UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-K

~~☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.~~

~~For the year ended December 31, 2019~~

~~☐ Transition~~⌧ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

For the year ended December 31, 2020

◻ 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 000‑50687~~

Commission File number 000-50687

ATEL Capital Equipment Fund X, LLC

(Exact name of registrant as specified in its charter)

California		68‑0517690
(State or other jurisdiction ofincorporation or organization)		(I. R. S. EmployerIdentification No.)


California		68-0517690
(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~~

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

Securities registered pursuant to Section 12(b) of the Act:

Title of each class: Trading Symbol Name of each exchange on which registered: N/A N/A N/A

~~Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒~~

IfIndicate ~~this report is an annual or transition report, indicate~~ by check mark if the registrant is ~~not~~a ~~required~~well-known toseasoned ~~file~~issuer, ~~reports~~as ~~pursuant~~defined toin ~~Section~~Rule 13405 ~~or 15(d)~~ of the Securities Act ~~of 1934~~. Yes ☐ ◻ No ☒ 

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 ☒ No ☐

~~Indicate~~If bythis ~~check~~report ~~mark~~is ~~whether~~an ~~the~~annual ~~registrant~~or ~~has~~transition ~~submitted~~report, ~~electronically~~indicate ~~every~~by ~~Interactive~~check ~~Data~~mark ~~File~~if the registrant is not required to befile ~~submitted~~reports pursuant to ~~Rule~~Section ~~405~~13 ofor ~~Regulation S-T~~ 15(~~§232.405 of this chapter~~d) ~~during the preceding 12~~ ~~months~~of ~~(or for such shorter period that~~ the ~~registrant~~Securities ~~was~~Act ~~required~~of ~~to submit such files)~~1934. Yes ☒◻ No ☐ 

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10‑K or any amendment to this Form 10‑K. ☒

Indicate by a check mark whether the registrant is(1) has afiled ~~large~~all ~~accelerated~~reports ~~filer,~~required anto ~~accelerated~~be ~~filer,~~filed by section 13 or a15(d) of ~~non-accelerated~~the ~~filer.~~Securities ~~See~~Exchange ~~definition~~Act of ~~“accelerated~~1934 ~~filer~~during ~~and~~the ~~large~~preceding ~~accelerated~~12 months ~~filer”~~(or infor ~~Rule 12b‑~~such shorter period that the registrant was required to file such reports), and (2) has ofbeen subject to such filing requirements for the ~~Exchange~~past ~~Act~~90 days. ~~(Check~~Yes  ~~one):~~ No ◻

~~Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ Smaller reporting company ☒ Emerging growth company ☐~~

IfIndicate ~~an emerging growth company, indicate~~ by check mark ifwhether the registrant has ~~elected~~submitted ~~not~~electronically toevery ~~use~~Interactive ~~the~~Data ~~extended~~File ~~transition~~required ~~period~~to ~~for~~be ~~complying~~submitted ~~with~~pursuant ~~any~~to ~~new~~Rule 405 orof ~~revised~~Regulation ~~financial~~S-T ~~accounting~~(§232.405 ~~standards~~of ~~provided~~this ~~pursuant~~chapter) toduring ~~Section~~the preceding 12 13months (~~a) of~~or for such shorter period that the ~~Exchange~~registrant ~~Act~~was required to submit such files). Yes ☐  No ◻

~~Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b‑2 of the Exchange Act).Yes ☐ No ☒~~

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one):


Large accelerated filer ◻	Accelerated filer ◻	Non-accelerated filer ⌧	Smaller reporting company ⌧
Emerging growth company ◻

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

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

State the aggregate market value of voting stock held by non-affiliates of the registrant: Not applicable

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was sold, or the average bid and asked price of such common equity, as of a specified date within the past 60 days. (See definition of affiliate in Rule 12b‑2 of the Exchange Act.) Not applicable

~~The~~State ~~number~~the aggregate market value of ~~Limited~~the ~~Liability~~voting ~~Company~~and ~~Units~~non-voting ~~outstanding~~common asequity ofheld ~~February~~by ~~29,~~non-affiliates ~~2020~~computed by reference to the price at which the common equity was 13sold,~~971~~ or the average bid and asked price of such common equity,~~486~~ as of a specified date within the past 60 days. (See definition of affiliate in Rule 12b-2 of the Exchange Act.) Not applicable

The number of Limited Liability Company Units outstanding as of February 28, 2021 was 13,971,486.

DOCUMENTS INCORPORATED BY REFERENCE

~~Prospectus dated March 12, 2003, filed pursuant to Rule 424(b) (Commission File No. 333‑100452) is hereby incorporated by reference into Part IV hereof.~~

Prospectus dated March 12, 2003, filed pursuant to Rule 424(b) (Commission File No. 333-100452) is hereby incorporated by reference into Part IV hereof.

PART I

Item 1. BUSINESS

~~General Development of Business~~

~~ATEL~~General ~~Capital~~Development ~~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 of the Company is ATEL Financial Services, LLC (“AFS”), a California limited liability company. The Company may continue until December 31, 2022. Business

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 December 31, 2019. As of December 31, 2019, 13,971,486 Units remain issued and outstanding.

