assets	15 years
Aviation [Member] \| Maximum [Member]
Lessor, Lease, Description [Line Items]
Useful lives of lease assets	20 years
Mining [Member] \| Minimum [Member]
Lessor, Lease, Description [Line Items]
Useful lives of lease assets	10 years
Mining [Member] \| Maximum [Member]
Lessor, Lease, Description [Line Items]
Useful lives of lease assets	15 years
Paper Processing [Member] \| Minimum [Member]
Lessor, Lease, Description [Line Items]
Useful lives of lease assets	10 years
Paper Processing [Member] \| Maximum [Member]
Lessor, Lease, Description [Line Items]
Useful lives of lease assets	15 years
Construction [Member] \| Minimum [Member]
Lessor, Lease, Description [Line Items]
Useful lives of lease assets	7 years
Construction [Member] \| Maximum [Member]
Lessor, Lease, Description [Line Items]
Useful lives of lease assets	10 years
Materials Handling [Member] \| Minimum [Member]
Lessor, Lease, Description [Line Items]
Useful lives of lease assets	7 years
Materials Handling [Member] \| Maximum [Member]
Lessor, Lease, Description [Line Items]
Useful lives of lease assets	10 years
Transportation, other [Member] \| Minimum [Member]
Lessor, Lease, Description [Line Items]
Useful lives of lease assets	7 years
Transportation, other [Member] \| Maximum [Member]
Lessor, Lease, Description [Line Items]
Useful lives of lease assets	10 years

XML 43 R32.htm IDEA: XBRL DOCUMENT

Related Party Transactions (Affiliates Earned Commissions and Billed for Reimbursements Pursuant to Operating Agreement (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Related Party Transactions [Abstract]
Administrative costs reimbursed to Managing Member and/or affiliates	$ 91	$ 75	$ 237	$ 226
Asset management fees to Managing Member	39	55	146	165
Related party transactions, total	$ 130	$ 130	$ 383	$ 391

XML 44 R33.htm IDEA: XBRL DOCUMENT

Non-Recourse Debt (Narrative) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long term debt non recourse finance lease	$ 376
Assets	$ 4,579	$ 6,344
Notes maturity date, description	The notes mature from 2024 through 2028
Non-Recourse Debt [Member] \| Asset Pledged as Collateral [Member] \| Notes Payable, Other Payables [Member] \| Nonrecourse [Member]
Debt Instrument [Line Items]
Assets	$ 690,000
Maximum [Member]
Debt Instrument [Line Items]
Fixed interest rate on notes	4.66%

XML 45 R34.htm IDEA: XBRL DOCUMENT

Non-Recourse Debt (Future Minimum Payments of Non-Recourse Debt) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Principal
Three months ending December 31, 2024	$ 37
Year ending December 31, 2025	73
2026	76
2027	79
2028	77
Secured Debt, Total	342	$ 593
Interest
Three months ending December 31, 2024	4
Year ending December 31, 2025	13
2026	9
2027	6
2028	2
Long-term debt interest, total	34
Total
Three months ending December 31, 2024	41
Year ending December 31, 2025	86
2026	85
2027	85
2028	79
Principal and interest, total	$ 376

XML 46 R35.htm IDEA: XBRL DOCUMENT

Commitments and contingencies (Narrative) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Commitments and contingencies [Abstract]
Commitments to purchase lease assets	$ 0

XML 47 R36.htm IDEA: XBRL DOCUMENT

Members' Capital (Narrative) (Details) - shares	9 Months Ended
Members' Capital (Narrative) (Details) - shares	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Members Capital Account [Line Items]
Members capital account, Units outstanding	2,565,749		2,565,749
Potential repurchase price of Units as percentage of holder's capital account	100.00%
Allocation of net income and net loss	100.00%
Other Members [Member]
Members Capital Account [Line Items]
Members capital account, Units issued	2,565,749		2,565,749
Members capital account, Units outstanding	2,565,749	2,565,749	2,565,749	2,565,749	2,565,749	2,565,749
Percentage of fund distributions	99.99%
Other Members [Member] \| After Initial Closing Date [Member]
Members Capital Account [Line Items]
Allocation of net income and net loss	99.99%
Managing Member [Member]
Members Capital Account [Line Items]
Allocation of net income and net loss	0.01%
Managing Member [Member] \| Until Initial Closing Date [Member]
Members Capital Account [Line Items]
Allocation of net income and net loss	99.00%
Managing Member [Member] \| After Initial Closing Date [Member]
Members Capital Account [Line Items]
Percentage of fund distributions	0.01%
Initial Member [Member]
Members Capital Account [Line Items]
Members capital account, Units issued	50		50
Initial Member [Member] \| Until Initial Closing Date [Member]
Members Capital Account [Line Items]
Allocation of net income and net loss	1.00%
Maximum [Member] \| Other Members [Member]
Members Capital Account [Line Items]
Members capital account, units authorized	15,000,000		15,000,000

XML 48 R37.htm IDEA: XBRL DOCUMENT

Members' Capital (Distributions to Other Members) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Distributions	$ 192	$ 513	$ 1,218	$ 1,539
Weighted average number of Units outstanding	2,565,749	2,565,749	2,565,749	2,565,749
Weighted average distributions per Unit			$ 0.47	$ 0.60
Other Members [Member]
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Distributions	$ 192	$ 513	$ 1,218	$ 1,539
Weighted average number of Units outstanding	2,565,749	2,565,749
Weighted average distributions per Unit	$ 0.07	$ 0.20	$ 0.47	$ 0.60

XML 49 R38.htm IDEA: XBRL DOCUMENT

Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Fair Value Measurements [Abstract]
Warrants, fair value	$ 81	$ 75	$ 77	$ 131	$ 136	$ 138

XML 50 R39.htm IDEA: XBRL DOCUMENT

Fair Value Measurements (Fair Value, Warrants Measured on Recurring Basis) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair value of warrants at beginning of year	$ 75	$ 136	$ 77	$ 138
Unrealized gain (loss) on fair value adjustment for warrants	6	(5)	4	(7)
Fair value of warrants at end of year	81	$ 131	81	$ 131
Fair Value, Inputs, Level 3 [Member]
Fair value of warrants at beginning of year			77
Fair value of warrants at end of year	$ 81		$ 81

The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.

+ References + Details

XML 51 R40.htm IDEA: XBRL DOCUMENT

Fair Value Measurements (Fair Value, Investment Securities Measured on Recurring Basis) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Fair Value Measurements [Abstract]
Unrealized loss on fair value adjustment for equity securities	$ (8)	$ (10)