Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 30, 2016 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | ATEL CAPITAL EQUIPMENT FUND X LLC | |
Entity Central Index Key | 1,186,258 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Units Outstanding | 13,971,486 |
Balance Sheets
Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and cash equivalents | $ 2,779 | $ 4,030 |
Accounts receivable, net of allowance for doubtful accounts of $2 at March 31, 2016 and December 31, 2015 | 548 | 505 |
Prepaid expenses and other assets | 106 | 115 |
Investment in securities | 65 | 74 |
Fair value of warrants | 13 | 29 |
Investments in equipment and leases, net of accumulated depreciation of $34,860 at March 31, 2016 and $35,926 at December 31, 2015 | 17,377 | 18,807 |
Total assets | 20,888 | 23,560 |
Accounts payable and accrued liabilities: | ||
Managing Member | 32 | 295 |
Accrued distributions to Other Members | 2,445 | |
Other | 392 | 319 |
Accrued interest payable | 16 | 21 |
Non-recourse debt | 3,379 | 4,493 |
Unearned operating lease income | 101 | 87 |
Total liabilities | $ 3,920 | $ 7,660 |
Commitments and contingencies | ||
Members' capital: | ||
Managing Member | ||
Other Members | $ 16,968 | $ 15,900 |
Total Members' capital | 16,968 | 15,900 |
Total liabilities and Members' capital | $ 20,888 | $ 23,560 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Balance Sheets [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 2 | $ 2 |
Investments in equipment and leases, accumulated depreciation | $ 34,860 | $ 35,926 |
Statements of Income
Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Leasing and lending activities: | ||
Operating leases | $ 1,102 | $ 1,777 |
Direct financing leases | 371 | 550 |
Interest on notes receivable | 7 | |
(Loss) gain on sales of lease assets and early termination of notes | (57) | 253 |
Unrealized loss on fair valuation of warrants | (16) | |
Other | 468 | 118 |
Total revenues | 1,868 | 2,705 |
Expenses: | ||
Depreciation of operating lease assets | 304 | 657 |
Asset management fees to Managing Member and/or affiliates | 65 | 83 |
Costs reimbursed to Managing Member and/or affiliates | 127 | 211 |
Amortization of initial direct costs | 1 | 6 |
Interest expense | 57 | 127 |
Impairment losses on equipment | 345 | |
Railcar maintenance | 53 | 89 |
Reversal of provision for credit losses | (33) | |
Impairment losses on investment in securities | 9 | |
Professional fees | 96 | 84 |
Franchise fees and taxes | 1 | 37 |
Outside services | 31 | 22 |
Other | 56 | 61 |
Total operating expenses | 800 | 1,689 |
Other expense, net | (2) | |
Net income | $ 1,068 | $ 1,014 |
Net income: | ||
Managing Member | ||
Other Members | $ 1,068 | $ 1,014 |
Net income | $ 1,068 | $ 1,014 |
Net income per Limited Liability Company Unit (Other Members) | $ 0.08 | $ 0.07 |
Weighted average number of Units outstanding | 13,971,486 | 13,971,486 |
Statements of Changes in Member
Statements of Changes in Members' Capital - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Beginning Balance (in units) | 13,971,486 | ||
Beginning Balance | $ 15,900,000 | $ 15,905,000 | $ 15,905,000 |
Distributions to Other Members | 0 | 0 | (4,541,000) |
Distributions to Managing Member | (368,000) | ||
Net income | $ 1,068,000 | $ 1,014,000 | $ 4,904,000 |
Ending Balance (in units) | 13,971,486 | 13,971,486 | |
Ending Balance | $ 16,968,000 | $ 15,900,000 | |
Other Members [Member] | |||
Beginning Balance (in units) | 13,971,486 | 13,971,486 | 13,971,486 |
Beginning Balance | $ 15,900,000 | $ 15,905,000 | $ 15,905,000 |
Distributions to Other Members | (4,541,000) | ||
Net income | $ 1,068,000 | $ 4,536,000 | |
Ending Balance (in units) | 13,971,486 | 13,971,486 | |
Ending Balance | $ 16,968,000 | $ 15,900,000 | |
Managing Member [Member] | |||
Distributions to Managing Member | (368,000) | ||
Net income | $ 368,000 |
Statements of Changes in Membe6
Statements of Changes in Members' Capital (Parenthetical) | 12 Months Ended |
Dec. 31, 2015$ / shares | |
Statements of Changes in Members' Capital [Abstract] | |
Weighted average distributions per Unit | $ 0.33 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Operating activities: | ||
Net income | $ 1,068 | $ 1,014 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Loss (gain) on sales of lease assets and early termination of notes | 57 | (253) |
Depreciation of operating lease assets | 304 | 657 |
Amortization of initial direct costs | 1 | 6 |
Impairment losses on equipment | 345 | |
Reversal of provision for credit losses | (33) | |
Impairment losses on investment in securities | 9 | |
Unrealized loss on fair valuation of warrants | 16 | |
Changes in operating assets and liabilities: | ||
Accounts receivable | (43) | 33 |
Prepaid expenses and other assets | 9 | 9 |
Accounts payable, Managing Member | (65) | (130) |
Accounts payable, other | 73 | (35) |
Accrued interest payable | (5) | (5) |
Unearned operating lease income | 14 | |
Net cash provided by operating activities | 1,438 | 1,608 |
Investing activities: | ||
Purchase of securities | (3) | |
Proceeds from sales of lease assets and early termination of notes | 293 | 373 |
Principal payments received on direct financing leases | 775 | 621 |
Principal payments received on notes receivable | 35 | |
Net cash provided by investing activities | 1,068 | 1,026 |
Financing activities: | ||
Repayments under non-recourse debt | (1,114) | (1,148) |
Net cash used in financing activities | (3,757) | (5,302) |
Net decrease in cash and cash equivalents | (1,251) | (2,668) |
Cash and cash equivalents at beginning of period | 4,030 | 4,647 |
Cash and cash equivalents at end of period | 2,779 | 1,979 |
Supplemental disclosures of cash flow information: | ||
Cash paid during the period for interest | 62 | 132 |
Cash paid during the period for taxes | 1 | 2 |
Managing Member [Member] | ||
Financing activities: | ||
Distributions to Members | (198) | (312) |
Other Members [Member] | ||
Operating activities: | ||
Net income | 1,068 | |
Financing activities: | ||
Distributions to Members | $ (2,445) | $ (3,842) |
Organization and Limited Liabil
Organization and Limited Liability Company Matters | 3 Months Ended |
Mar. 31, 2016 | |
Organization and Limited Liability Company Matters [Abstract] | |
Organization and Limited Liability Company Matters | 1. Organization and Limited Liability Company matters: ATEL Capital Equipment Fund X, LLC (the “Company” or the “Fund”) was formed under the laws of the State of California on August 12, 2002 for the purpose of engaging in the sale of limited liability company investment units and acquiring equipment to engage in equipment leasing, lending and sales activities, primarily in the United States. The Managing Member or Manager of the Company is ATEL Financial Services, LLC (“AFS”), a California limited liability company. The Company may continue until December 31, 2022 . The Company conducted a public offering of 15,000,000 Limited Liability Company Units (“Units”), at a price of $ 10 per Unit. On April 9, 2003, subscriptions for the minimum number of Units ( 120,000 , representing $ 1.2 million) had been received (excluding subscriptions from Pennsylvania investors) and AFS requested that the subscriptions be released to the Company. On that date, the Company commenced operations in its primary business. As of March 11, 2005, the offering was terminated. As of that date, subscriptions for 14,059,136 Units ($ 140.6 million) had been received, of which 87,650 Units ($ 720 thousand) were subsequently rescinded or repurchased (net of distributions paid and allocated syndication costs, as applicable) by the Company through March 31, 2016. As of March 31, 2016 , 13,971,486 Units remain issued and outstanding . The Co mpany’s principal objectives are to invest in a diversified portfolio of equipment that (i) preserves, protects and returns the Company’s invested capital; (ii) generates regular distributions to the members of cash from operations and cash from sales or refinancing, with any balance remaining after certain minimum distributions to be used to purchase additional equipment during the reinvestment period (“Reinvestment Period”) (defined as six full years following the year the offering was terminated) which end ed on December 31, 2011 and (iii) provides additional distributions following the Reinvestment Period and until all equipment has been sold. The Company is governed by the Limited Liability Company Operating Agreement (“Operating Agreement”) , as amended. On January 1, 2012, the Company commenced liquidation phase activities pursuant to the guidelines of the Operating Agreement. Pursuant to the terms of the Operating Agreement , AFS receives compensation and reimbursements for services rendered on b ehalf of the Company (See Note 6 ). The Company is required to maintain reasonable cash reserves for working capital, the repurchase of Units and contingencies. The repurchase of Units is solely at the discretion of AFS. 