~~The~~ATEL ~~Company’s~~Capital ~~principal~~Equipment ~~objectives~~Fund ~~have been to invest in a diversified portfolio of equipment that (i) preserves~~X, ~~protects~~LLC ~~and returns~~ (the “Company’s” ~~invested~~or ~~capital;~~the ~~(ii~~“Fund”) ~~generates~~was ~~regular~~formed ~~distributions~~under to the ~~members~~laws of ~~cash~~the ~~from~~State ~~operations~~of ~~and~~California ~~cash~~on ~~from~~August ~~sales or refinancing~~12, ~~with~~2002 ~~any~~for ~~balance~~the ~~remaining~~purpose ~~after~~of ~~certain~~engaging ~~minimum~~in ~~distributions to be used to purchase additional equipment during~~ the ~~reinvestment~~sale ~~period~~of ~~(“Reinvestment~~limited ~~Period”)~~liability ~~(defined~~company asinvestment ~~six~~units ~~full~~and ~~years~~acquiring ~~following~~equipment ~~the~~to ~~year~~engage ~~the~~in ~~offering~~equipment ~~was terminated) which ended on December 31~~leasing, ~~2011~~lending and ~~(iii)~~sales ~~provides~~activities, ~~additional~~primarily ~~distributions~~in ~~following~~ the ~~Reinvestment~~United ~~Period and until all equipment has been sold~~States. The ~~Company~~Managing isMember ~~governed~~of by the ~~Limited~~Company ~~Liability~~is ~~Company~~ATEL ~~Operating~~Financial ~~Agreement~~Services, LLC (“~~Operating Agreement~~AFS”), asa ~~amended.~~California Onlimited ~~January~~liability 1,company. ~~2012,~~The ~~the~~ Company ~~commenced~~may ~~liquidation~~continue ~~phase~~until ~~activities~~December ~~pursuant~~31, ~~to the guidelines of the Operating Agreement~~2022.

~~The~~ Company had incurred debt to finance the purchase of a portion of its equipment portfolio. The amount of borrowings in connection with any equipment acquisition transaction was determined by, among other things, the credit of the lessee, the terms of the lease, the nature of the equipment and the condition of the money market. There was no limit on the amount of debt that may be incurred in connection with any single acquisition of equipment. However, the Company may not incur aggregate outstanding indebtedness in excess of 50% of the total cost of all equipment as of the date of the final commitment of the offering proceeds and, thereafter, as of the date of any subsequent indebtedness is incurred. The Company had borrowed amounts equal to such maximum debt level in order to fund a portion of its equipment acquisitions.

The Company ~~also~~conducted ~~incurred~~a ~~long-term~~public ~~recourse~~offering ~~debt in the form~~ of ~~asset~~15,000,000 ~~securitization~~Limited ~~transactions~~Liability inCompany ~~order~~Units to(“Units”), ~~obtain~~at ~~lower~~a ~~interest~~price ~~rates~~of or$10 ~~other~~per ~~more~~Unit. ~~desirable~~On ~~terms~~April ~~than~~9, ~~may~~2003, besubscriptions ~~available~~ for ~~individual~~the ~~nonrecourse~~minimum ~~debt~~number ~~transactions.~~of InUnits ~~an “asset securitization~~(120,”000, ~~the~~representing ~~lender~~$1.2 ~~would~~million) ~~receive~~had abeen ~~security~~received ~~interest~~(excluding insubscriptions afrom ~~specified~~Pennsylvania ~~pool~~investors) ofand ~~“securitized”~~AFS ~~Company~~requested ~~assets~~that ~~or a general lien against all of~~ the ~~otherwise~~subscriptions ~~unencumbered~~be ~~assets~~released ofto the Company. ItOn ~~had~~that ~~been~~date, the ~~intention~~Company ofcommenced ~~AFS~~operations toin ~~use~~its ~~asset~~primary ~~securitization~~business. ~~primarily~~As toof ~~finance~~March ~~assets~~11, ~~leased to those credits which~~2005, in the ~~opinion~~offering ofwas ~~AFS,~~terminated. ~~had~~As ~~a relatively lower potential risk~~ of ~~lease~~that ~~default~~date, ~~than~~subscriptions ~~those~~for ~~lessees~~14,059,136 ~~with~~Units ~~equipment~~($140.6 ~~financed~~million) ~~with~~had ~~nonrecourse~~been ~~debt.~~received, ~~AFS~~of ~~expected~~which ~~that~~87,650 anUnits ~~asset~~($720 ~~securitization~~thousand) ~~financing~~were ~~would~~subsequently ~~involve~~rescinded ~~borrowing~~or atrepurchased a(net ~~variable~~of ~~interest~~distributions ~~rate~~paid ~~based~~and onallocated ansyndication ~~established reference rate~~costs, ~~and~~as ~~sought~~applicable) toby ~~limit~~ the Company’s ~~exposure~~through toDecember ~~increases~~31, in2020. ~~the~~As ~~interest~~of ~~rate~~December by31, ~~engaging~~2020, in13,971,486 ~~hedging~~Units ~~transactions~~remain ~~that~~issued ~~would~~and ~~effectively fix the interest rate obligation~~outstanding. ~~All of such securitized borrowings were repaid in full.~~

~~Pursuant~~The Company’s principal objectives have been to ~~the~~invest ~~terms~~in a diversified portfolio of ~~the~~equipment ~~Operating~~that ~~Agreement~~(i) preserves, ~~AFS~~protects and ~~its~~returns ~~affiliates~~the ~~receives~~Company’s ~~compensation~~invested ~~for~~capital; ~~services~~(ii) ~~rendered~~generates regular distributions to the members of cash from operations and ~~reimbursements~~cash ~~for~~from ~~costs~~sales ~~incurred~~or onrefinancing, ~~behalf~~with ofany balance remaining after certain minimum distributions to be used to purchase additional equipment during the ~~Company~~reinvestment period (~~See~~“Reinvestment ~~Note~~Period”) 6(defined toas six full years following the ~~financial~~year ~~statements~~the ~~included~~offering inwas ~~Item~~terminated) 8which ofended ~~this~~on ~~report~~December 31, 2011 and (iii) provides additional distributions following the Reinvestment Period and until all equipment has been sold. The Company is ~~required~~governed toby ~~maintain~~the ~~reasonable~~Limited ~~cash~~Liability ~~reserves~~Company ~~for~~Operating ~~working~~Agreement ~~capital~~(“Operating Agreement”), ~~the~~as ~~repurchase~~amended. ofOn ~~Units~~January ~~and~~1, ~~contingencies.~~2012, ~~The~~the ~~repurchase~~Company ofcommenced ~~Units~~liquidation isphase ~~solely~~activities atpursuant to the ~~discretion~~guidelines of ~~AFS~~the Operating Agreement.

