Form 10-Q

UNITED ~~STATES~~STATESSECURITIES ~~SECURITIES~~ AND EXCHANGE COMMISSION

Washington, D.C. 20549

x Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

For the quarterly period ended SeptemberMarch 3031, 20152016

o Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

For the transition period from to

Commission File number 000-33103

ATEL Capital Equipment Fund VIII, LLC

(Exact name of registrant as specified in its charter)


California		94-3307404
(State or other jurisdiction of Incorporation or organization)		(I. R. S. Employer Identification No.)

The Transamerica Pyramid, 600 Montgomery Street, 9th Floor, San Francisco, California 94111
(Address of principal executive offices)

Registrant’s telephone number, including area code (415) 989-8800

Securities registered pursuant to section 12(b) of the Act: None

Securities registered pursuant to section 12(g) of the Act: Limited Liability Company Units

Indicate by a check mark whether the registrant (1) has filed all reports required to be filed by section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.Yes x No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of “accelerated filer, large accelerated filer and smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer o Accelerated filer o Non-accelerated filer o Smaller reporting company x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).Yes o No x

The number of Limited Liability Company Units outstanding as of ~~October~~April 3130, ~~2015~~2016 was 13,560,188.

DOCUMENTS INCORPORATED BY REFERENCE

None.

TABLE OF CONTENTS

ATEL CAPITAL EQUIPMENT FUND VIII, LLC

Index

Part I.Financial Information			3
Item 1.Financial Statements (Unaudited)			3
Balance Sheets, September 30, 2015 and December 31, 2014			3
Balance Sheets, March 31, 2016 and December 31, 2015			3
Statements of Income for the three and nine months ended September 30, 2015 and 2014			4
Statements of Income for the three months ended March 31, 2016 and 2015			4
Statements of Changes in Members’ Capital for the year ended December 31, 2014 and for the nine months ended September 30, 2015			5
Statements of Changes in Members’ Capital for the year ended December 31, 2015 and for the three months ended March 31, 2016			5
Statements of Cash Flows for the three and nine months ended September 30, 2015 and 2014			6
Statements of Cash Flows for the three months ended March 31, 2016 and 2015			6
Notes to the Financial Statements			7
Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations			14
Item 4.Controls and Procedures			17
Part II.Other Information			1918
Item 1.Legal Proceedings			1918
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds			1918
Item 3.Defaults Upon Senior Securities			1918
Item 4.Mine Safety Disclosures			1918
Item 5.Other Information			1918
Item 6.Exhibits			1921

TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited).

ATEL CAPITAL EQUIPMENT FUND VIII, LLC

BALANCE SHEETS

~~SEPTEMBER~~MARCH 3031, ~~2015~~2016 AND DECEMBER 31, ~~2014~~ 2015(In Thousands)

	September 30, 2015		December 31, 2014
	March 31, 2016		December 31, 2015
	(Unaudited)
ASSETS
Cash and cash equivalents	$	~~3,797~~338	$	~~928~~11
Accounts receivable, net		465		558
Accounts receivable		476		476
Prepaid expenses and other assets		3825		2131
Investments in equipment and leases, net of accumulated depreciation of $25,430 as of September 30, 2015 and $28,229 as of December 31, 2014		3,883		4,500
Investments in equipment and leases, net of accumulated depreciation of $25,009 as of March 31, 2016 and $25,276 as of December 31, 2015		3,806		3,924
Total assets	$	84,~~183~~645	$	64,~~007~~442
LIABILITIES AND MEMBERS’ CAPITAL
Accounts payable and accrued liabilities:
Managing Member	$	2750	$	~~150~~125
Other		4067		~~105~~135
Unearned operating lease income		7164		4868
Total liabilities		~~138~~181		~~303~~328
Commitments and contingencies
Members’ capital:
Managing Member		—		—
Other Members		84,~~045~~464		54,~~704~~114
Total Members’ capital		84,~~045~~464		54,~~704~~114
Total liabilities and Members’ capital	$	84,~~183~~645	$	64,~~007~~442

See accompanying notes.

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ATEL CAPITAL EQUIPMENT FUND VIII, LLC

STATEMENTS OF INCOME

FOR THE THREE ~~AND NINE~~ MONTHS ~~ENDED~~ENDEDMARCH ~~SEPTEMBER 30~~31, ~~2015~~2016 AND ~~2014~~ 2015(In Thousands Except for Units and Per Unit Data) (Unaudited)

	Three Months Ended September 30,				Nine Months Ended September 30,
	Three Months Ended March 31,
	2015		2014		2015		2014
	2016		2015
Revenues:
Leasing activities:
Operating leases	$	~~976~~891	$	~~1,013~~928	$	~~2,681~~	$	~~2,649~~
Direct financing leases		43		—5		13		—
Gain on sales of assets		~~399~~31		54435		~~872~~		~~235~~
Interest		—		1		—		1
Total revenues		925		1,368
Other revenue		1		3		1		3
Expenses:
Total revenues		1,380		1,071		3,567		2,888
Depreciation of operating lease assets		77		89
Expenses:
Asset management fees to Managing Member		31		38
Depreciation of operating lease assets		76		104		244		362
Vessel maintenance		19		—
Asset management fees to Managing Member		29		25		100		68
Railcar maintenance		190		48
Railcar maintenance		77		90		209		270
Cost reimbursements to Managing Member		65		80
Cost reimbursements to Managing Member		75		59		247		186
Other management fees		35		26
Other management fees		16		28		69		74
Railcar storage fees		9		18
Railcar storage fees		15		13		48		83
Professional fees		90		81
Professional fees		34		36		151		150
Insurance		9		9
Insurance		12		5		31		31
Taxes on income and franchise fees		7		—
Reversal of provision for credit losses		—		—		—		(3	)
Postage		3		3
Taxes on income and franchise fees		—		—		—		2
Printing and photocopying		4		3
Postage		3		—		8		5
Freight and shipping		12		4
Printing and photocopying		6		—		14		11
Other		24		27
Freight and shipping		12		7		25		54
Total expenses		575		426
Other		25		24		80		69
Net income	$	350	$	942
Total expenses		380		391		1,226		1,362
Net income:
Net income	$	1,000	$	680	$	2,341	$	1,526
Managing Member	$	—	$	—
Net income:
Other Members		350		942
Managing Member	$	—	$	—	$	—	$	—
	$	350	$	942
Other Members		1,000		680		2,341		1,526
Net income per Limited Liability Company Unit (Other Members)	$	0.03	$	0.07
	$	1,000	$	680	$	2,341	$	1,526
Weighted average number of Units outstanding		13,560,188		13,560,188
Net income per Limited Liability Company Unit (Other Members)	$	0.07	$	0.05	$	0.17	$	0.11
Weighted average number of Units outstanding		13,560,188		13,560,188		13,560,188		13,560,188

See accompanying notes.