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, 2015, filed with the Securities and Exchange Commission. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2016 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of significant accounting policies: Basis of presentation: The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q as mandated by the Securities and Exchange Commission. The unaudited interim financial statements reflect all adjustments which are, in the opinion of the Managing Member, necessary for a fair statement of financial position and results of operations for the interim periods presented. All such adjustments are of a normal recurring nature. Operating results for the three months ended March 31, 2016 are not necessarily indicative of the results to be expected for the full year. Certain prior period amounts may have been reclassified to conform to the current period presentation. These reclassifications had no significant effect on the reported financial position or results of operations. Footnote and tabular amounts are presented in thousands, except as to Units and per Unit data. In preparing the accompanying unaudited financial statements, the Managing Member has reviewed events that have occurred after March 31, 2016 , up until the issuance of the financial statements. No events were noted which would require additional disclosure in the footnotes to the financial statements , and adjustments thereto . Use of estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Such estimates primarily relate to the determination of residual values at the end of the lease term and expected future cash flows used for impairment analysis purposes and determination of the allowances for doubtful accounts and notes receivable. Segment reporting: The Company is not organized by multiple operating segments for the purpose of making operating decisions or assessing performance. Accordingly, the Company operates in one reportable operating segment in the United States. The primary geographic regions in which the Company sought leasing opportunities were North America and Europe. For the three months ended March 31, 2016 and 2015, and as of March 31, 2016 and December 31, 2015, 100% of the Company’s operating revenues and long-lived assets relate to customers domiciled in North America. Investment in securities: From time to time, the Company may purchase securities of its borrowers or receive warrants to purchase securities in connection with its lending arrangements. Purchased securities Purchased securities are generally not registered for public sale and are carried at cost. Such securities are adjusted to fair value if the fair value is less than the carrying value and such impairment is deemed by the Managing Member to be other than temporary. 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. Based upon the Company’s review of its portfolio, a fair value adjustment of $9 thousand was recorded in the three months ended March 31, 2016 to reduce the recorded value of certain securities to fair value . No fair value adjustment was deemed necessary for the three months ended March 31, 2015 . Likewise, there were no investment securities sold or disposed of during the three months ended March 31, 2016 and 2015. Warrants Warrants owned by the Company are not registered for public sale, but are considered derivatives and are reflected at an estimated fair value on the balance sheet as determined by the Managing Member. During the three months ended March 31, 2016 , the Company recorded unrealized losses of $ 16 thousand on the fair valuation of its warrant holdings. There were no unrealized gains or losses recorded during the prior year period. At March 31, 2016 and December 31, 2015, the Managing Member estimated the fair value of the warrants to be $13 thousand and $29 thousand, respectively. There were no exercises of warrants, net or otherwise, during the three months ended March 31, 2016 and 2015. Other expense, net: Other expense, net consisted solely of net losses on foreign exchange transactions. Per Unit data: The Company issues only one class of Units, none of which are considered dilutive. Net income and distributions per Unit are based upon the weighted average number of Other Members’ Units outstanding during the period. Recent accounting pronouncements: In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2016-02, Leases (Topic 842) (“ASU 2016-02”). The new standard will require lessees to recognize lease assets and lease liabilities arising from operating leases with lease terms greater than 12 months in the statement of financial position. Lessor accounting per ASU 2016-02 is mostly unchanged from the previous lease accounting GAAP. Certain changes were made to the lessor accounting guidance in order to align the lessor accounting with the lessee accounting model and Topic 606, Revenue from Contracts with Customers. Similar to the previous guidance, lessors will classify leases as operating, direct financing, or sales-type. Lessors in operating leases will continue to recognize the underlying asset and recognize income on a straight-line basis. Lessors determine whether a lease is a sale of the underlying asset based on whether the lessee effectively obtains control of the underlying assets. ASU-2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. Management is currently evaluating the standard and its operational and related disclosure requirements. In January 2016, FASB issued Accounting Standards Update 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”). The new standard provides guidance related to accounting for equity investments and financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, FASB clarified guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. ASU 2016-01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Management is currently evaluating the standard and its operational and related disclosure requirements. In August 2014, the FASB issued Accounting Standards Update 2014-15, Presentation of Financial Statements — Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU-2014-15”). The new standard provides guidance relative to management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption is permitted. Management does not expect the adoption of ASU 2014-15 to have a material impact on the Company’s financial statements or related disclosures. In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which amends the existing accounting standards for revenue recognition. ASU 2014-09 is based on principles that govern the recognition of revenue at an amount an entity expects to be entitled when products are transferred to customers. On July 9, 2015, the FASB approved the deferral of the effective date of ASU 2014-09 by one year and in August 2015, issued Revenue from Contracts from Customers (Topic 606): Deferral of the Effective Date (“ASU 2015-14”). ASU 2015-14 is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 31, 2016, including interim reporting periods within that reporting period. The new revenue standard may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of adoption. The Company evaluated the impact of the new standard on its financial statements and has determined that such impact is virtually non-existent as the new revenue guideline does not affect revenues from leases and loans, which comprise the majority of the Company’s revenues. |
Notes Receivable, Net
Notes Receivable, Net | 3 Months Ended |
Mar. 31, 2016 | |
Notes Receivable, Net [Abstract] | |
Notes Receivable, Net | 3. Notes receivable, net: The Company has had various notes receivable from borrowers who have financed the purchase of equipment through the Company. The notes were secured by the equipment financed. The Company had one note receivable which remained unsettled as of March 31, 2015. As of such date, the note had an outstanding balance of $297 thousand, an annual interest rate of 8.51% and a maturity date of January 1, 2016 . Interest income on the note amounted to $7 thousand during the first three months of 2015. Such note was fully settled in December 2015. |
Allowance for Credit Losses
Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2016 | |
Allowance for Credit Losses [Abstract] | |
Allowance for Credit Losses | 4. Allowance for credit losses: The Company’s allowance for credit losses totaled $2 thousand at both March 31, 2016 and December 31, 2015. All of such allowance were related to delinquent operating lease receivables. The Company had neither financing receivables in non-accrual status nor impaired financing receivables at both March 31, 2016 and December 31, 2015. |