~~Narrative Description of Business~~

The Company had ~~acquired~~incurred ~~various~~debt ~~types~~to offinance ~~equipment~~the topurchase ~~lease~~of ~~pursuant~~a toportion ~~“Operating”~~of ~~leases~~its ~~and~~equipment ~~“High~~portfolio. ~~Payout”~~The ~~leases,~~amount ~~whereby~~of ~~“Operating”~~borrowings ~~leases~~in ~~are~~connection ~~defined~~with asany ~~leases~~equipment inacquisition ~~which~~transaction ~~the~~was ~~minimum~~determined ~~lease~~by, ~~payments~~among ~~during~~other things, the ~~initial~~credit ~~lease~~of ~~term~~the dolessee, ~~not~~the ~~recover~~terms of the ~~full~~lease, ~~cost~~the nature of the equipment and ~~“High~~the ~~Payout”~~condition ~~leases~~of ~~recover~~the atmoney ~~least~~market. ~~90%~~There ofwas ~~such~~no ~~cost.~~limit Iton ~~was~~ the ~~intention~~amount of ~~AFS~~debt that amay ~~majority~~be incurred in connection with any single acquisition of equipment. However, the Company may not incur aggregate ~~purchase~~outstanding ~~price~~indebtedness in excess of ~~equipment~~50% ~~would~~of ~~represent~~the ~~equipment~~total ~~leased~~cost ~~under~~of ~~operating~~all ~~leases~~equipment ~~upon~~as ~~final~~of ~~investment~~the date of the ~~net~~final ~~proceeds~~commitment of the offering proceeds and, ~~that~~thereafter, noas ~~more~~of ~~than~~the ~~20%~~date of ~~the~~any ~~aggregate~~subsequent ~~purchase~~indebtedness ~~price~~is ofincurred. ~~equipment~~The ~~would~~Company behad ~~invested~~borrowed amounts equal to such maximum debt level in ~~equipment~~order ~~acquired~~to ~~from~~fund a ~~single~~portion ~~manufacturer~~of its equipment acquisitions.

The Company had only purchased equipment under pre-existing leases or for which a lease would be entered into concurrently at the time of the purchase. Through December 31, 2019, the Company had purchased equipment with a total acquisition price of $193.8 million. The Company had also funded investments in notes receivable totaling $18.4 million through December 31, 2019.

The Company’s ~~objective~~also ~~had~~incurred ~~been~~long-term torecourse ~~lease~~debt ain ~~minimum~~the ofform ~~75%~~ of ~~the~~asset ~~equipment~~securitization ~~acquired~~transactions ~~with~~in ~~the~~order ~~net~~to ~~proceeds~~obtain oflower ~~the~~interest ~~offering~~rates toor ~~lessees~~other ~~that~~more ~~(i)~~desirable ~~had~~terms anthan ~~aggregate~~may ~~credit~~be ~~rating~~available byfor ~~Moody’s~~individual ~~Investors~~nonrecourse ~~Service~~debt oftransactions. ~~Baa~~In oran ~~better~~“asset securitization,” or the ~~credit~~lender ~~equivalent~~would asreceive ~~determined~~a bysecurity ~~AFS,~~interest ~~with~~in ~~the~~a ~~aggregate~~specified ~~rating~~pool ~~weighted~~of to“securitized” ~~account~~Company ~~for~~assets ~~the~~or ~~original~~a ~~equipment~~general ~~cost~~lien ~~for~~against ~~each~~all ~~item~~of ~~leased~~the orotherwise ~~(ii)~~unencumbered ~~were~~assets ~~established~~of ~~hospitals~~the ~~with~~Company. ~~histories~~It ofhad ~~profitability~~been orthe ~~municipalities.~~intention ~~The~~of ~~balance~~AFS ofto ~~the~~use ~~original~~asset ~~equipment~~securitization ~~portfolio~~primarily ~~included~~to ~~equipment~~finance assets leased to ~~lessees~~those credits which, ~~although~~in ~~deemed~~the ~~creditworthy~~opinion byof AFS, ~~would~~had ~~not~~a ~~satisfy~~relatively ~~the~~lower ~~general~~potential ~~credit~~risk ~~rating~~of ~~criteria~~lease ~~for~~default ~~the~~than ~~portfolio~~those lessees with equipment financed with nonrecourse debt. InAFS ~~excess~~expected ofthat ~~75%~~an ofasset ~~the~~securitization ~~equipment~~financing ~~acquired~~would ~~with~~involve ~~the~~borrowing ~~net~~at ~~proceeds~~a ofvariable ~~the~~interest ~~offering~~rate (based on ~~original~~an ~~purchase~~established ~~cost)~~reference ~~was~~rate, ~~originally~~and ~~leased~~sought to ~~lessees~~limit ~~with~~the anCompany’s ~~aggregate~~exposure ~~credit~~to ~~rating~~increases ofin ~~Baa~~the orinterest ~~better~~rate orby toengaging ~~such~~in ~~hospitals~~hedging ortransactions ~~municipalities,~~that aswould ~~described~~effectively infix ~~(ii)~~the ~~above~~interest rate obligation. All of such securitized borrowings were repaid in full.

The equipment leasing industry is highly competitive. Equipment manufacturers, corporations, partnerships and others offer users an alternative to the purchase of most types of equipment with payment terms that vary widely depending on the lease term, type of equipment and creditworthiness of the lessee. The ability of the Company to keep the equipment leased and/or operating and the terms of the acquisitions, leases and dispositions of equipment depends on various factors (many of which are not in the control of AFS or the Company), such as raw material costs to manufacture equipment as well as general economic conditions, including the effects of inflation or recession, and fluctuations in supply and demand for various types of equipment resulting from, among other things, technological and economic obsolescence.