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ATEL CAPITAL EQUIPMENT FUND VIII, LLC

STATEMENTS OF CHANGES IN MEMBERS’ CAPITAL

FOR THE YEAR ENDED DECEMBER 31, ~~2014~~2015AND ~~AND~~ FOR THE ~~NINE~~THREE MONTHS ENDED ~~SEPTEMBER~~MARCH 3031, ~~2015~~ 2016(In Thousands Except for Units and Per Unit Data)

	Other Members					Managing Member			Total
	Units		Amount						~~Total~~
Balance December 31, 2013		13,560,188	$	7,213		$	—		$	7,213
Balance December 31, 2014		13,560,188	$	5,704		$	—		$	5,704
Distributions to Other Members ($0.25 per Unit)		—		(3,390	)		—			(3,390	)
Distributions to Other Members ($0.30 per Unit)		—		(4,068	)		—			(4,068	)
Distributions to Managing Member		—		—			(~~275~~330	)		(~~275~~330	)
Net income		—		12,~~881~~478			~~275~~330			2,~~156~~808
Balance December 31, 2014		13,560,188		5,704			—			5,704
Balance December 31, 2015		13,560,188		4,114			—			4,114
Net income		—		~~2,341~~350			—			~~2,341~~350
Balance September 30, 2015 (Unaudited)		13,560,188	$	8,045		$	—		$	8,045
Balance March 31, 2016 (Unaudited)		13,560,188	$	4,464		$	—		$	4,464

See accompanying notes.

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ATEL CAPITAL EQUIPMENT FUND VIII, LLC

STATEMENTS OF CASH FLOWS

FOR THE THREE ~~AND NINE~~ MONTHS ~~ENDED~~ENDEDMARCH ~~SEPTEMBER 30~~31, ~~2015~~2016 AND ~~2014~~ 2015(In Thousands) (Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	Three Months Ended March 31,
	2015			2014			2015			2014
	2016			2015
Operating activities:
Net income	$	~~1,000~~350		$	~~680~~942		$	~~2,341~~		$	~~1,526~~
Adjustment to reconcile net income to cash provided by operating activities:
Gain on sales of assets		(~~399~~31	)		(54435	)		~~(872~~	)		~~(235~~	)
Depreciation of operating lease assets		7677			~~104~~89			~~244~~			~~362~~
Reversal of provision for credit losses		—			—			—			(3	)
Changes in operating assets and liabilities:
Changes in operating assets and liabilities:
Accounts receivable		—			63
Accounts receivable		(65	)		(16	)		93			40
Prepaid expenses and other assets		6			4
Prepaid expenses and other assets		(23	)		(7	)		(17	)		(2	)
Accounts payable, Managing Member		(75	)		(69	)
Accounts payable, Managing Member		(54	)		(6	)		(123	)		(352	)
Accounts payable, other		(68	)		(21	)
Accounts payable, other		(33	)		(21	)		(65	)		(6	)
Unearned operating lease income		(4	)		12
Unearned operating lease income		5			26			23			(23	)
Net cash provided by operating activities		255			585
Net cash provided by operating activities		507			706			1,624			1,307
Investing activities:
Investing activities:
Proceeds from sales of assets		70			646
Proceeds from sales of lease assets		465			143			1,241			846
Principal payments received on direct financing leases		2			—
Principal payments received on direct financing leases		4			—			4			—
Net cash provided by investing activities		72			646
Net cash provided by investing activities		469			143			1,245			846
Financing activities:
Financing activities:
Net cash provided by financing activities		—			—
Net cash provided by financing activities		—			—			—			—
Net increase in cash and cash equivalents		327			1,231
Net increase in cash and cash equivalents		976			849			2,869			2,153
Cash and cash equivalents at beginning of period		11			928
Cash and cash equivalents at beginning of period		2,821			2,945			928			1,641
Cash and cash equivalents at end of period	$	338		$	2,159
Cash and cash equivalents at end of period	$	3,797		$	3,794		$	3,797		$	3,794
Supplemental disclosures of cash flow information:
Supplemental disclosures of cash flow information:
Cash paid during the period for taxes	$	2		$	2
Cash paid during the period for taxes	$	—		$	—		$	7		$	15
Improvements to equipment on operating leases	$	—		$	107		$	—		$	107

See accompanying notes.

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ATEL CAPITAL EQUIPMENT FUND VIII, LLC

NOTES TO FINANCIAL STATEMENTS
(Unaudited)

1. Organization and Limited Liability Company matters:

ATEL Capital Equipment Fund VIII, LLC (the “Company” or the “Fund”) was formed under the laws of the State of California on July 31, 1998. The Company was formed for the purpose of acquiring equipment to engage in equipment leasing and sales activities. 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, 2019. Each Member’s personal liability for obligations of the Company generally will be limited to the amount of their respective contributions and rights to undistributed profits and assets of the Company.

The Company conducted a public offering of 15,000,000 Limited Liability Company Units, at a price of $10 per Unit. On January 13, 1999, 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 (acquiring equipment to engage in equipment leasing and sales activities). Gross contributions in the amount of $135.7 million (13,570,188 units) were received as of November 30, 2000, inclusive of $500 of initial Member’s capital investment and $100 of AFS’ capital investment. The offering was terminated on November 30, 2000. As of ~~September~~March 3031, ~~2015~~2016, 13,560,188 Units remain issued and outstanding.

The Company’s principal objectives have been 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 ended December 31, 2006, and (iii) provides additional distributions following the Reinvestment Period and until all equipment has been sold. The Company is governed by its Limited Liability Company Operating Agreement (“Operating Agreement”), as amended.

Pursuant to the Operating Agreement, AFS and/or its affiliates receive compensation and reimbursements for services rendered on behalf of the Company (See Note 4). 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.

As of ~~September~~March 3031, ~~2015~~2016, the Company continues in the liquidation phase of its life cycle as defined in the Operating Agreement.

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, ~~2014~~2015, filed with the Securities and Exchange Commission.

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~~ 30March 31, 2016 ~~2015~~ 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.

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ATEL CAPITAL EQUIPMENT FUND VIII, LLC

NOTES TO FINANCIAL STATEMENTS
(Unaudited)

2. Summary of significant accounting policies: - (continued)

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~~March 3031, ~~2015,~~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, or 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 relate primarily 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 allowance for doubtful accounts.

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.

Certain of the Company’s lessee customers have international operations. In these instances, the Company is aware that certain equipment, primarily rail and transportation, may periodically exit the country. However, these lessee customers are US-based, and it is impractical for the Company to track, on an asset-by-asset, day-by-day basis, where these assets are deployed.

The primary geographic regions in which the Company sought leasing opportunities were North America and Europe. For the ~~nine~~three months ended ~~September~~March 3031, ~~2015~~2016 and ~~2014~~2015, and as of ~~September~~March 3031, ~~2015~~2016 and December 31, ~~2014~~2015, 100% of the Company’s operating revenues and long-lived assets relate to customers domiciled in North America.