Investments in Equipment and Le
Investments in Equipment and Leases, Net | 3 Months Ended |
Mar. 31, 2016 | |
Investments in Equipment and Leases, Net [Abstract] | |
Investment in Equipment and Leases, Net | 5. Investment in equipment and leases, net: The Company’s investment in equipment leases consists of the following (in thousands): Balance December 31, 2015 Reclassifications, Additions / Dispositions Depreciation/ Amortization Expense or Amortization of Leases Balance March 31, 2016 Net investment in operating leases $ 9,793 $ (322) $ (304) $ 9,167 Net investment in direct financing leases 6,315 (1) (775) 5,539 Assets held for sale or lease, net 2,696 (27) - 2,669 Initial direct costs, net of accumulated amortization of $85 at March 31, 2016 and $86 at December 31, 2015 3 - (1) 2 Total $ 18,807 $ (350) $ (1,080) $ 17,377 Impairment of investments in leases and assets held for sale or lease: Recorded values of the Company’s leased asset portfolio are reviewed each quarter to confirm the reasonableness of established residual values and to determine whether there is indication that an asset impairment might have taken place. The Company uses a variety of sources and considers many factors in evaluating whether the respective book values of its assets are appropriate. In addition, the Company may direct a residual value review at any time if it becomes aware of issues regarding the ability of a lessee to continue to make payments on its lease contract. An impairment loss is measured and recognized only if the estimated undiscounted future cash flows of the asset are less than their net book value. The estimated undiscounted future cash flows are the sum of the residual value of the asset at the end of the asset’s lease contract and undiscounted future rents from the existing lease contract, if any. The residual value assumes, among other things, that the asset is utilized normally in an open, unrestricted and stable market. Short-term fluctuations in the marketplace are disregarded and it is assumed that there is no necessity either to dispose of a significant number of the assets, if held in quantity, simultaneously or to dispose of the asset quickly. Impairment is measured as the difference between the fair value (as determined by a valuation method using discounted estimated future cash flows, third party appraisals or comparable sales of similar assets as applicable based on asset type) of the asset and its carrying value on the measurement date. Upward adjustments for impairments recognized in prior periods are not made in any circumstances. As a result of these reviews, management determined that no impairment losses existed during the three months ended March 31, 2016. By comparison, the Company recorded $345 thousand of fair value adjustments to reduce the cost basis of certain impaired lease equipment during the three months ended March 31, 2015. The Company utilizes a straight line depreciation method for equipment in all of the categories currently in its portfolio of operating lease transactions. Depreciation expense on the Company’s equipment totaled $304 thousand and $657 thousand for the respective three months ended March 31, 2016 and 2015. Initial direct costs amortization expense related to the Company’s operating and direct financing leases totaled $1 thousand and $6 thousand for the respective three months ended March 31, 2016 and 2015. All of the remaining property on lease was acquired during the years 2004 through 2011. Operating leases: Property on operating leases consists of the following (in thousands): Balance December 31, 2015 Additions Reclassifications or Dispositions Balance March 31, 2016 Transportation, rail $ 21,892 $ - $ (485) $ 21,407 Transportation, other 13,926 - (977) 12,949 Aircraft 3,026 - - 3,026 Materials handling 1,536 - (710) 826 Manufacturing 624 - - 624 Petro/natural gas 470 - - 470 Agriculture 350 - - 350 41,824 - (2,172) 39,652 Less accumulated depreciation (32,031) (304) 1,850 (30,485) Total $ 9,793 $ (304) $ (322) $ 9,167 The average estimated residual value for assets on operating leases was 20% and 21 % of the assets’ original cost at March 3 1 , 201 6 and December 31, 2015, respectively . There were no operating leases placed in non-accrual status as of the same dates . Direct financing leases: As of March 31, 2016 and December 31 , 201 5, investment in direct financing leases generally consists of materials handling, mining, construction and agriculture equipment. The components of the Company’s investment in direct financing leases as of March 31, 2016 and December 31, 2015 are as follows (in thousands): March 31, 2016 December 31, 2015 Total minimum lease payments receivable $ 2,678 $ 3,823 Estimated residual values of leased equipment (unguaranteed) 3,556 3,558 Investment in direct financing leases 6,234 7,381 Less unearned income (695) (1,066) Net investment in direct financing leases $ 5,539 $ 6,315 There were no direct financing leases placed in non-accrual status as of March 31, 2016 and December 31, 2015 . At March 31, 2016 , the aggregate amounts of future minimum lease payments receivable are as follows (in thousands): Operating Leases Direct Financing Leases Total Nine months ending December 31, 2016 $ 1,499 $ 2,652 $ 4,151 Year ending December 31, 2017 1,628 26 1,654 2018 1,095 - 1,095 2019 481 - 481 2020 232 - 232 Thereafter 25 - 25 $ 4,960 $ 2,678 $ 7,638 The useful lives for each category of leases is reviewed at a minimum of once per quarter. As of March 31, 2016 , the respective useful lives of each category of lease assets in the Company’s portfolio are as follows (in years): Equipment category Useful Life Transportation, rail 35 - 40 Mining 30 - 40 Aircraft 20 - 30 Manufacturing 10 - 15 Petro/natural gas 10 - 15 Agriculture 7 - 10 Construction 7 - 10 Materials handling 7 - 10 Transportation, other 7 - 10 |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 6 . Related party transactions: The terms of the Operating Agreement provide that AFS and/or affiliates are entitled to receive certain fees for equipment management and resale and for management of the Company. The Operating Agreement allows for the reimbursement of costs incurred by AFS in providing administrative services to the Company. Administrative services provided include Company accounting, finance/treasury, investor relations, legal counsel and lease and equipment documentation. AFS is not reimbursed for services whereby it is entitled to receive a separate fee as compensation for such services, such as management of equipment. The Company would be liable for certain future costs to be incurred by AFS to manage the administrative services provided to the Company. Each of ATEL Leasing Corporation (“ALC”) and AFS is a wholly-owned subsidiary of ATEL Capital Group and performs services for the Company. Acquisition services, equipment management, lease administration and asset disposition services are performed by ALC; investor relations, communications services and general administrative services for the Company are performed by AFS. Cost reimbursements to the Managing Member 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 Fund’s Operating Agreement places an annual limit and a cumulative limit for cost reimbursements to AFS and/or affiliates. Any reimbursable costs incurred by AFS and/or affiliates during the year exceeding the annual and/or cumulative limits cannot be reimbursed in the current year, though such costs may be recovered in future years to the extent of the cumulative limit. As of March 31, 2016, the Company has not exceeded the annual and/or cumulative limitations discussed above. During the three months ended March 31, 2016 and 2015, AFS and/or affiliates earned fees and billed for reimbursements of costs and expenses pursuant to the Operating Agreement as follows (in thousands): Three Months Ended March 31, 2016 2015 Costs reimbursed to Managing Member and/or affiliates $ 127 $ 211 Asset management fees to Managing Member and/or affiliates 65 83 $ 192 $ 294 |
Non-Recourse Debt
Non-Recourse Debt | 3 Months Ended |
Mar. 31, 2016 | |
Non-Recourse Debt [Abstract] | |