~~AFS limited the amount invested in equipment to any single lessee to not more than 20% of the aggregate purchase price of equipment owned at any time during the Reinvestment Period.~~ 2

~~The~~Pursuant ~~business~~to the terms of the ~~Company~~Operating isAgreement, ~~not~~AFS ~~seasonal.~~and ~~The~~its ~~Company~~affiliates ~~has~~receives nocompensation ~~full~~for ~~time~~services ~~employees.~~rendered ~~AFS’~~and ~~employees~~reimbursements ~~provide~~for ~~the~~costs ~~services~~incurred on behalf of the Company ~~requires~~(See Note 6 to ~~effectively~~the ~~operate~~financial statements included in Item 8 of this report). The ~~costs~~Company ofis ~~these~~required ~~services~~to ~~are~~maintain ~~reimbursed~~reasonable bycash reserves for working capital, the ~~Company~~repurchase toof ~~AFS~~Units ~~per~~and contingencies. The repurchase of Units is solely at the ~~Operating~~discretion ~~Agreement~~of AFS.

~~For further information refer to the financial statements and footnotes.~~

~~Equipment~~ Narrative ~~Leasing~~Description ~~Activities~~ of Business

The Company has acquired a diversified portfolio of equipment. The equipment has been leased to lessees in various industries. The following tables set forth the types of equipment acquired by the Company through December 31, 2019 and the industries to which the assets have been leased (dollars in thousands):

3 The Company had acquired various types of equipment to lease pursuant to “Operating” leases and “High Payout” leases, whereby “Operating” leases are defined as leases in which the minimum lease payments during the initial lease term do not recover the full cost of the equipment and “High Payout” leases recover at least 90% of such cost. It was the intention of AFS that a majority of the aggregate purchase price of equipment would represent equipment leased under operating leases upon final investment of the net proceeds of the offering and that no more than 20% of the aggregate purchase price of equipment would be invested in equipment acquired from a single manufacturer.

	Purchase Price		Percentage of
Asset Types	Excluding Acquisition Fees		Total Acquisitions
Materials handling	$	49,467	25.52	%
Transportation, other		37,956	19.58	%
Transportation, rail		32,123	16.57	%
Mining equipment		30,020	15.49	%
Manufacturing		15,946	8.23	%
Construction		13,059	6.74	%
Logging and lumber		4,728	2.44	%
Petro/natural gas		2,446	1.26	%
Other		8,068	4.17	%
	$	193,813	100.00	%

	Purchase Price		Percentage of
Industry of Lessee	Excluding Acquisition Fees		Total Acquisitions
Mining	$	38,670	19.95	%
Transportation, other		25,019	12.91	%
Manufacturing		20,502	10.58	%
Transportation, rail		16,809	8.67	%
Paper products		13,570	7.00	%
Wholesale		12,887	6.65	%
Retail		12,650	6.53	%
Wood/Lumber products		12,331	6.36	%
Health services		11,474	5.92	%
Minerals/Metal products		7,200	3.71	%
Food products		6,129	3.16	%
Industrial machinery		6,020	3.11	%
Construction		5,368	2.77	%
Other		5,184	2.68	%
	$	193,813	100.00	%

The Company had only purchased equipment under pre-existing leases or for which a lease would be entered into concurrently at the time of the purchase. Through December 31, 2020, the Company had purchased equipment with a total acquisition price of $193.8 million. The Company had also funded investments in notes receivable totaling $18.4 million through December 31, 2020.

~~From inception to December 31, 2019, the Company has disposed of certain leased assets as set forth below (in thousands):~~

	Original
	Equipment Cost
	Excluding
Asset Types	Acquisition Fees		Sale Price		Gross Rents
Materials handling	$	50,006	$	10,578	$	56,880
Transportation, other		35,976		5,660		40,494
Mining equipment		30,019		7,229		47,260
Manufacturing		16,158		3,950		18,354
Construction		12,751		5,087		14,016
Transportation, rail		15,142		4,544		16,014
Logging and lumber		4,728		2,032		5,216
Petro/natural gas		1,976		290		2,882
Other		6,888		1,896		6,917
	$	173,644	$	41,266	$	208,033

The Company’s objective had been to lease a minimum of 75% of the equipment acquired with the net proceeds of the offering to lessees that (i) had an aggregate credit rating by Moody’s Investors Service of Baa or better, or the credit equivalent as determined by AFS, with the aggregate rating weighted to account for the original equipment cost for each item leased or (ii) were established hospitals with histories of profitability or municipalities. The balance of the original equipment portfolio included equipment leased to lessees which, although deemed creditworthy by AFS, would not satisfy the general credit rating criteria for the portfolio. In excess of 75% of the equipment acquired with the net proceeds of the offering (based on original purchase cost) was originally leased to lessees with an aggregate credit rating of Baa or better or to such hospitals or municipalities, as described in (ii) above.