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 ~~May~~February ~~2014~~2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update ~~No. 2014~~2016-0902, ~~Revenue~~Leases ~~from~~(Topic ~~Contracts~~842) ~~with Customers~~ (“ASU ~~2014~~2016-0902”),. ~~which~~The ~~amends~~new ~~the~~standard ~~existing~~will ~~accounting~~require ~~standards~~lessees ~~for~~to ~~revenue~~recognize ~~recognition.~~lease ~~ASU~~assets ~~2014-09~~and islease ~~based~~liabilities onarising ~~principles~~from ~~that~~operating ~~govern~~leases ~~the~~with ~~recognition~~lease ofterms ~~revenue~~greater atthan an12 ~~amount~~months anin ~~entity~~the ~~expects~~statement toof befinancial ~~entitled~~position. ~~when~~Lessor ~~products~~accounting ~~are~~per ~~transferred~~ASU to2016-02 ~~customers.~~is Onmostly ~~July~~unchanged 9,from ~~2015,~~ the ~~FASB~~previous ~~approved~~lease ~~the~~accounting ~~deferral~~GAAP. ofCertain ~~the~~changes ~~effective~~were ~~date~~made ofto ~~ASU~~the ~~2014-09~~lessor byaccounting ~~one~~guidance ~~year~~in ~~and~~order into ~~August~~align ~~2015,~~the ~~issued~~lessor ~~Revenue~~accounting ~~from~~with ~~Contracts~~the ~~from~~lessee ~~Customers~~accounting (model and Topic 606):, ~~Deferral~~Revenue offrom ~~the~~Contracts ~~Effective~~with ~~Date (“ASU 2015-14”)~~Customers. Similar ~~ASU~~to ~~2015-14~~the isprevious ~~effective~~guidance, ~~for~~lessors ~~annual~~will ~~reporting~~classify ~~periods~~leases ~~beginning~~as ~~after~~operating, ~~December~~direct 15financing, ~~2017,~~or ~~including interim periods within that reporting period~~sales-type. ~~Earlier~~Lessors ~~application~~in isoperating ~~permitted~~leases ~~only~~will ascontinue ofto ~~annual~~recognize ~~reporting~~the ~~periods~~underlying ~~beginning~~asset ~~after~~and ~~December~~recognize ~~31,~~income ~~2016,~~on ~~including~~a ~~interim~~straight-line ~~reporting periods within that reporting period~~basis. ~~The~~Lessors ~~new~~determine ~~revenue~~whether ~~standard~~a ~~may~~lease beis ~~applied~~a ~~retrospectively~~sale toof ~~each~~the ~~prior~~underlying ~~period~~asset ~~presented~~based oron ~~retrospectively~~whether ~~with~~ the ~~cumulative~~lessee ~~effect~~effectively ~~recognized~~obtains ascontrol of the ~~date~~underlying ~~of adoption~~assets. ~~The~~ASU-2016-02 ~~Company~~is ~~evaluated~~effective ~~the~~for ~~impact~~fiscal ofyears ~~the~~beginning ~~new~~after ~~standard~~December on15, ~~its~~2018, ~~financial~~including ~~statements~~interim ~~and~~periods ~~has~~within ~~determined~~those ~~that~~fiscal ~~such~~years. ~~impact~~Early adoption is ~~virtually~~permitted. ~~non-existent~~Management asis ~~the~~currently ~~new~~evaluating ~~revenue~~the ~~guideline~~standard ~~does~~and ~~not~~its ~~affect~~operational ~~revenues from leases~~ and ~~loans,~~related ~~which~~disclosure ~~comprise the majority of the Company’s revenues~~requirements.

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ATEL CAPITAL EQUIPMENT FUND VIII, LLC

NOTES TO FINANCIAL STATEMENTS
(Unaudited)

2. Summary of significant accounting policies: - (continued)

In ~~August~~January ~~2014~~2016, ~~the~~ FASB issued Accounting Standards Update ~~2014~~2016-1501, ~~Presentation of~~ Financial ~~Statements~~Instruments — ~~Going~~Overall ~~Concern~~ (~~subtopic~~Subtopic ~~205~~825-4010): ~~Disclosure~~Recognition ofand ~~Uncertainties~~Measurement ~~about~~of anFinancial ~~Entity’s~~Assets ~~Ability~~and toFinancial ~~Continue~~Liabilities ~~as a Going Concern~~ (“ASU 2016-~~2014-15~~01”). The new standard provides guidance ~~relative~~related to ~~management’s~~accounting ~~responsibility~~for toequity ~~evaluate~~investments ~~whether~~and ~~there~~financial isliabilities ~~substantial~~under ~~doubt~~the ~~about~~fair anvalue ~~entity’s~~option, ~~ability~~and tothe ~~continue~~presentation asand adisclosure ~~going~~requirements ~~concern~~for ~~and~~financial toinstruments. ~~provide~~In ~~related~~addition, ~~footnote~~FASB ~~disclosures.~~clarified ~~The~~guidance ~~new~~related ~~standard~~to isthe ~~effective~~valuation ~~for~~allowance ~~fiscal~~assessment ~~years,~~when ~~and~~recognizing ~~interim~~deferred ~~periods~~tax ~~within~~assets ~~those~~resulting ~~fiscal~~from ~~years,~~unrealized ~~beginning~~losses ~~after~~on ~~December~~available-for-sale ~~15,~~debt securities. ASU 2016.-01 ~~Early~~is ~~adoption~~effective isfor ~~permitted.~~fiscal ~~Management~~years ~~does~~beginning ~~not~~after ~~expect~~December ~~the~~15, ~~adoption~~2017, ofincluding ~~ASU~~interim ~~2014-15~~periods towithin ~~have~~those afiscal ~~material~~years. ~~impact~~Management onis currently evaluating the ~~Company’s~~standard ~~financial~~and ~~statements~~its oroperational and related ~~disclosures~~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, which comprise the majority of the Company’s revenues.

3. Investment in equipment and leases, net:

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

	Balance December 31, 2014		Reclassifications & Additions/ Dispositions			Depreciation/ Amortization Expense or Amortization of Leases			Balance September 30, 2015
	Balance December 31, 2015		Reclassifications & Additions/ Dispositions			Depreciation/ Amortization Expense or Amortization of Leases			Balance March 31, 2016
Net investment in operating leases	$	3,~~697~~192	$	(~~306~~38	)	$	(~~244~~77	)	$	3,~~147~~077
Net investment in direct financing leases		1812		—			(42	)		1410
Assets held for sale or lease, net		~~785~~720		(631	)		—			~~722~~719
Total	$	43,~~500~~924	$	(~~369~~39	)	$	(~~248~~79	)	$	3,~~883~~806

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~~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. 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 and nine months ended September 30, 2015 and 2014.

The Company utilizes a straight line depreciation method over the term of the equipment lease for equipment on operating leases currently in its portfolio. Depreciation expense on the Company’s equipment totaled $76 thousand and $104 thousand for the respective three months ended September 30, 2015 and 2014, and $244 thousand and $362 thousand for the respective nine months ended September 30, 2015 and 2014.

All of the remaining property on lease was acquired during the years 1999 through 2001.

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ATEL CAPITAL EQUIPMENT FUND VIII, LLC

NOTES TO FINANCIAL STATEMENTS
(Unaudited)

3. Investment in equipment and leases, net: - (continued)

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 and 2015.

The Company utilizes a straight line depreciation method over the term of the equipment lease for equipment on operating leases currently in its portfolio. Depreciation expense on the Company’s equipment totaled $77 thousand and $89 thousand for the respective three months ended March 31, 2016 and 2015.

All of the remaining property on lease, including capitalized improvements, were acquired during the years 1999 through 2015.