Non-Recourse Debt | 7 . N on-recourse debt: At March 3 1 , 2016 , non-recourse debt consists of notes payable to financial institutions. The notes are due in monthly installments. Interest on the notes is at fixed rates ranging from 1.97 % to 6.66 %. The notes are secured by assignments of lease payments and pledges of assets. At March 3 1 , 2016 , gross operating lease rentals and future payments on direct financing leases totaled approximately $ 3.1 million over the remaining lease terms; and the carrying value of the pledged assets is $ 6.2 million . The notes mature at various dates from 2016 through 2018 . The non-recourse debt does not contain any material financial covena nts. The debt is secured by a specific lien granted by the Company to the non-recourse lenders on (and only on) the discounted lease transactions. The lenders have recourse only to the following collateral: the leased equipment; the related lease chattel paper; the lease receivables; and proceeds of the foregoing items. The non-recourse obligation is payable solely out of the respective specific security and the Company does not guarantee (nor is the Company otherwise contractually responsible for) the payment of the non-recourse debt as a general obligation or liability of the Company. Although the Company does not have any direct or general liability in connection with the non-recourse debt apart from the security granted, the Company is directly and generally liable and responsible for certain representations, warranties, and covenants made to the lenders, such as warranties as to genuineness of the transaction parties' signatures, as to the genuineness of the respective lease chattel paper or the transaction as a whole, or as to the Company's good title to or perfected interest in the secured collateral, as well as similar representations, warranties and covenants typically provided by non-recourse borrowers and customary in the equipment finance industry, and are viewed by such industry as being consistent with non-recourse discount financing obligations. Accordingly, as there are no financial covenants or ratios imposed on the Company in connection with the non-recourse debt, the Company has determined that there are no material covenants with respect to the non-recourse debt that warrant footnote disclosure. Future minimum payments of non-recourse debt are as follows (in thousands): Principal Interest Total Nine months ending December 31, 2016 $ 2,871 $ 80 $ 2,951 Year ending December 31, 2017 425 5 430 2018 83 - 83 $ 3,379 $ 85 $ 3,464 |
Commitments
Commitments | 3 Months Ended |
Mar. 31, 2016 | |
Commitments [Abstract] | |
Commitments | 8 . Commitments: At March 3 1 , 2016 , there were no commitments to purchase lease assets or fund investments in notes receivable. |
Guarantees
Guarantees | 3 Months Ended |
Mar. 31, 2016 | |
Guarantees [Abstract] | |
Guarantees | 9 . Guarantees: 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. |
Members' Capital
Members' Capital | 3 Months Ended |
Mar. 31, 2016 | |
Members' Capital [Abstract] | |
Members' Capital | 1 0 . Members’ capital: Units issued and outstanding were 13,971,486 at both March 31, 2016 and December 3 1 , 2015 . The Company was authorized to issue up to 15,000,000 Units in addition to t he Units issued to the initial M embers ( 50 Units). The Company ceased offering Units on March 11, 2005. The Company has the right, exercisable in the Manager’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 r equest. The repurchase of Fund U nits 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 Manager on terms it determines to be appropriate under given circumstances, in the event that the Manager 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. As defined in the Operating Agreement, the Company’s Net Income, Net Losses, and Distributions, are to be allocated 92.5% to the Other Members and 7.5 % to AFS. There were no distributions declared or paid during the three months ended March 31, 2016 and 2015. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | 11 . Fair value measurements: Fair value measurements and disclosures are based on a fair value hierarchy as determined by significant inputs used to measure fair value. The three levels of inputs within the fair value hierarchy are defined as follows: Level 1 – Quoted prices in active markets for identical assets or liabilities. An active market for the asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis, generally on a national exchange. Level 2 – Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuations in which all significant inputs are observable in the market. Level 3 – Valuation is modeled using significant inputs that are unobservable in the market. These unobservable inputs reflect the Company's own estimates of assumptions that market participants would use in pricing the asset or liability. At March 31, 2016 and December 31, 2015, only the Company’s warrants were measured on a recurring basis. During the first quarter of 2016, the Company recorded non-recurring fair value adjustments to reduce the cost basis of an impaired security to zero. During 2015, such non-recurring adjustments were recorded to reduce the cost bases of impaired equipment. Amounts at December 31, 2015 reflect the fair values of the then existing impaired equipment. 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. Such fair value adjustments utilized the following methodology: Warrants (recurring) Warrants owned by the Company are not registered for public sale, but are considered derivatives and are carried on the balance sheet at an estimated fair value at the end of the period. The valuation of the warrants was determined using a Black-Scholes formulation of value based upon the stock price(s), the exercise price(s), the volatility of comparable venture companies, and a risk free interest rate for the term(s) of the warrant exercise(s). As of March 31, 2016 and December 31, 2015, the calculated fair value of the Fund’s warrant portfolio approximated $13 thousand and $29 thousand, 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 (in thousands): Level 3 Assets Balance at December 31, 2015 $ 29 Unrealized loss on warrants, net recorded during the period (16) Balance at March 31, 2016 $ 13 Impaired investment securities (non-recurring) The Company’s investment securities are not registered for public sale and are carried at cost. The investment securities are adjusted for any impairment based upon factors which 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. During the first quarter of 2016, the Company recorded a $9 thousand fair value adjustment to reduce the cost basis of an impaired investment security to zero. The 100% reduction in value was based on a market approach technique and uses inputs that reflect qualitative and quantitative information provided by the management of the investee. Such information indicated a significantly reduced value as evidenced by the purchase price of the investee as contemplated in its acquisition terms. During 2015, the Company recorded non-recurring fair value adjustments of $14 thousand to reduce the cost basis of certain impaired investment securities, none of which were recorded during the first quarter. A majority of the reduction in value was based on a market approach technique and uses inputs that reflect qualitative and quantitative information provided by the management of the investee, which indicated reduced growth opportunity and eventual reduction in cash flows and revenues. Under the Fair Value Measurements Topic of the FASB Accounting Standards Codification, the fair value of the aforementioned impaired investment securities were classified within Level 3 of the valuation hierarchy. Impaired lease and/or off-lease equipment (non-recurring) During 2015, the Company deemed certain petroleum/natural gas and transportation equipment to be impaired. Accordingly, the Company recorded fair value adjustments of $437 thousand to reduce the cost basis of the equipment, of which $345 thousand was recorded during the first quarter of 2015. There were no such adjustments during the current year quarter . The aforementioned adjustments were non-recurring. Under the Fair Value Measurements Topic of the FASB Accounting Standards Codification, the fair values of such impaired equipment are classified within Level 3 of the valuation hierarchy as the data sources utilized for the valuation of the assets reflect significant inputs that are unobservable in the market. Such valuation utilizes a market approach technique and uses inputs that reflect the sales price of similar assets sold by affiliates and/or information from third party remarketing agents not readily available in the market. As previously mentioned, the fair value of the investment security impaired during the first quarter of 2016 was zero as of March 31, 2016. The table below presents the fair value measurement of assets measured at fair value on a non-recurring basis and the level within the hierarchy in which the fair value measurements fall as of December 31, 2015 (in thousands): December 31, 2015 Level 1 Estimated Fair Value Level 2 Estimated Fair Value Level 3 Estimated Fair Value Assets measured at fair value on a non-recurring basis: Impaired lease and off-lease equipment $ 120 $ - $ - $ 120 Impaired investment securities 8 - - 8 The following tables summarize the valuation techniques and significant unobservable