~~Proceeds from sales of lease assets are not expected to be consistent from one period to another.~~ The ~~Company is a finite life~~ equipment leasing ~~fund,~~industry ~~which~~is ~~had~~highly ~~acquired~~competitive. ~~leasing~~Equipment ~~transactions~~manufacturers, ~~during~~corporations, ~~the~~partnerships ~~period~~and ~~ending~~others ~~six~~offer ~~years~~users ~~after~~an ~~completion~~alternative ofto ~~its public offering. On~~ the ~~termination~~purchase of ~~leases,~~most ~~assets~~types ~~may be re-leased or sold. Sales~~ of ~~assets~~equipment ~~are~~with ~~not~~payment ~~scheduled~~terms ~~and~~that ~~are~~vary ~~created~~widely bydepending ~~opportunities~~on ~~within~~ the ~~marketplace. The Company sought to acquire and~~ lease aterm, ~~wide~~type ~~variety~~ of ~~assets~~equipment and tocreditworthiness ~~enter~~of ~~into~~the ~~leases~~lessee. onThe aability ~~variety~~ of ~~terms.~~the ~~Some~~Company ~~assets are expected~~ to ~~have~~keep ~~little~~the orequipment noleased ~~value for re-lease~~ and/or ~~sale~~operating ~~upon~~and ~~termination~~the terms of the ~~initial~~acquisitions, leases, and ~~the~~dispositions ~~anticipated~~of ~~residual~~equipment ~~values~~depends ~~are a key factor in pricing and terms structured for each lease. The Company’s goal is to seek maximum return~~ on ~~its~~various ~~leased~~factors ~~assets~~(many ~~and~~of ~~will~~which ~~determine~~are ~~when~~not ~~and~~in ~~under~~the ~~what~~control ~~terms to dispose~~ of ~~such~~AFS ~~assets~~or ~~during~~ the ~~course~~Company), ofsuch ~~its~~as ~~term.~~raw ~~For~~material ~~further~~costs ~~information~~to ~~regarding~~manufacture ~~the Company’s~~ equipment ~~lease~~as ~~portfolio~~well as ofgeneral ~~December~~economic 31conditions, ~~2019~~including ~~and~~the ~~2018,~~effects ~~see~~of ~~Note~~inflation 4or torecession, ~~the~~and ~~financial~~fluctuations ~~statements,~~in ~~Equipment~~supply ~~under~~and ~~operating~~demand ~~leases,~~for ~~net,~~various astypes ~~set~~of ~~forth~~equipment inresulting ~~Part II~~from, ~~Item~~among 8other things, ~~Financial~~technological ~~Statements~~ and ~~Supplementary~~economic ~~Data~~obsolescence.

~~Notes Receivable Activities~~

~~The~~AFS ~~Company~~limited ~~has~~the ~~financed~~amount ainvested ~~diversified~~in ~~portfolio~~equipment ofto ~~assets~~any insingle ~~diverse~~lessee ~~industries.~~to ~~The~~not ~~following~~more ~~tables~~than ~~set~~20% ~~forth~~of the ~~types~~aggregate ofpurchase ~~assets~~price ~~financed~~of byequipment ~~the~~owned ~~Company~~at ~~through~~any ~~December~~time ~~31,~~during ~~2019 and~~ the ~~industries~~Reinvestment toPeriod. ~~which the assets have been financed (dollars in thousands):~~

	Amount
	Financed
	Excluding		Percentage of
Asset Types	Acquisition Fees		Total Funding
Computers	$	8,423	45.87	%
Aviation		2,680	14.60	%
Storage facility		2,503	13.63	%
Manufacturing		950	5.17	%
Furniture/Fixtures		499	2.72	%
Research		182	1.00	%
Other		3,124	17.01	%
	$	18,361	100.00	%

	Amount
	Financed
	Excluding		Percentage of
Industry of Borrower	Acquisition Fees		Total Funding
Business services	$	5,138	27.98	%
Communications		3,472	18.90	%
Manufacturing		3,086	16.80	%
Health services		2,708	14.75	%
Air transportation		2,680	14.60	%
Electronics		778	4.24	%
Other		499	2.73	%
	$	18,361	100.00	%

The business of the Company is not seasonal. The Company has no full time employees. AFS’ employees provide the services the Company requires to effectively operate. The costs of these services are reimbursed by the Company to AFS per the Operating Agreement.

~~From~~For ~~inception~~further toinformation ~~December~~refer ~~31,~~to ~~2019, assets financed by~~ the ~~Company~~financial ~~that~~statements ~~were~~and ~~associated with terminated loans are as follows (in thousands):~~ footnotes.

	Amount
	Financed		Early Termination
	Excluding		of Notes		Total Payments
Asset Types	Acquisition Fees		Proceeds		Received
Computers	$	8,423	$	2,182	$	7,121
Aviation		2,680		1,360		3,863
Storage facility		2,503		—		3,623
Manufacturing		950		19		1,233
Furniture/Fixtures		499		82		493
Research		182		—		210
Other		3,124		897		2,667
	$	18,361	$	4,540	$	19,210

~~The~~Equipment ~~Company~~Leasing ~~had~~Activities ~~no notes receivable as of December 31, 2019 and 2018.~~

The Company operates in one reportable operating segment in the United States. For further information regarding the Company’s geographic revenues and assets, and major customers, see Notes 2 and 3 to the financial statements as set forth in Part II, Item 8, Financial Statements and Supplementary Data.

~~Item~~The 2Company has acquired a diversified portfolio of equipment. ~~PROPERTIES~~The equipment has been leased to lessees in various industries.

~~The Company does not own or lease any real property, plant or material physical properties other than the equipment held for lease as set forth in Item 1, Business.~~

~~Item~~ 3~~. LEGAL PROCEEDINGS~~

InThe ~~the~~following ~~ordinary~~tables ~~course~~set offorth ~~conducting~~the ~~business,~~types ~~there~~of ~~may~~equipment beacquired ~~certain~~by ~~claims, suits, and complaints filed against~~ the Company. Inthrough ~~the~~December ~~opinion of management~~31, ~~the~~2020 ~~outcome~~and ~~of such matters, if any, will not have a material impact on~~ the ~~Company’s~~industries ~~financial~~to ~~position~~which ~~or results of operations. No material legal proceedings are currently pending against~~ the ~~Company~~assets orhave ~~against~~been ~~any~~leased of(dollars ~~its~~in ~~assets.~~thousands):

~~Item 4. MINE SAFETY DISCLOSURES~~

Not applicable.