Operating leases:

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

	Balance December 31, 2014			Additions			Reclassifications or Dispositions			Balance September 30, 2015
	Balance December 31, 2015			Additions			Reclassifications or Dispositions			Balance March 31, 2016
Transportation, rail	$	14,~~263~~714		$	—		$	~~236~~21		$	14,~~499~~735
Containers		118,~~603~~968			—			(~~2,380~~383	)		98,~~223~~585
Other		350			—			(350	)		—
		23,682			—			(362	)		23,320
		26,216			—			(2,494	)		23,722
Less accumulated depreciation		(20,490	)		(77	)		324			(20,243	)
Less accumulated depreciation		(22,519	)		(244	)		2,188			(20,575	)
Total	$	3,192		$	(77	)	$	(38	)	$	3,077
Total	$	3,697		$	(244	)	$	(306	)	$	3,147

The average estimated residual value for assets on operating leases was 12% and 11% of the assets’ original cost at ~~both~~March ~~September 30~~31, ~~2015~~2016 and December 31, ~~2014~~2015, respectively. There were no operating leases in non-accrual status at ~~September~~March 3031, ~~2015~~2016 and December 31, ~~2014~~2015.

The Company may earn revenues from its containers, marine vessel and certain other assets based on utilization of such assets or through fixed term leases. Contingent rentals (i.e., short-term, operating charter hire payments) and the associated expenses are recorded when earned and/or incurred. The revenues associated with these rentals are included as a component of operating lease revenues, and totaled $~~337~~309 thousand and $~~396~~358 thousand for the respective three months ended ~~September~~March 3031, ~~2015~~2016 and ~~2014, and $995 thousand and $1.1 million for the respective nine months ended September 30,~~ 2015 ~~and 2014~~.

Direct financing leases:

During December 2014, aviation equipment formerly leased under an operating lease contract was re-leased as a direct financing lease. Such equipment comprised the Fund’s total investment in direct financing leases as of ~~September~~March 3031, ~~2015~~2016 and December 31, ~~2014~~2015. ~~The following lists the components of the Company’s investment in direct financing leases as of September 30, 2015 and December 31, 2014 (in thousands):~~

	September 30, 2015			December 31, 2014
Total minimum lease payments receivable	$	11		$	28
Estimated residual values of leased equipment (unguaranteed)		10			10
Investment in direct financing leases		21			38
Less unearned income		(7	)		(20	)
Net investment in direct financing leases	$	14		$	18

There was no investment in direct financing lease assets in non-accrual status at September 30, 2015 and December 31, 2014.

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ATEL CAPITAL EQUIPMENT FUND VIII, LLC

NOTES TO FINANCIAL STATEMENTS
(Unaudited)

3. Investment in equipment and leases, net: - (continued)

AtThe ~~September~~following ~~30,~~lists ~~2015,~~the components of the ~~aggregate~~Company’s ~~amounts~~investment in direct financing leases as of ~~future~~March ~~lease~~31, ~~payments~~2016 ~~receivable~~and ~~are~~December as31, ~~follows~~2015 (in thousands):

	Operating Leases		Direct Financing Leases			Total
	March 31, 2016		December 31, 2015
Three months ending December 31, 2015	$	574	$	5		$	579
Total minimum lease payments receivable	$	—	$	6
Year ending December 31, 2016		2,000		6			2,006
Estimated residual values of leased equipment (unguaranteed)		10		10
2017		1,589		—			1,589
Investment in direct financing leases		10		16
2018		1,232		—			1,232
Less unearned income		—		(4	)
2019		964		—			964
Net investment in direct financing leases	$	10	$	12
2020		252		—			252
	$	6,611	$	11		$	6,622

The Company’s remaining direct financing lease matured on April 1, 2016. As of March 31, 2016, the Company retained a $10 thousand residual position in the equipment underlying such direct financing lease.

There was no investment in direct financing lease assets in non-accrual status at March 31, 2016 and December 31, 2015.

At March 31, 2016, the aggregate amounts of future lease payments receivable are as follows (in thousands):


	Operating Leases
Nine months ending December 31, 2016	$	1,492
Year ending December 31, 2017		1,644
2018		1,285
2019		1,016
2020		283
	$	5,720

As indicated in Note 1, the Company is scheduled to terminate no later than December 31, 2019. In the event that any assets remain at such date, the Fund will venture to dispose of such assets in an orderly manner within a reasonable timeframe.

The useful lives for each category of leases is reviewed at a minimum of once per quarter. As of ~~September~~March 3031, ~~2015~~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
Containers		20 – 30
Aviation		15 – 20
Aviation equipment		15 – 20

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 for 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.

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 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.

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ATEL CAPITAL EQUIPMENT FUND VIII, LLC

NOTES TO FINANCIAL STATEMENTS
(Unaudited)

~~During~~Each ~~the~~of ~~three~~ATEL Leasing Corporation (“ALC”) and ~~nine~~AFS ~~months~~is ~~ended~~a ~~September~~wholly-owned ~~30,~~subsidiary ~~2015~~of ~~and~~ATEL ~~2014,~~Capital ~~AFS~~Group and~~/or~~ ~~affiliates~~performs ~~earned~~services ~~fees~~for ~~and~~the ~~billed~~Company. ~~for~~Acquisition ~~reimbursements~~services, ofequipment ~~costs~~management, lease administration and ~~expenses~~asset ~~pursuant~~disposition toservices ~~the~~are ~~Operating~~performed ~~Agreement~~by asALC; ~~follows~~investor ~~(in~~relations, ~~thousands):~~communications services and general administrative services are performed by AFS.

	Three Months Ended September 30,				Nine Months Ended September 30,
	2015		2014		2015		2014
Asset management fees to Managing Member	$	29	$	25	$	100	$	68
Cost reimbursements to Managing Member		75		59		247		186
	$	104	$	84	$	347	$	254

~~The~~During ~~Fund’s~~the ~~Operating~~three ~~Agreement~~months ~~places~~ended anMarch ~~annual~~31, ~~and~~2016 ~~cumulative limit for cost reimbursements to AFS~~ and~~/or~~ ~~its~~2015, ~~affiliates. Any reimbursable costs incurred by~~ AFS and/or affiliates ~~during~~earned ~~the~~fees ~~year exceeding the annual~~ and~~/or~~ ~~cumulative~~billed ~~limits~~for ~~cannot~~reimbursements beof ~~reimbursed in the current year, though such~~ costs ~~may be reimbursable in future years to the extent such amounts may be payable if within the annual~~ and cumulative limits in such future years. The Fund is a finite life and self-liquidating entity, and AFS and its affiliates have no recourse against the Fund for the amount of any unpaid excess reimbursable administrative expenses. ~~The~~pursuant ~~Fund will continue~~ to ~~require administrative services from AFS and its affiliates through~~ the ~~end~~Operating ofAgreement ~~its~~as ~~term,~~follows ~~and will therefore continue to incur reimbursable administrative expenses~~ (in ~~each~~thousands): year. The Fund has determined that payment of any amounts in excess of the annual and cumulative limits is not probable, and the date any portion of such amount may be paid, if ever, is uncertain. When the Fund completes its liquidation stage and terminates, any unpaid amount will expire unpaid, with no claim by AFS or its affiliates against any liquidation proceeds or any party for the unpaid balance. For the year ending December 31, 2015, it is not anticipated that any further billings to the Fund will equal or exceed the annual or cumulative reimbursable expense limitation. Such is reflective of the continued diminishing Fund asset base over which reimbursements are calculated.