inputs used for the Company’s recurring and non-recurring fair value adjustments categorized as Level 3 in the fair value hierarchy at March 31, 2016 and December 31, 2015: March 31, 2016 Name Valuation Frequency Valuation Technique Unobservable Inputs Range of Input Values Warrants Recurring Black-Scholes formulation Stock price $0.35 - $1.25 Exercise price $0.91 - $1.25 Time to maturity (in years) 2.16 -2.50 Risk-free interest rate 0.75% - 0.80% Annualized volatility 100% Investment Securities Non-recurring Market Approach Qualitative and quantitative information (Investee Management) Not Applicable December 31, 2015 Name Valuation Frequency Valuation Technique Unobservable Inputs Range of Input Values Warrants Recurring Black-Scholes formulation Stock price $0.35 - $1.25 Exercise price $0.91 - $1.25 Time to maturity (in years) 2.41 -2.75 Risk-free interest rate 1.16% - 1.25% Annualized volatility 100% Lease Equipment Non-recurring Market Approach Third Party Agents' Pricing $0 - $20,000 Quotes – per equipment (total of $120,000 ) Equipment Condition Poor to Average Investment Securities Non-recurring Market Approach Qualitative and quantitative information (Investee Management) Not Applicable 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 has determined the estimated fair value amounts by using market information and valuation methodologies that it considers appropriate and consistent with the fair value accounting guidance. Considerable judgment is required to interpret market data to develop the estimates of fair value. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. Cash and cash equivalents The recorded amounts of the Company’s cash and cash equivalents approximate fair value because of the liquidity and short-term maturity of these instruments. Notes receivable The fair value of the Company’s notes receivable is generally estimated based upon various methodologies deployed by financial and credit management including, but not limited to, credit analysis, third party appraisal and/or discounted cash flow analysis based upon current market valuation techniques and market rates for similar types of lending arrangements, which may consider adjustments for impaired loans as deemed necessary . Investment in securities The Company’s investment securities are not registered for public sale and are carried at cost which management believes approximates fair value, as appropriately adjusted for impairment. 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 arrangements. Commitments and Contingencies Management has determined that no recognition for the fair value of the Company’s loan commitments is necessary because their terms are made on a market rate basis and require borrowers to be in compliance with the Company’s credit requirements at the time of funding. The fair value of contingent liabilities (or guarantees) is not considered material because management believes there has been no event that has occurred wherein a guarantee liability has been incurred or will likely be incurred. The following tables present a summary of the carrying value and fair value by level of financial instruments on the Company’s balance sheets at March 31, 2016 and December 31, 2015 (in thousands): Fair Value Measurements at March 31, 2016 Carrying Value Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 2,779 $ 2,779 $ - $ - $ 2,779 Investment in securities 65 - - 65 65 Fair value of warrants 13 - - 13 13 Financial liabilities: Non-recourse debt 3379 - - 3410 3410 Fair Value Measurements at December 31, 2015 Carrying Value Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 4,030 $ 4,030 $ - $ - $ 4,030 Investment in securities 74 - - 74 74 Fair value of warrants 29 - - 29 29 Financial liabilities: Non-recourse debt 4,493 - - 4,541 4,541 |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (Policy) | 3 Months Ended |
Mar. 31, 2016 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of Presentation | Basis of presentation: The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q as mandated by the Securities and Exchange Commission. The unaudited interim financial statements reflect all adjustments which are, in the opinion of the Managing Member, necessary for a fair statement of financial position and results of operations for the interim periods presented. All such adjustments are of a normal recurring nature. Operating results for the three months ended March 31, 2016 are not necessarily indicative of the results to be expected for the full year. Certain prior period amounts may have been reclassified to conform to the current period presentation. These reclassifications had no significant effect on the reported financial position or results of operations. Footnote and tabular amounts are presented in thousands, except as to Units and per Unit data. In preparing the accompanying unaudited financial statements, the Managing Member has reviewed events that have occurred after March 31, 2016 , up until the issuance of the financial statements. No events were noted which would require additional disclosure in the footnotes to the financial statements , and adjustments thereto . |
Use of Estimates | Use of estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Such estimates primarily relate to the determination of residual values at the end of the lease term and expected future cash flows used for impairment analysis purposes and determination of the allowances for doubtful accounts and notes receivable. |
Segment Reporting | Segment reporting: The Company is not organized by multiple operating segments for the purpose of making operating decisions or assessing performance. Accordingly, the Company operates in one reportable operating segment in the United States. The primary geographic regions in which the Company sought leasing opportunities were North America and Europe. For the three months ended March 31, 2016 and 2015, and as of March 31, 2016 and December 31, 2015, 100% of the Company’s operating revenues and long-lived assets relate to customers domiciled in North America. |
Investment in Securities | Investment in securities: From time to time, the Company may purchase securities of its borrowers or receive warrants to purchase securities in connection with its lending arrangements. Purchased securities Purchased securities are generally not registered for public sale and are carried at cost. Such securities are adjusted to fair value if the fair value is less than the carrying value and such impairment is deemed by the Managing Member to be other than temporary. 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. Based upon the Company’s review of its portfolio, a fair value adjustment of $9 thousand was recorded in the three months ended March 31, 2016 to reduce the recorded value of certain securities to fair value . No fair value adjustment was deemed necessary for the three months ended March 31, 2015 . Likewise, there were no investment securities sold or disposed of during the three months ended March 31, 2016 and 2015. Warrants Warrants owned by the Company are not registered for public sale, but are considered derivatives and are reflected at an estimated fair value on the balance sheet as determined by the Managing Member. During the three months ended March 31, 2016 , the Company recorded unrealized losses of $ 16 thousand on the fair valuation of its warrant holdings. There were no unrealized gains or losses recorded during the prior year period. At March 31, 2016 and December 31, 2015, the Managing Member estimated the fair value of the warrants to be $13 thousand and $29 thousand, respectively. There were no exercises of warrants, net or otherwise, during the three months ended March 31, 2016 and 2015. |
Other Expense, Net: | Other expense, net: Other expense, net consisted solely of net losses on foreign exchange transactions. |
Per Unit Data | Per Unit data: The Company issues only one class of Units, none of which are considered dilutive. Net income and distributions per Unit are based upon the weighted average number of Other Members’ Units outstanding during the period. |