	Purchase Price		Percentage of
Asset Types	Excluding Acquisition Fees		Total Acquisitions
Materials handling	$	49,467	25.52	%
Transportation, other		37,956	19.58	%
Transportation, rail		32,123	16.57	%
Mining equipment		30,020	15.49	%
Manufacturing		15,946	8.23	%
Construction		13,059	6.74	%
Logging and lumber		4,728	2.44	%
Petro/natural gas		2,446	1.26	%
Other		8,068	4.17	%
	$	193,813	100.00	%

PART II


	Purchase Price		Percentage of
Industry of Lessee	Excluding Acquisition Fees		Total Acquisitions
Mining	$	38,670	19.95	%
Transportation, other		25,019	12.91	%
Manufacturing		20,502	10.58	%
Transportation, rail		16,809	8.67	%
Paper products		13,570	7.00	%
Wholesale		12,887	6.65	%
Retail		12,650	6.53	%
Wood/Lumber products		12,331	6.36	%
Health services		11,474	5.92	%
Minerals/Metal products		7,200	3.71	%
Food products		6,129	3.16	%
Industrial machinery		6,020	3.11	%
Construction		5,368	2.77	%
Other		5,184	2.68	%
	$	193,813	100.00	%

~~Item 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES~~

~~Market~~From ~~Information~~ inception to December 31, 2020, the Company has disposed of certain leased assets as set forth below (in thousands):

There are certain material conditions and restrictions on the transfer of Units imposed by the terms of the Operating Agreement. Consequently, there is no public market for Units and it is not anticipated that a public market for Units will develop. In the absence of a public market for the Units, there is no currently ascertainable fair market value for the Units.

Holders


	Original
	Equipment Cost
	Excluding
Asset Types	Acquisition Fees		Sale Price		Gross Rents
Materials handling	$	50,047	$	10,594	$	56,916
Transportation, other		36,048		5,668		40,576
Mining equipment		30,019		7,229		47,260
Manufacturing		16,158		3,950		18,354
Construction		12,751		5,087		14,016
Transportation, rail		15,625		4,607		16,255
Logging and lumber		4,728		2,032		5,216
Petro/natural gas		1,976		290		2,882
Other		8,329		2,246		9,649
	$	175,681	$	41,703	$	211,124

~~As of December 31, 2019, a total of 3,365 investors were Unitholders of record in the Company.~~

~~Fund Valuation~~ 4

~~Background~~Proceeds from sales of lease assets are not expected to ~~Fund~~be ~~Valuation~~consistent from one period to another. The Company is a finite life equipment leasing fund, which had acquired leasing transactions during the period ending six years after completion of its public offering. On the termination of leases, assets may be re-leased or sold. Sales of assets are not scheduled and are created by opportunities within the marketplace. The Company sought to acquire and lease a wide variety of assets and to enter into leases on a variety of terms. Some assets are expected to have little or no value for re-lease or sale upon termination of the initial leases, and the anticipated residual values are a key factor in pricing and terms structured for each lease. The Company’s goal is to seek maximum return on its leased assets and will determine when and under what terms to dispose of such assets during the course of its term. For further information regarding the Company’s equipment lease portfolio as of December 31, 2020 and 2019, see Note 4 to the financial statements, Equipment under operating leases, net, as set forth in Part II, Item 8, Financial Statements and Supplementary Data.

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 National Association of Securities Dealers (“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~~Notes ~~effective~~Receivable ~~date of the Notice was April 11, 2016.~~ Activities

~~Methodologies~~

~~Broker~~The ~~dealers~~Company ~~are~~has ~~required~~financed toa ~~provide~~diversified aportfolio ~~per~~of ~~share~~assets ~~estimated~~in ~~value~~diverse onindustries. ~~the~~The ~~customer~~following ~~account~~tables ~~statements~~set ~~for~~forth ~~each~~the ~~non-listed~~types ~~DPP~~of ~~security~~assets ~~held~~financed by ~~their~~the ~~customers.~~Company ~~Such~~through ~~estimated~~December ~~value~~31, ~~must~~2020 ~~have~~and ~~been~~the ~~developed~~industries ~~in a manner reasonably designed~~ to ~~provide~~which athe ~~reliable~~assets ~~value. Two valuation methodologies~~ have been ~~defined~~financed by(dollars ~~FINRA,~~in ~~which~~thousands): ~~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.


	Amount
	Financed
	Excluding		Percentage of
Asset Types	Acquisition Fees		Total Funding
Computers	$	8,423	45.87	%
Aviation		2,680	14.60	%
Storage facility		2,503	13.63	%
Manufacturing		950	5.17	%
Furniture/Fixtures		499	2.72	%
Research		182	1.00	%
Other		3,124	17.01	%
	$	18,361	100.00	%

Appraised Value Methodology


	Amount
	Financed
	Excluding		Percentage of
Industry of Borrower	Acquisition Fees		Total Funding
Business services	$	5,138	27.98	%
Communications		3,472	18.91	%
Manufacturing		3,086	16.80	%
Health services		2,708	14.75	%
Air transportation		2,680	14.60	%
Electronics		778	4.24	%
Other		499	2.72	%
	$	18,361	100.00	%

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 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~~ 5

~~The~~From ~~per~~inception ~~Unit~~to ~~valuation~~December ~~estimate~~31, ~~for ATEL CAPITAL EQUIPMENT FUND X~~2020, ~~LLC~~assets ~~has~~financed ~~been~~by ~~conducted, and~~ the ~~results~~Company ~~disclosed~~that ~~herein,~~were inassociated ~~compliance~~ with ~~the~~terminated ~~mandates~~loans ofare ~~the~~as ~~Notice.~~follows (in thousands):

For ATEL CAPITAL EQUIPMENT FUND X, 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.


	Amount
	Financed		Early Termination
	Excluding		of Notes		Total Payments
Asset Types	Acquisition Fees		Proceeds		Received
Computers	$	8,423	$	2,182	$	7,121
Aviation		2,680		1,360		3,863
Storage facility		2,503		—		3,623
Manufacturing		950		19		1,233
Furniture/Fixtures		499		82		493
Research		182		—		210
Other		3,124		897		2,667
	$	18,361	$	4,540	$	19,210

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 Company had no notes receivable as of December 31, 2020 and 2019.