	Three Months Ended March 31,
	2016		2015
Asset management fees to Managing Member	$	31	$	38
Cost reimbursements to Managing Member		65		80
	$	96	$	118

The Fund’s Operating Agreement places an annual and cumulative limit for cost reimbursements to AFS and/or its 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 reimbursable in future years to the extent such amounts may be payable if within the annual and cumulative limits in such future years. The Fund is a finite life and self-liquidating entity, and AFS and its affiliates have no recourse against the Fund for the amount of any unpaid excess reimbursable administrative expenses. The Fund will continue to require administrative services from AFS and its affiliates through the end of its term, and will therefore continue to incur reimbursable administrative expenses in each year. The Fund has determined that payment of any amounts in excess of the annual and cumulative limits is not probable, and the date any portion of such amount may be paid, if ever, is uncertain. When the Fund completes its liquidation stage and terminates, any unpaid amount will expire unpaid, with no claim by AFS or its affiliates against any liquidation proceeds or any party for the unpaid balance. For the year ending December 31, 2016, it is not anticipated that any further billings to the Fund will equal or exceed the annual or cumulative reimbursable expense limitation. Such is reflective of the continued diminishing Fund asset base over which reimbursements are calculated.

5. 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.

6. Members’ capital:

As of ~~September~~March 3031, ~~2015~~2016 and December 31, ~~2014~~2015, 13,560,188 Units were issued and outstanding. The Company was authorized to issue up to 15,000,000 Units in addition to the Units issued to the initial Members (50 Units).

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ATEL CAPITAL EQUIPMENT FUND VIII, LLC

NOTES TO FINANCIAL STATEMENTS
(Unaudited)

6. Members’ capital: - (continued)

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.

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 ~~and nine~~ months ended ~~September~~March 3031, ~~2015~~2016 and ~~2014~~2015.

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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 leasing, re-leasing, and disposition of equipment, and reduced returns on invested capital. The Company’s performance is subject to risks relating to lessee defaults and the creditworthiness of its lessees. 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 Capital Equipment Fund VIII, LLC (the “Company” or the “Fund”) is a California limited liability company that was formed in July 1998 for the purpose of engaging in the sale of limited liability investment units and acquiring equipment to generate revenues from equipment leasing and sales activities, primarily in the United States.

The Company conducted a public offering of 15,000,000 Limited Liability Company Units, at a price of $10 per Unit. The offering was terminated in November 2000. Total proceeds of the offering were $135.7 million. During early 2001, the Company completed its initial acquisition stage with the investment of the net proceeds from the public offering of Units. Subsequently, throughout the reinvestment period (“Reinvestment Period”) (defined as six full years following the year the offering was terminated), the Company reinvested cash flow in excess of certain amounts required to be distributed to the Other Members and/or utilized its credit facilities to acquire additional equipment.

The Company may continue until December 31, 2019. However, pursuant to the guidelines of the Operating Agreement, the Company began to liquidate its assets and distribute the proceeds thereof after the end of the Reinvestment Period, which ended in December 2006.

As of ~~September~~March 3031, ~~2015~~2016, the Company continues in its liquidation phase. Accordingly, assets that mature will be returned to inventory and most likely subsequently sold, which will result in decreasing revenue as earning assets decrease. Periodic distributions are paid at the discretion of the Managing Member.

Results of Operations

The three months ended SeptemberMarch 3031, 20152016 versus the three months ended SeptemberMarch 3031, 20142015

The Company had net income of $~~1.0~~350 ~~million~~thousand and $~~680~~942 thousand for the three months ended ~~September~~March 3031, ~~2015~~2016 and ~~2014~~2015, respectively. The results for the ~~third~~first quarter of ~~2015~~2016 reflect ana ~~increase~~decrease in total revenues and aan ~~decrease~~increase in total expenses when compared to the prior year period.

Revenues

Total revenues for the ~~third~~first quarter of ~~2015~~2016 ~~increased~~decreased by $~~309~~443 thousand, or 2932%, as compared to the prior year period. The ~~net~~reduction ~~increase~~ in total revenues was primarily a result of andecreases ~~increase~~ in ~~the~~ gain on sales of assets ~~partially~~and ~~offset by a decrease in~~ operating lease revenues ~~when compared to the prior year period~~.

Gains on sales of assets ~~increased~~decreased by $~~345~~404 thousand primarily asdue to a ~~result~~lower ~~of higher~~ volume and a change in the mix of assets sold; ~~and,~~while operating lease revenues decreased by $37 thousand ~~due~~as toa result of continued run-off and disposition of lease assets.

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Expenses

Total expenses for the ~~third~~first quarter of ~~2015~~2016 ~~decreased~~increased by $11149 thousand, or 335%, as compared to the prior year period. The most significant ~~changes~~change comprising such ~~net~~increase ~~decrease~~was ~~were~~a ~~reductions~~$142 inthousand ~~depreciation~~increase ~~expense,~~in railcar maintenance ~~and~~costs, ~~other~~which ~~management~~was ~~fees~~higher ~~partially~~due ~~offset~~to bycosts anincurred ~~increase~~on inrailcars ~~cost~~that ~~reimbursements~~were topreviously ~~AFS~~off-lease.

Depreciation expense decreased by $28 thousand primarily due to continued run-off and sales of lease assets. Railcar maintenance costs declined by $13 thousand as a result of continued sales and dispositions of the Fund’s railcars. Likewise, other management fees were reduced by $12 thousand as the number of railcars managed by a third party continue to decline.

Partially offsetting the aforementioned decreases in expenses was a $16 thousand increase in costs reimbursed to AFS, resulting from an increase in allocated investor servicing costs.

The nine months ended September 30, 2015 versus the nine months ended September 30, 2014

The Company had net income of $2.3 million and $1.5 million for the nine months ended September 30, 2015 and 2014, respectively. The results for the first nine months of 2015 reflect an increase in total revenues and a reduction in total expenses when compared to the prior year period.

Revenues

Total revenues for the first nine months of 2015 increased by $679 thousand, or 24%, when compared to the prior year period. The increase in total revenues was largely due to increases in gain on sales of assets and operating lease revenues.

The increase in gains recognized on sales of assets totaled $637 thousand and was largely a result of a change in the mix of assets sold. The increase in operating lease revenues totaled $32 thousand and was primarily due to incremental revenues from certain off-lease equipment that was re-leased during the second quarter of 2014 partially offset by the impact of continued run-off and sales of lease assets.

Expenses

Total expenses for the first nine months of 2015 decreased by $136 thousand, or 10%, when compared to the prior year period. The net decrease in total operating expenses was primarily due to reductions in depreciation expense, railcar maintenance costs, railcar storage fees and freight and shipping costs offset, in part, by increases in cost reimbursements and asset management fees paid to AFS.

Depreciation expense decreased by $118 thousand primarily due to continued run-off and sales of lease assets. Similarly, railcar maintenance costs declined by $61 thousand due to continued sales and dispositions of the Fund’s railcars. In addition, railcar storage fees decreased by $35 thousand due to the reduction in off-lease railcars since September 30, 2014; and, freight and shipping costs declined by $29 thousand as the prior year period amount included shipping costs to move re-leased railcars from inventory.