Recent Accounting Pronouncements | Recent accounting pronouncements: In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2016-02, Leases (Topic 842) (“ASU 2016-02”). The new standard will require lessees to recognize lease assets and lease liabilities arising from operating leases with lease terms greater than 12 months in the statement of financial position. Lessor accounting per ASU 2016-02 is mostly unchanged from the previous lease accounting GAAP. Certain changes were made to the lessor accounting guidance in order to align the lessor accounting with the lessee accounting model and Topic 606, Revenue from Contracts with Customers. Similar to the previous guidance, lessors will classify leases as operating, direct financing, or sales-type. Lessors in operating leases will continue to recognize the underlying asset and recognize income on a straight-line basis. Lessors determine whether a lease is a sale of the underlying asset based on whether the lessee effectively obtains control of the underlying assets. ASU-2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. Management is currently evaluating the standard and its operational and related disclosure requirements. In January 2016, FASB issued Accounting Standards Update 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”). The new standard provides guidance related to accounting for equity investments and financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, FASB clarified guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. ASU 2016-01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Management is currently evaluating the standard and its operational and related disclosure requirements. In August 2014, the FASB issued Accounting Standards Update 2014-15, Presentation of Financial Statements — Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU-2014-15”). The new standard provides guidance relative to management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption is permitted. Management does not expect the adoption of ASU 2014-15 to have a material impact on the Company’s financial statements or related disclosures. In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which amends the existing accounting standards for revenue recognition. ASU 2014-09 is based on principles that govern the recognition of revenue at an amount an entity expects to be entitled when products are transferred to customers. On July 9, 2015, the FASB approved the deferral of the effective date of ASU 2014-09 by one year and in August 2015, issued Revenue from Contracts from Customers (Topic 606): Deferral of the Effective Date (“ASU 2015-14”). ASU 2015-14 is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 31, 2016, including interim reporting periods within that reporting period. The new revenue standard may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of adoption. The Company evaluated the impact of the new standard on its financial statements and has determined that such impact is virtually non-existent as the new revenue guideline does not affect revenues from leases and loans, which comprise the majority of the Company’s revenues. |
Investment in Equipment and Lea
Investment in Equipment and Leases, Net (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Investments in Equipment and Leases, Net [Abstract] | |
Investment in Leases | The Company’s investment in equipment leases consists of the following (in thousands): Balance December 31, 2015 Reclassifications, Additions / Dispositions Depreciation/ Amortization Expense or Amortization of Leases Balance March 31, 2016 Net investment in operating leases $ 9,793 $ (322) $ (304) $ 9,167 Net investment in direct financing leases 6,315 (1) (775) 5,539 Assets held for sale or lease, net 2,696 (27) - 2,669 Initial direct costs, net of accumulated amortization of $85 at March 31, 2016 and $86 at December 31, 2015 3 - (1) 2 Total $ 18,807 $ (350) $ (1,080) $ 17,377 |
Property on Operating Leases | Property on operating leases consists of the following (in thousands): Balance December 31, 2015 Additions Reclassifications or Dispositions Balance March 31, 2016 Transportation, rail $ 21,892 $ - $ (485) $ 21,407 Transportation, other 13,926 - (977) 12,949 Aircraft 3,026 - - 3,026 Materials handling 1,536 - (710) 826 Manufacturing 624 - - 624 Petro/natural gas 470 - - 470 Agriculture 350 - - 350 41,824 - (2,172) 39,652 Less accumulated depreciation (32,031) (304) 1,850 (30,485) Total $ 9,793 $ (304) $ (322) $ 9,167 |
Components of Company's Investment in Direct Financing Leases | The components of the Company’s investment in direct financing leases as of March 31, 2016 and December 31, 2015 are as follows (in thousands): March 31, 2016 December 31, 2015 Total minimum lease payments receivable $ 2,678 $ 3,823 Estimated residual values of leased equipment (unguaranteed) 3,556 3,558 Investment in direct financing leases 6,234 7,381 Less unearned income (695) (1,066) Net investment in direct financing leases $ 5,539 $ 6,315 |
Future Minimum Lease Payments Receivable | At March 31, 2016 , the aggregate amounts of future minimum lease payments receivable are as follows (in thousands): Operating Leases Direct Financing Leases Total Nine months ending December 31, 2016 $ 1,499 $ 2,652 $ 4,151 Year ending December 31, 2017 1,628 26 1,654 2018 1,095 - 1,095 2019 481 - 481 2020 232 - 232 Thereafter 25 - 25 $ 4,960 $ 2,678 $ 7,638 |
Schedule of Useful Lives of Assets | The useful lives for each category of leases is reviewed at a minimum of once per quarter. As of March 31, 2016 , the respective useful lives of each category of lease assets in the Company’s portfolio are as follows (in years): Equipment category Useful Life Transportation, rail 35 - 40 Mining 30 - 40 Aircraft 20 - 30 Manufacturing 10 - 15 Petro/natural gas 10 - 15 Agriculture 7 - 10 Construction 7 - 10 Materials handling 7 - 10 Transportation, other 7 - 10 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Related Party Transactions [Abstract] | |
Affiliates Earned Commissions and Billed for Reimbursements Pursuant to Operating Agreement | During the three months ended March 31, 2016 and 2015, AFS and/or affiliates earned fees and billed for reimbursements of costs and expenses pursuant to the Operating Agreement as follows (in thousands): Three Months Ended March 31, 2016 2015 Costs reimbursed to Managing Member and/or affiliates $ 127 $ 211 Asset management fees to Managing Member and/or affiliates 65 83 $ 192 $ 294 |
Non-Recourse Debt (Tables)
Non-Recourse Debt (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Non-Recourse Debt [Abstract] | |
Future Minimum Payments of Non-Recourse Debt | Future minimum payments of non-recourse debt are as follows (in thousands): Principal Interest Total Nine months ending December 31, 2016 $ 2,871 $ 80 $ 2,951 Year ending December 31, 2017 425 5 430 2018 83 - 83 $ 3,379 $ 85 $ 3,464 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Measurements [Abstract] | |
Reconciliation of Level 3 Assets | The following table reconciles the beginning and ending balances of the Company’s Level 3 recurring assets (in thousands): Level 3 Assets Balance at December 31, 2015 $ 29 Unrealized loss on warrants, net recorded during the period (16) Balance at March 31, 2016 $ 13 |
Fair Value Measurement of Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis | The table below presents the fair value measurement of assets measured at fair value on a non-recurring basis and the level within the hierarchy in which the fair value measurements fall as of December 31, 2015 (in thousands): December 31, 2015 Level 1 Estimated Fair Value Level 2 Estimated Fair Value Level 3 Estimated Fair Value Assets measured at fair value on a non-recurring basis: Impaired lease and off-lease equipment $ 120 $ - $ - $ 120 Impaired investment securities 8 - - 8 |
Summary of Valuation Techniques and Significant Unobservable Inputs | The following tables summarize the valuation techniques and significant unobservable inputs used for the Company’s recurring and non-recurring fair value adjustments categorized as Level 3 in the fair value hierarchy at March 31, 2016 and December 31, 2015: March 31, 2016 Name Valuation Frequency Valuation Technique Unobservable Inputs Range of Input Values Warrants Recurring Black-Scholes formulation Stock price $0.35 - $1.25 Exercise price $0.91 - $1.25 Time to maturity (in years) 2.16 -2.50 Risk-free interest rate 0.75% - 0.80% Annualized volatility 100% Investment Securities Non-recurring Market Approach Qualitative and quantitative information (Investee Management) Not Applicable December 31, 2015 Name Valuation Frequency Valuation Technique Unobservable Inputs Range of Input Values Warrants Recurring Black-Scholes formulation Stock price $0.35 - $1.25 Exercise price $0.91 - $1.25 Time to maturity (in years) 2.41 -2.75 Risk-free interest rate 1.16% - 1.25% Annualized volatility 100% Lease Equipment Non-recurring Market Approach Third Party Agents' Pricing $0 - $20,000 Quotes – per equipment (total of $120,000 ) Equipment Condition Poor to Average Investment Securities Non-recurring Market Approach Qualitative and quantitative information (Investee Management) Not Applicable |