~~The estimated value per Unit reported in this Form 10-K has been calculated using the “Appraised Value Methodology” described under “Methodologies” above, as of December 31, 2019.~~

~~ATEL~~The ~~CAPITAL~~Company ~~EQUIPMENT~~operates ~~FUND~~in X,one ~~LLC,~~reportable ~~will~~operating ~~satisfy~~segment in the ~~disclosure~~United ~~requirements~~States. ~~for~~For ~~providing~~further ~~estimated~~information ~~per~~regarding ~~Unit~~the ~~values~~Company’s ~~pursuant~~geographic revenues and assets, and major customers, see Notes 2 and 3 to the ~~Notice~~financial statements as ~~follows:~~set forth in Part II, Item 8, Financial Statements and Supplementary Data.

For these disclosures, subsequent to the Fund’s initial compliance with FINRA 15-02, annual disclosures of estimated per Unit values, through the termination of the Fund, will be accomplished and included on an annual basis in a document filed with the Securities and Exchange Commission available to the public.

~~Specifics~~Item ~~Underlying~~2. ~~Valuation Methodology:~~ PROPERTIES

~~Notes and Explanation of Valuation Components and Calculation~~

~~A. Fund Assets and Liabilities (other than as specifically identified below):~~ The ~~estimated~~Company ~~values~~does ~~for~~not ~~non-interest~~own ~~bearing~~or ~~items~~lease ~~such~~any asreal ~~current~~property, ~~assets~~plant ~~and~~or ~~liabilities~~material ~~are~~physical ~~assumed~~properties toother ~~equal~~than ~~their reported GAAP balances as an appropriate approximation of their fair values. Debt (interest bearing) is assumed to equal~~ the ~~fair~~equipment ~~values~~held offor ~~the~~lease ~~debt~~ as ~~disclosed~~set forth in ~~the~~Item ~~footnotes~~1, ~~of the financial statements~~Business.

B.Item ~~Equipment under Operating Leases (net of fees and expenses): The estimated values for equipment under operating leases are based on calculating the present value of the projected future cash flows~~3. ~~Projected~~LEGAL 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:PROCEEDINGS

~~· management fees applicable for the Fund (3.75% of revenue)~~

·In ~~carried~~the ~~interest~~ordinary ~~applicable~~course ~~for~~of conducting business, there may be certain claims, suits, and complaints filed against the ~~Fund~~Company. (7In 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.5% No material legal proceedings are currently pending against the Company or against any of ~~distributions)~~its assets.

~~· operating expenses which are assumed to be 3% of original equipment costs for the Fund~~

~~Projected~~Item ~~future cash flows have been discounted back to present value at discount rates based on like-term U~~4.S. ~~Treasury~~MINE ~~yields~~SAFETY ~~(as of the valuation date) plus a 400 basis point spread, to account for the credit risk differentials between the instrument being valued and U.S. Treasury security yields.~~ DISCLOSURES

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

~~For~~Not ~~On-Lease and Month-to-Month Lease: Considers realized residual as a percent of book residual of 166%, based on ATEL’s historical track record as of December 31, 2019~~applicable.

~~For Off-Lease: A fair market value of off lease equipment is based upon estimates from ATEL’s seasoned Asset Management Group.~~

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.

C. Investments in Securities: The estimated values for Investments in 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.6

D.PART ~~Accrued~~II ~~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.~~

The Manager’s estimated per Unit value of ATEL CAPITAL EQUIPMENT FUND X, LLC at December 31, 2019 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 $0.58. An independent national public accounting firm with valuation expertise was retained to examine, attest and confirm ATEL CAPITAL EQUIPMENT FUND X, 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 X, LLC, and the related notes, in all material respects, was based upon industry practice as described in the Manager’s valuation approach.

9 Market Information

~~Disclaimer~~

~~The~~There ~~foregoing~~are ~~Fund~~certain ~~per~~material ~~Unit~~conditions ~~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~~restrictions ~~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~~transfer ~~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~~imposed ~~that~~by the ~~Fund~~terms ~~intends to liquidate its assets in the ordinary course~~ of ~~its business and over~~ the ~~Fund’s~~Operating ~~term~~Agreement. ~~Further~~Consequently, ~~each~~there ~~statement of the Fund’s estimated per Unit valuation~~ is ~~to be accompanied by a disclosure that there can be~~ no ~~assurance~~public asmarket tofor ~~(1)~~Units ~~when the Fund will be fully liquidated, (2) the amount the Fund may actually receive if~~ and ~~when~~it ~~the~~is ~~Fund~~not ~~seeks~~anticipated tothat ~~liquidate~~a ~~its~~public ~~assets,~~market ~~(3)~~for ~~the~~Units ~~amount of lease or loan payments the Fund~~ will ~~actually~~develop. ~~receive~~In ~~over~~ the ~~remaining~~absence ~~term, (4) the amount~~ of ~~asset~~a ~~disposition~~public ~~proceeds~~market ~~the~~for ~~Fund will actually receive over~~ the ~~remaining term~~Units, ~~and~~there ~~(5)~~is ~~the~~no ~~amounts~~currently ~~that~~ascertainable ~~may~~fair ~~actually~~market bevalue ~~received~~for ~~in distributions by Unit holders over~~ the ~~course of the remaining term~~Units.

~~Distributions~~

~~The~~Holders ~~Unitholders of record are entitled to certain distributions as provided under the Operating Agreement.~~

AFS has sole discretion in determining the amount of distributions; provided, however, that AFS will not reinvest in equipment, but will distribute, subject to payment of any obligations of the Company, such available cash from operations and cash from sales or refinancing as may be necessary to cause total distributions to the Members for each year during the Reinvestment Period to equal an amount of $0.80 per Unit.