Partially offsetting the aforementioned decreases in expenses were increases in costs reimbursed and asset management fees paid to AFS totaling $61 thousand and $32 thousand, respectively. The higher amounts of costs reimbursed to AFS was largely due to an increase in allocated investor servicing costs; while the increase in asset management fees paid to AFS was attributable to increased rents and re-leasing fees associated with certain managed assets leased to new lessees.

Capital Resources and Liquidity

At ~~September~~March 3031, ~~2015~~2016 and December 31, ~~2014~~2015, the Company’s cash and cash equivalents totaled $~~3.8~~338 ~~million~~thousand and $~~928~~11 thousand, respectively. The liquidity of the Company varies, increasing to the extent that cash flows from leases and proceeds of asset sales exceed expenses and decreasing as distributions are made to the Other Members and to the extent expenses exceed cash flows from leases and proceeds from asset sales.

The primary source of liquidity for the Company is its cash flow from leasing activities. As initial lease terms expire, the Company re-leases or sells the equipment. The future liquidity beyond the contractual minimum rentals will depend on the Company’s success in remarketing or selling the equipment as it comes off rental.

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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 were found to be inadequate, the Company would likely be in a position to borrow against its current portfolio to meet such requirements. AFS envisions no such requirements for operating purposes.

Cash Flows

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	Three Months EndedMarch 31,
	2015		2014		2015		2014
	2016		2015
Net cash provided by:
Operating activities	$	~~507~~255	$	~~706~~585	$	~~1,624~~	$	~~1,307~~
Investing activities		~~469~~72		~~143~~646		~~1,245~~		~~846~~
Financing activities		—		—		—		—
Net increase in cash and cash equivalents	$	~~976~~327	$	~~849~~1,231	$	~~2,869~~	$	~~2,153~~

The three months ended ~~September~~March 3031, ~~2015~~2016 versus the three months ended ~~September~~March 3031, ~~2014~~2015

During the three months ended ~~September~~March 3031, ~~2015~~2016 and ~~2014~~2015, the Company’s primary source of liquidity ~~was~~has been cash flows from its portfolio of operating lease contracts. In addition, the Fund realized $~~465~~70 thousand and $~~143~~646 thousand of proceeds from sales of equipment during the respective three months ended ~~September~~March 3031, ~~2015~~2016 and ~~2014~~2015.

During the same ~~comparative~~respective periods, cash was primarily used to pay invoices related to management fees and expenses, and other payables. As the Fund is in its liquidation phase, any future cash flows from/to financing ~~activity~~activities isare anticipated to only include distributions to Members.

~~The~~Distributions ~~nine months ended September 30, 2015 versus the nine months ended September 30, 2014~~

~~During~~Beginning with the ~~nine~~month ~~months~~of ~~ended~~January ~~September 30~~1999, ~~2015 and 2014,~~ the Company’s ~~primary~~commenced ~~source~~periodic ofdistributions ~~liquidity~~based ~~was~~on cash flows from operations. During its ~~portfolio~~liquidation ofphase, ~~operating~~the ~~lease~~rates ~~contracts.~~and Infrequency ~~addition,~~of periodic distributions paid by the Fund ~~realized~~are ~~$1.2~~solely ~~million~~at ~~and~~the ~~$846~~discretion ~~thousand~~ of ~~proceeds~~the ~~from~~Managing ~~sales~~Member. ofThere ~~equipment~~were no distributions declared or paid during the ~~respective~~three ~~nine~~ months ended ~~September~~March 3031, ~~2015~~2016 and ~~2014~~2015.

During the same comparative periods, cash was primarily used to pay invoices related to management fees and expenses, and other payables.

Distributions

The Company commenced periodic distributions, based on cash flows from operations, beginning with the month of January 1999. During its liquidation phase, the rates and frequency of periodic distributions paid by the Fund are solely at the discretion of the Managing Member. There were no distributions declared or paid during the three and nine months ended September 30, 2015 and 2014.

Commitments and Contingencies and Off-Balance Sheet Transactions

Commitments and Contingencies

At ~~September~~March 3031, ~~2015~~2016, the Company had no commitments to purchase lease assets. Pursuant to the Operating Agreement, the Company will no longer purchase any new lease assets.

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Off-Balance Sheet Transactions

None.

Recent Accounting Pronouncements

In ~~May~~February ~~2014~~2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No2016-02, Leases (Topic 842) (“ASU 2016-02”). ~~2014~~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 2016-0902 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 ~~(“ASU~~to ~~2014-09”)~~the previous guidance, ~~which~~lessors ~~amends~~will ~~the~~classify ~~existing~~leases ~~accounting~~as ~~standards~~operating, ~~for~~direct ~~revenue~~financing, ~~recognition~~or sales-type. ~~ASU~~Lessors ~~2014~~in operating leases will continue to recognize the underlying asset and recognize income on a straight-09line basis. Lessors determine whether a lease is a sale of the underlying asset based on ~~principles~~whether ~~that~~the ~~govern~~lessee effectively obtains control of the ~~recognition~~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.

16In 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.

~~TABLE~~In OFAugust ~~CONTENTS~~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.

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.

Critical 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 critical accounting policies are described in its Annual Report on Form 10-K for the year ended December 31, 2014. There have been no material changes to the Company’s critical accounting policies since December 31, 2014. 16

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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 critical accounting policies are described in its Annual Report on Form 10-K for the year ended December 31, 2015. There have been no material changes to the Company’s critical accounting policies since December 31, 2015.

Item 4. Controls and Procedures.

Evaluation of disclosure controls and procedures

The Company’s Managing Member’s President and 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) and 15d-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.

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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~~March 3031, ~~2015~~2016 that have materially affected, or are reasonably likely to materially affect, the Managing Member’s internal control over financial reporting, as is applicable to the Company.

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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 Company. In the opinion of management, the outcome of such matters, if any, will not have a material impact on the Company’s financial position or results of operations. No material legal proceedings are currently pending against the Company or against any of its assets.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

None.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not Applicable.

Item 5. Other Information.

None.Fund Valuation

Background to Fund Valuation

The Financial Industry Regulatory Authority (“FINRA”), in conjunction with the Securities and Exchange Commission (“SEC”) updated rules for the presentation of account statement values relative to pricing of Direct Placement Program (“DPP”) shares. Under FINRA Notice 15-02 (the “Notice”) the SEC approved amendments to NASD Rule 2340, Customer Account Statements, and FINRA rule 2310, which address a FINRA member firm’s participation in a public offering of a DPP. In summary, the amendments require a FINRA member firm to include in the account statements for customers holding DPP securities a per share value for the DPP. This per share value must be prepared by, or with the material assistance or confirmation of, a third-party valuation expert or service. The results of this valuation must be disclosed in the issuer’s reports filed under the Securities Exchange Act of 1934. A valuation in compliance with the Notice must be undertaken and published on at least an annual basis.

The effective date of the Notice was April 11, 2016.

Methodologies

Broker dealers are required to provide a per share estimated value on the customer account statements for each non-listed DPP security held by their customers. Such estimated value must have been developed in a manner reasonably designed to provide a reliable value. Two valuation methodologies have been defined by FINRA, which by such designation are presumed to be reliable.