Estimated Fair Values of Financial Instruments | The following tables present a summary of the carrying value and fair value by level of financial instruments on the Company’s balance sheets at March 31, 2016 and December 31, 2015 (in thousands): Fair Value Measurements at March 31, 2016 Carrying Value Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 2,779 $ 2,779 $ - $ - $ 2,779 Investment in securities 65 - - 65 65 Fair value of warrants 13 - - 13 13 Financial liabilities: Non-recourse debt 3379 - - 3410 3410 Fair Value Measurements at December 31, 2015 Carrying Value Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 4,030 $ 4,030 $ - $ - $ 4,030 Investment in securities 74 - - 74 74 Fair value of warrants 29 - - 29 29 Financial liabilities: Non-recourse debt 4,493 - - 4,541 4,541 |
Organization and Limited Liab24
Organization and Limited Liability Company Matters (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Mar. 11, 2005 | Apr. 09, 2003 | Mar. 12, 2003 | Mar. 31, 2005 | Mar. 31, 2016 | Dec. 31, 2011 | Dec. 31, 2015 |
Organization and Limited Liability Company Matters [Abstract] | |||||||
Partnership termination date | Dec. 31, 2022 | ||||||
Public offering of Limited Liability Company Units | 15,000,000 | ||||||
Public offering of Limited Liability Company Units, price per Unit | $ 10 | ||||||
Sale of Limited Liability Company Units, number of Units | 14,059,136 | 120,000 | |||||
Proceeds from sale of Limited Liability Company Units | $ 140,600 | $ 1,200 | |||||
Repurchase of Units, number of Units | 87,650 | ||||||
Repurchase of Units, value | $ 720 | ||||||
Members capital account, Units issued | 13,971,486 | 13,971,486 | |||||
Members capital account, Units outstanding | 13,971,486 | 13,971,486 | |||||
Reinvestment period | 6 years |
Summary of Significant Accoun25
Summary of Significant Accounting Policies (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016USD ($)segment | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($) | |
Sales or dispositions of investment in securities | $ 0 | $ 0 | |
Number of operating segments | segment | 1 | ||
Number of reportable segments | segment | 1 | ||
Fair value adjustment in investment securities | $ 9 | ||
Unrealized loss on fair valuation of warrants | (16) | ||
Fair value of warrants | $ 13 | $ 29 | |
Operating Revenues [Member] | |||
Percentage of concentration risk from customers domiciled in North America | 100.00% | 100.00% | 100.00% |
Notes Receivable, Net (Narrativ
Notes Receivable, Net (Narrative) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2015USD ($) | |
Notes Receivable, Net [Abstract] | |
Ending balance: loans acquired with deteriorated credit quality | $ 297 |
Notes receivable, interest rate | 8.51% |
Notes maturity period | Jan. 1, 2016 |
Interest on notes receivable | $ 7 |
Allowance for Credit Losses (Na
Allowance for Credit Losses (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Allowance for Credit Losses [Abstract] | ||
Allowance for credit losses | $ 2 | $ 2 |
Investment in Equipment and L28
Investment in Equipment and Leases, Net (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Investments in Equipment and Leases, Net [Abstract] | |||
Amortization of initial direct costs | $ 1 | $ 6 | |
Impairment losses on equipment | 345 | $ 437 | |
Depreciation of operating lease assets | $ 304 | $ 657 | |
Average estimated residual value of assets on operating leases | 20.00% | 21.00% |
Investment in Equipment and L29
Investment in Equipment and Leases, Net (Investment in Leases) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Leases Disclosure [Line Items] | ||
Balance December 31, 2015 | $ 18,807 | |
Reclassifications, Additions / Dispositions | (350) | |
Depreciation/ Amortization Expense or Amortization of Leases | (1,080) | |
Balance March 31, 2016 | 17,377 | |
Initial direct costs, accumulated amortization | 85 | $ 86 |
Operating Leases [Member] | ||
Leases Disclosure [Line Items] | ||
Balance December 31, 2015 | 9,793 | |
Reclassifications, Additions / Dispositions | (322) | |
Depreciation/ Amortization Expense or Amortization of Leases | (304) | |
Balance March 31, 2016 | 9,167 | |
Direct Financing Leases [Member] | ||
Leases Disclosure [Line Items] | ||
Balance December 31, 2015 | 6,315 | |
Reclassifications, Additions / Dispositions | (1) | |
Depreciation/ Amortization Expense or Amortization of Leases | (775) | |
Balance March 31, 2016 | 5,539 | |
Asset Held For Sale or Lease [Member] | ||
Leases Disclosure [Line Items] | ||
Balance December 31, 2015 | 2,696 | |
Reclassifications, Additions / Dispositions | (27) | |
Balance March 31, 2016 | 2,669 | |
Initial Direct Cost [Member] | ||
Leases Disclosure [Line Items] | ||
Balance December 31, 2015 | 3 | |
Depreciation/ Amortization Expense or Amortization of Leases | (1) | |
Balance March 31, 2016 | $ 2 |
Investments in Equipment and 30
Investments in Equipment and Leases, Net (Property on Operating Leases) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Property Subject to or Available for Operating Lease [Line Items] | ||
Property on operating leases, gross | $ 39,652 | $ 41,824 |
Less accumulated depreciation | (30,485) | (32,031) |
Property on operating leases, net | $ 9,167 | 9,793 |
Additions, gross | ||
Additions, less accumulated depreciation | $ (304) | |
Additions, net | (304) | |
Reclassifications or dispositions, gross | (2,172) | |
Reclassifications or dispositions, less accumulated depreciation | 1,850 | |
Reclassifications or dispositions, net | (322) | |
Transportation, Rail [Member] | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Property on operating leases, gross | $ 21,407 | 21,892 |
Additions, gross | ||
Reclassifications or dispositions, gross | $ (485) | |
Transportation, Other [Member] | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Property on operating leases, gross | $ 12,949 | 13,926 |
Additions, gross | ||
Reclassifications or dispositions, gross | $ (977) | |
Aircraft [Member] | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Property on operating leases, gross | $ 3,026 | 3,026 |
Additions, gross | ||
Reclassifications or dispositions, gross | ||
Materials Handling [Member] | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Property on operating leases, gross | $ 826 | 1,536 |
Additions, gross | ||
Reclassifications or dispositions, gross | $ (710) | |
Manufacturing [Member] | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Property on operating leases, gross | $ 624 | 624 |
Additions, gross | ||
Reclassifications or dispositions, gross | ||
Petro/Natural Gas [Member] | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Property on operating leases, gross | $ 470 | 470 |
Additions, gross | ||
Reclassifications or dispositions, gross | ||
Agriculture [Member] | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Property on operating leases, gross | $ 350 | $ 350 |
Additions, gross | ||
Reclassifications or dispositions, gross |
Investment in Equipment and L31
Investment in Equipment and Leases, Net (Components of Company's Investment in Direct Financing Leases) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Investments in Equipment and Leases, Net [Abstract] | ||
Total minimum lease payments receivable | $ 2,678 | $ 3,823 |
Estimated residual values of leased equipment (unguaranteed) | 3,556 | 3,558 |
Investment in direct financing leases | 6,234 | 7,381 |
Less unearned income | (695) | (1,066) |
Net investment in direct financing leases | $ 5,539 | $ 6,315 |
Investment in Equipment and L32
Investment in Equipment and Leases, Net (Future Minimum Lease Payments Receivable) (Details) $ in Thousands | Mar. 31, 2016USD ($) |
Operating Leases | |
Nine months ending December 31, 2016 | $ 1,499 |
Year ending December 31, 2017 | 1,628 |
2,018 | 1,095 |
2,019 | 481 |
2,020 | 232 |
Thereafter | 25 |
Operating leases, future minimum payments receivable, total | 4,960 |
Direct Financing Leases | |
Nine months ending December 31, 2016 | 2,652 |
Year ending December 31, 2017 | 26 |
Direct financing leases, future minimum payments receivable, total | 2,678 |
Total | |
Nine months ending December 31, 2016 | 4,151 |
Year ending December 31, 2017 | 1,654 |
2,018 | 1,095 |
2,019 | 481 |
2,020 | 232 |
Thereafter | 25 |
Future minimum payments, receivable, total | $ 7,638 |
Investment in Equipment and L33
Investment in Equipment and Leases, Net (Schedule of Useful Lives of Assets) (Details) | 3 Months Ended |
Mar. 31, 2016 | |
Minimum [Member] | Transportation, Rail [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Useful lives of lease assets | 35 years |
Minimum [Member] | Mining [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Useful lives of lease assets | 30 years |
Minimum [Member] | Aircraft [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Useful lives of lease assets | 20 years |
Minimum [Member] | Manufacturing [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Useful lives of lease assets | 10 years |
Minimum [Member] | Petro/Natural Gas [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Useful lives of lease assets | 10 years |