Net Investment Methodology

The amendments to NASD Rule 2340(c)(1)(A) require “net investment” to be based on the “amount available for investment” percentage disclosed in the “Estimated Use of Proceeds” section of the issuer’s offering prospectus. In essence, such value is equal to the offering price less selling commissions, other offering and organization expenses, and capital reserves. This method may be used for up to 150 days following the second anniversary of a Fund breaking escrow.

Appraised Value Methodology

As amended, Rule NASD 2340(c)(1)(B) requires that the per share estimated value disclosed in an issuer’s most recent periodic or current report be based upon an appraisal of the assets and liabilities of the program by, or with the material assistance or confirmation of, a third- party valuation expert or

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service, in conformity with standard industry valuation practice as it relates to both the aforementioned assets and liabilities. No later than 150 days following the second anniversary of the issuer’s break of escrow for its minimum offering, this methodology must be used to establish the required estimated values.

Unit Valuation

The per Unit valuation estimate for ATEL CAPITAL EQUIPMENT FUND VIII, LLC has been conducted, and the results disclosed herein, in compliance with the mandates of the Notice.

For ATEL CAPITAL EQUIPMENT FUND VIII, LLC, its estimated value per Unit reflects the Manager’s estimate of current portfolio valuation of all assets and liabilities of the Fund, calculated on a per Unit basis, and as such, does not represent a market value for the Units and may not accurately reflect the value of the Fund Units to the Unit holders if held over time to Fund maturity.

In connection with any estimate of per Unit value, Unit holders and all parties are reminded that no public market for the Units exists. Additionally, in order to preserve the Fund’s pass-through status for federal income tax purposes, the Fund will not permit a secondary market or the substantial equivalent of a secondary market for the Units. In the absence of a public market for the Units, there is no currently ascertainable fair market value for the Units.

The estimate of per Unit value does not take into account any extraordinary potential future business activity of the Fund; rather the valuation represents a snapshot view of the Fund’s portfolio as of the valuation date. In addition, the Fund does not include any analysis of the distributions that have already been paid by the Fund, nor the anticipated returns to Unit holder over the full course of the Fund life cycle, which will be dependent on many factors.

Disclosure

The estimated value per Unit reported in this Form 10-Q has been calculated using the “Appraised Value Methodology” described above under “Methodologies” above, as of December 31, 2015.

ATEL CAPITAL EQUIPMENT FUND VIII, LLC, will satisfy the disclosure requirements for providing estimated per Unit values pursuant to the Notice as follows:

For the customer statements first provided after April 11, 2015, the disclosure is made in this quarterly report on Form 10-Q filed for the quarter ended March 31, 2016.

For the subsequent annual disclosures of estimated per Unit values as of December 31 of 2016 and each succeeding year through the termination of the Fund, these FINRA compliant estimated per Unit values will be accomplished and included in the Fund’s annual Form 10-K filing for each year.

Specifics Underlying Valuation Methodology:

Notes and Explanation of Valuation Components and Calculation

Fund Assets and Liabilities (other than as specifically identified below): The estimated values for non-interest bearing items such as current assets and liabilities are assumed to equal their reported GAAP balances as an appropriate approximation of their fair values. Debt (interest bearing) is assumed to equal the fair values of the debt as disclosed in the footnotes of the 10-K.

Investments in Leases (net of fees and expenses): The estimated values for Investments in Leases are based on calculating the present value of the projected future cash flows. Projected future cash flows include both the remaining contractual lease payments, plus assumptions on lease renewals and sale value of the residuals. Projected future cash flows are net of projected future fees and expenses including:

•

management fees applicable for the Fund

•

carried interest applicable for the Fund (7.50% of distributions)

•

operating expenses which are assumed to be 2.50% of original equipment costs for the Fund

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Projected future cash flows have been discounted back to present value at discount rates based on like-term U.S. Treasury yields (as of the valuation date) plus a 300 basis point spread, to account for the credit risk differentials between the instrument being valued and U.S. Treasury security yields.

Residual values assumptions used in the cash flow projections are as follows:

For On-Lease and Month-to-Month Lease: Considers realized residual as a percent of book residual of 155%, based on ATEL’s historical track record as of December 31, 2015. In addition, an annual inflation rate of 1.50% has been assumed.

For Off-Lease: A realized residual of 100% of the book value for off-lease assets has been assumed.

Special Situation Leases: The valuation of certain leases has been performed outside of the above noted protocol based upon specific lease assumptions different than the macro assumptions above, due to the specific situations of those leases.

Investments in Notes Receivable: The estimated values for Investments in Notes Receivable are assumed to approximate the reported GAAP balances.

Investments in Marketable Securities: The estimated values for Marketable Securities have been based on the estimated net book value as of the valuation date (with impairment adjustments), plus any unrealized gain on equity. The unrealized gain on equity is based on either: a) the most recent round of financing, b) the most recent 409A valuation provided by the underlying companies of the warrants, or c) the Manager’s estimate of the company valuations based on all available information, including company financials, company valuation reports, public press releases, and other sources.

Warrants Outstanding: The estimated values for Warrants Outstanding considers the reported GAAP balances to be an appropriate approximation of their fair values.

Accrued distributions: Accrued distributions, which are payable to the Unit holders have been removed from the balance sheet liability section because they are not a liability to a third party.

ATEL CAPITAL EQUIPMENT FUND VIII, LLC Unit Valuation

The Manager’s estimated per Unit value of ATEL CAPITAL EQUIPMENT FUND VIII, LLC at December 31, 2015 as determined, and derived under the guidelines of the Appraised Value Methodology, and pursuant to the above specific enumerated component valuation methodologies and calculations, equals $0.73. An independent national public accounting firm with valuation expertise was retained to examine, attest and confirm ATEL CAPITAL EQUIPMENT FUND VIII, LLC’s per Unit valuation and its component methodologies and calculation as it relates to compliance with the regulatory mandate defined in the Notice. In this regard, they examined the components of the valuation methodologies and determined them to be reasonable and within industry standards. Other component attributes, including the bases and related key assumptions of the calculation were tested for their completeness, underlying documentation support and mathematical accuracy. Upon completion of their efforts, their attestation report confirmed that the per unit valuation of ATEL CAPITAL EQUIPMENT FUND VIII, LLC, and the related notes, in all material respects, was based upon industry practice as described in the Manager’s valuation approach.

Disclaimer

The foregoing Fund per Unit valuation has been performed solely for the purpose of providing an estimated value per Unit in accordance with a regulatory mandate, in order to provide the broker dealer and custodian community with a valuation on a reasonable and attested basis for use in assigning an estimation of a Unit holder’s account value. Any report or disclosure of such estimated per Unit valuation is to be accompanied by statements that the value does not represent an estimate of the amount a Unit holder would receive if the Unit holder were to seek to sell the Units, and that the Fund intends to liquidate its assets in the ordinary course of its business and over the Fund’s term. Further, each statement of the Fund’s estimated per Unit valuation is to be accompanied by a disclosure that there can be no assurance as to (1) when the Fund will be fully liquidated, (2) the amount the Fund may actually receive if and when the Fund seeks to liquidate its assets,

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(3) the amount of lease or loan payments the Fund will actually receive over the remaining term, (4) the amount of asset disposition proceeds the Fund will actually receive over the remaining term, and (5) the amounts that may actually be received in distributions by Unit holders over the course of the remaining term.

Item 6. Exhibits.

Documents filed as a part of this report:

Financial Statement Schedules

All other 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 not applicable, and therefore have been omitted.

Other Exhibits

31.1

Rule 13a-14(a)/15d-14(a) Certification of Dean L. Cash

31.2

Rule 13a-14(a)/15d-14(a) Certification of Paritosh K. Choksi

32.1

Certification Pursuant to 18 U.S.C. section 1350 of Dean L. Cash

32.2

Certification Pursuant to 18 U.S.C. section 1350 of Paritosh K. Choksi

101.INS

XBRL Instance Document

101.SCH

XBRL Taxonomy Extension Schema Document

101.CAL

XBRL Taxonomy Extension Calculation Linkbase Document

101.LAB

XBRL Taxonomy Extension Label Linkbase Document

101.PRE

XBRL Taxonomy Extension Presentation Linkbase Document

101.DEF

XBRL Taxonomy Extension Definition Linkbase Document

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SIGNATURES

Pursuant to the requirements 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~~May 1216, ~~2015~~2016

ATEL CAPITAL EQUIPMENT FUND VIII, LLC (Registrant)

By:

ATEL Financial Services, LLC
Managing Member of Registrant

By:/s/ Dean L. ~~CashDean~~Cash Dean L. ~~CashPresident~~Cash President and Chief Executive Officer of ATEL Financial Services, LLC (Managing Member) By:/s/ Paritosh K. Choksi Paritosh K. Choksi Executive Vice President and Chief Financial Officer and Chief Operating Officer of ATEL Financial Services, LLC (Managing Member) By:/s/ Samuel Schussler Samuel Schussler Vice President and Chief Accounting Officer of ATEL Financial Services, LLC (Managing Member)

2022

Form 10-Q

Washington, D.C. 20549

For the quarterly period ended SeptemberMarch 3031, 20152016

For the transition period from to

Commission File number 000-33103

ATEL Capital Equipment Fund VIII, LLC

DOCUMENTS INCORPORATED BY REFERENCE

ATEL CAPITAL EQUIPMENT FUND VIII, LLC

Index

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited).

ATEL CAPITAL EQUIPMENT FUND VIII, LLC BALANCE SHEETS

ATEL CAPITAL EQUIPMENT FUND VIII, LLC STATEMENTS OF INCOME

ATEL CAPITAL EQUIPMENT FUND VIII, LLC STATEMENTS OF CHANGES IN MEMBERS’ CAPITAL

ATEL CAPITAL EQUIPMENT FUND VIII, LLC STATEMENTS OF CASH FLOWS

ATEL CAPITAL EQUIPMENT FUND VIII, LLC NOTES TO FINANCIAL STATEMENTS (Unaudited)

1. Organization and Limited Liability Company matters:

2. Summary of significant accounting policies:

Basis of presentation:

ATEL CAPITAL EQUIPMENT FUND VIII, LLC NOTES TO FINANCIAL STATEMENTS (Unaudited)

2. Summary of significant accounting policies: - (continued)

Use of estimates:

Segment reporting:

Per Unit data:

Recent accounting pronouncements:

ATEL CAPITAL EQUIPMENT FUND VIII, LLC NOTES TO FINANCIAL STATEMENTS (Unaudited)

2. Summary of significant accounting policies: - (continued)

3. Investment in equipment and leases, net:

Impairment of investments in leases and assets held for sale or lease:

ATEL CAPITAL EQUIPMENT FUND VIII, LLC NOTES TO FINANCIAL STATEMENTS (Unaudited)

3. Investment in equipment and leases, net: - (continued)

Operating leases:

Direct financing leases:

ATEL CAPITAL EQUIPMENT FUND VIII, LLC NOTES TO FINANCIAL STATEMENTS (Unaudited)

3. Investment in equipment and leases, net: - (continued)

4. Related party transactions:

ATEL CAPITAL EQUIPMENT FUND VIII, LLC NOTES TO FINANCIAL STATEMENTS (Unaudited)

4. Related party transactions: - (continued)

5. Guarantees:

6. Members’ capital:

ATEL CAPITAL EQUIPMENT FUND VIII, LLC NOTES TO FINANCIAL STATEMENTS (Unaudited)

6. Members’ capital: - (continued)

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

Overview

Results of Operations

The three months ended SeptemberMarch 3031, 20152016 versus the three months ended SeptemberMarch 3031, 20142015

Revenues

Expenses

The nine months ended September 30, 2015 versus the nine months ended September 30, 2014

Revenues

Expenses

Capital Resources and Liquidity

Distributions

Commitments and Contingencies and Off-Balance Sheet Transactions

Commitments and Contingencies

Off-Balance Sheet Transactions

Recent Accounting Pronouncements

Critical Accounting Policies and Estimates

Item 4. Controls and Procedures.

Evaluation of disclosure controls and procedures

Changes in internal control

PART II. OTHER INFORMATION

Item 1. Legal Proceedings.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Item 3. Defaults Upon Senior Securities.

Item 4. Mine Safety Disclosures.

Item 5. Other Information.

None.Fund Valuation

Background to Fund Valuation

Methodologies

Net Investment Methodology

Appraised Value Methodology

Unit Valuation

Disclosure

Specifics Underlying Valuation Methodology:

Notes and Explanation of Valuation Components and Calculation

ATEL CAPITAL EQUIPMENT FUND VIII, LLC Unit Valuation

Disclaimer

Item 6. Exhibits.

SIGNATURES

ATEL CAPITAL EQUIPMENT FUND VIII, LLC

BALANCE SHEETS

ATEL CAPITAL EQUIPMENT FUND VIII, LLC

STATEMENTS OF INCOME

ATEL CAPITAL EQUIPMENT FUND VIII, LLC

STATEMENTS OF CHANGES IN MEMBERS’ CAPITAL

ATEL CAPITAL EQUIPMENT FUND VIII, LLC

STATEMENTS OF CASH FLOWS

ATEL CAPITAL EQUIPMENT FUND VIII, LLC

NOTES TO FINANCIAL STATEMENTS
(Unaudited)

ATEL CAPITAL EQUIPMENT FUND VIII, LLC

NOTES TO FINANCIAL STATEMENTS
(Unaudited)

ATEL CAPITAL EQUIPMENT FUND VIII, LLC

NOTES TO FINANCIAL STATEMENTS
(Unaudited)

ATEL CAPITAL EQUIPMENT FUND VIII, LLC

NOTES TO FINANCIAL STATEMENTS
(Unaudited)

ATEL CAPITAL EQUIPMENT FUND VIII, LLC

NOTES TO FINANCIAL STATEMENTS
(Unaudited)

ATEL CAPITAL EQUIPMENT FUND VIII, LLC

NOTES TO FINANCIAL STATEMENTS
(Unaudited)

ATEL CAPITAL EQUIPMENT FUND VIII, LLC

NOTES TO FINANCIAL STATEMENTS
(Unaudited)

Filing Compare · ATEL CAPITAL EQUIPMENT FUND VIII LLC