Minimum [Member] | Agriculture [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Useful lives of lease assets | 7 years |
Minimum [Member] | Construction [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Useful lives of lease assets | 7 years |
Minimum [Member] | Materials Handling [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Useful lives of lease assets | 7 years |
Minimum [Member] | Transportation, Other [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Useful lives of lease assets | 7 years |
Maximum [Member] | Transportation, Rail [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Useful lives of lease assets | 40 years |
Maximum [Member] | Mining [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Useful lives of lease assets | 40 years |
Maximum [Member] | Aircraft [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Useful lives of lease assets | 30 years |
Maximum [Member] | Manufacturing [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Useful lives of lease assets | 15 years |
Maximum [Member] | Petro/Natural Gas [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Useful lives of lease assets | 15 years |
Maximum [Member] | Agriculture [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Useful lives of lease assets | 10 years |
Maximum [Member] | Construction [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Useful lives of lease assets | 10 years |
Maximum [Member] | Materials Handling [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Useful lives of lease assets | 10 years |
Maximum [Member] | Transportation, Other [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Useful lives of lease assets | 10 years |
Related Party Transactions (Aff
Related Party Transactions (Affiliates Earned Commissions and Billed for Reimbursements Pursuant to Operating Agreement (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Related Party Transactions [Abstract] | ||
Costs reimbursed to Managing Member and/or affiliates | $ 127 | $ 211 |
Asset management fees to Managing Member and/or affiliates | 65 | 83 |
Total expenses from transactions with related party | $ 192 | $ 294 |
Non-Recourse Debt (Narrative) (
Non-Recourse Debt (Narrative) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Gross operating lease rentals and future payments on direct financing leases | $ 3.1 |
Carrying value of pledged assets | $ 6.2 |
Minimum [Member] | |
Fixed Interest rate on note | 1.97% |
Note maturity year | 2,016 |
Maximum [Member] | |
Fixed Interest rate on note | 6.66% |
Note maturity year | 2,018 |
Non-Recourse Debt (Future Minim
Non-Recourse Debt (Future Minimum Payments of Non-Recourse Debt) (Details) $ in Thousands | Mar. 31, 2016USD ($) |
Principal | |
Nine months ending December 31, 2016 | $ 2,871 |
Year ending December 31, 2017 | 425 |
2,018 | 83 |
Long-term debt, total | 3,379 |
Interest | |
Nine months ending December 31, 2016 | 80 |
Year ending December 31, 2017 | 5 |
Long-term debt interest, total | 85 |
Total | |
Nine months ending December 31, 2016 | 2,951 |
Year ending December 31, 2017 | 430 |
2,018 | 83 |
Long-term debt principal and interest, total | $ 3,464 |
Commitments (Narrative) (Detail
Commitments (Narrative) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Commitments [Abstract] | |
Commitments to purchase lease assets | $ 0 |
Members' Capital (Narrative) (D
Members' Capital (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other Members Capital Account [Line Items] | ||||
Members capital account, Units issued | 13,971,486 | 13,971,486 | ||
Members capital account, Units outstanding | 13,971,486 | 13,971,486 | ||
Other Members capital account, Units authorized | 15,000,000 | 15,000,000 | ||
Potential repurchase price of Units as percentage of holder's capital account | 100.00% | |||
Distributions declared or paid | $ 0 | $ 0 | $ 4,541,000 | |
Other Members [Member] | ||||
Other Members Capital Account [Line Items] | ||||
Members capital account, Units issued | 13,971,486 | |||
Members capital account, Units outstanding | 13,971,486 | 13,971,486 | 13,971,486 | |
Allocation of net income or net losses | 92.50% | |||
Distributions declared or paid | $ 4,541,000 | |||
Managing Member [Member] | ||||
Other Members Capital Account [Line Items] | ||||
Managing members account, Units issued | 50 | 50 | ||
Allocation of net income or net losses | 7.50% |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Impairment losses on equipment | $ 345 | $ 437 | |
Fair value adjustment in investment securities | $ 9 | ||
Fair value of warrants | $ 13 | 29 | |
Impaired investment security, percentage of reduction in value | 100.00% | ||
Non-recurring [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Fair value adjustment in investment securities | $ 14 |
Fair Value Measurements (Reconc
Fair Value Measurements (Reconciliation of Level 3 Assets) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Fair Value Measurements [Abstract] | |
Balance at December 31, 2015 | $ 29 |
Unrealized Gain (Loss) on Derivatives | (16) |
Balance at March 31, 2016 | $ 13 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Measurement of Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis) (Details) - Non-recurring [Member] $ in Thousands | Dec. 31, 2015USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Impaired lease and off-lease equipment | $ 120 |
Impaired investment securities | $ 8 |
Level 1 Estimated Fair Value [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Impaired lease and off-lease equipment | |
Impaired investment securities | |
Level 2 Estimated Fair Value [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Impaired lease and off-lease equipment | |
Impaired investment securities | |
Level 3 Estimated Fair Value [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Impaired lease and off-lease equipment | $ 120 |
Impaired investment securities | $ 8 |
Fair Value Measurements (Summar
Fair Value Measurements (Summary of Valuation Techniques And Significant Unobservable Inputs) (Details) - Level 3 Estimated Fair Value [Member] - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Black-Scholes Formulation [Member] | Warrants [Member] | Recurring [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Annualized volatility | 100.00% | 100.00% |
Market Approach [Member] | Lease Equipment [Member] | Non-recurring [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Third Party Agents' Pricing, total | $ 120,000 | |
Minimum [Member] | Black-Scholes Formulation [Member] | Warrants [Member] | Recurring [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Stock price | $ 0.35 | $ 0.35 |
Exercise price | $ 0.91 | $ 0.91 |
Time to maturity (in years) | 2 years 1 month 28 days | 2 years 4 months 28 days |
Risk-free interest rate | 0.75% | 1.16% |
Minimum [Member] | Market Approach [Member] | Lease Equipment [Member] | Non-recurring [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Third Party Agents' Pricing | $ 0 | |
Maximum [Member] | Black-Scholes Formulation [Member] | Warrants [Member] | Recurring [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Stock price | $ 1.25 | $ 1.25 |
Exercise price | $ 1.25 | $ 1.25 |
Time to maturity (in years) | 2 years 6 months | 2 years 9 months |
Risk-free interest rate | 0.80% | 1.25% |
Maximum [Member] | Market Approach [Member] | Lease Equipment [Member] | Non-recurring [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Third Party Agents' Pricing | $ 20,000 |
Fair Value Measurements (Estima
Fair Value Measurements (Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financial assets: | ||
Fair value of warrants | $ 13 | $ 29 |
Carrying Amount [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 2,779 | 4,030 |
Investment in securities | 65 | 74 |
Fair value of warrants | 13 | 29 |
Financial liabilities: | ||
Non-recourse debt | 3,379 | 4,493 |
Estimated Fair Value [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 2,779 | 4,030 |
Investment in securities | 65 | 74 |
Fair value of warrants | 13 | 29 |
Financial liabilities: | ||
Non-recourse debt | 3,410 | 4,541 |
Estimated Fair Value [Member] | Level 1 Estimated Fair Value [Member] | ||
Financial assets: | ||
Cash and cash equivalents | $ 2,779 | $ 4,030 |
Investment in securities | ||
Fair value of warrants | ||
Financial liabilities: | ||
Non-recourse debt | ||
Estimated Fair Value [Member] | Level 2 Estimated Fair Value [Member] | ||
Financial assets: | ||
Cash and cash equivalents | ||
Investment in securities | ||
Fair value of warrants | ||
Financial liabilities: | ||
Non-recourse debt | ||
Estimated Fair Value [Member] | Level 3 Estimated Fair Value [Member] | ||
Financial assets: | ||
Investment in securities | $ 65 | $ 74 |
Fair value of warrants | 13 | 29 |
Financial liabilities: | ||
Non-recourse debt | $ 3,410 | $ 4,541 |