~~The~~As ~~monthly~~of ~~distributions~~December ~~were~~31, ~~discontinued~~2020, ~~in 2012 as the Company entered its liquidation phase. The Company made distributions to Other Members at~~ a ~~rate~~total of ~~$0.16~~3,370 ~~per~~investors ~~Unit~~were inUnitholders ~~2019~~of ~~and~~record ~~$0.24 per Unit~~ in ~~2018. The rates and frequency of periodic distributions paid by~~ the ~~Fund during its liquidation phase are solely at the discretion of the Manager~~Company.

~~The following table presents summarized information regarding distributions to members other than the Managing Member (“Other Members”):~~

	2019		2018
Net income per Unit, based on weighted average Units outstanding	$	0.09	$	0.03
Return of investment		0.07		0.21
Distributions declared per Unit, based on weighted average Other Member Units outstanding		0.16		0.24
Differences due to timing of distributions		—		—
Actual distributions paid per Unit	$	0.16	$	0.24

Fund Valuation

~~Item 6. SELECTED FINANCIAL DATA~~

ABackground ~~smaller reporting company is not required~~ to ~~present~~Fund ~~selected~~Valuation ~~financial data in accordance with item 301(c) of Regulation S-K.~~

~~Item~~The 7Financial 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. ~~MANAGEMENT~~ Under FINRA Notice 15-02 (the “Notice”) the SEC approved amendments to National Association of Securities Dealers (“NASD”) Rule 2340, Customer Account Statements, and FINRA rule 2310, which address a FINRA member firm’Ss ~~DISCUSSION~~participation ~~AND~~in ~~ANALYSIS~~a OFpublic ~~FINANCIAL~~offering ~~CONDITION~~of ~~AND~~a ~~RESULTS~~DPP. OFIn ~~OPERATIONS~~ 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.

~~Statements~~ contained in this Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” (“MD&A”) and elsewhere in this Form 10-K, which are not historical facts, may be forward-looking statements. Such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. In particular, economic recession and changes in general economic conditions, including fluctuations in demand for equipment, lease rates, and interest rates, may result in delays in investment and reinvestment, delays in leasing, re-leasing, and disposition of equipment, and reduced returns on invested capital. The Company’s performance is subject to risks relating to lessee defaults and the creditworthiness of its lessees. The Fund’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-K. 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-K or to reflect the occurrence of unanticipated events, other than as required by law.

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

~~ATEL~~ Capital Equipment Fund X, LLC (the “Company” or the “Fund”) is a California limited liability company that was formed in August 2002 for the purpose of engaging in the sale of limited liability company investment units and acquiring equipment to generate revenues from equipment leasing, lending and sales activities, primarily in the United States. The Managing Member of the Company is AFS, a California limited liability company.

~~The~~Methodologies Company conducted a public offering of 15,000,000 Limited Liability Company Units (“Units”), at a price of $10 per Unit. The offering was terminated in March 2005. During 2005, the Company completed its initial acquisition stage with the investment of the net proceeds from the public offering of Units. Subsequently, during the reinvestment period (“Reinvestment Period”) (defined as six full years following the year the offering was terminated), the Company has 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, 2022. However, pursuant to the guidelines of the Limited Liability Company Operating Agreement (“Operating Agreement”), the Company commenced liquidation phase activities subsequent to the end of the Reinvestment Period which ended on December 31, 2011. Periodic distributions will be paid at the discretion of the Managing Member.

~~Results~~Broker ofdealers ~~Operations~~ 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.

The Company’s objective has been to maintain a 100% utilization rate for all equipment purchased in any given year. All equipment acquisition transactions have been acquired subject to binding lease commitments, so equipment utilization is expected to remain high throughout the reinvestment stage, which ended six years after the end of the Company’s public offering of Units. Initial lease terms of these leases are generally from 36 to 120 months, and as they expire, the Company will attempt to re-lease or sell the equipment; as such, utilization rates may tend to decrease during the current ongoing liquidation stage of the Company. All of the Company’s equipment on lease was acquired in the years 2005 through 2011. The utilization percentages of existing assets under lease were 84% and 85% as of December 31, 2019 and 2018, respectively.

~~Cost~~Net ~~reimbursements~~Investment toMethodology 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 considering the type of cost incurred. AFS believes that the costs reimbursed are the lower of (i) actual costs incurred on behalf of the Company or (ii) the amount the Company would be required to pay independent parties for comparable administrative services in the same geographic location.

The ~~Operating~~amendments ~~Agreement~~to ~~places~~NASD anRule ~~annual~~2340(c)(1)(A) ~~limit~~require ~~and~~“net ainvestment” ~~cumulative limit for cost reimbursements~~ to ~~AFS~~be ~~and/or~~based ~~affiliates.~~on ~~Any~~the ~~reimbursable~~“amount ~~costs~~available ~~incurred~~for byinvestment” ~~AFS~~percentage ~~and/or~~disclosed ~~affiliates~~in ~~during~~ the ~~year~~“Estimated ~~exceeding~~Use ~~the~~of ~~annual~~Proceeds” ~~and/or~~section ~~cumulative~~of ~~limits~~the ~~cannot~~issuer’s beoffering ~~reimbursed~~prospectus. inIn ~~the current year~~essence, ~~though~~ such ~~costs~~value ~~may~~is beequal ~~reimbursable in future years~~ to the ~~extent~~offering ~~such~~price ~~amounts~~less ~~may~~selling becommissions, ~~payable~~other ifoffering ~~within the annual~~ and ~~cumulative~~organization ~~limits in such future years. As of December 31~~expenses, ~~2019, the Company has not exceeded the annual~~ and~~/or~~ ~~cumulative~~capital ~~limitations discussed above~~reserves. ~~(See~~This ~~Note~~method 6may tobe ~~the~~used ~~financial~~for ~~statements,~~up ~~Related~~to ~~party~~150 ~~transactions,~~days asfollowing ~~set~~the ~~forth~~second inanniversary ~~Part~~of ~~II,~~a ~~Item~~Fund 8,breaking ~~Financial Statements and Supplementary Data)~~escrow.

The Fund had net income of $1.5 million and $697 thousand for the years ended December 31, 2019 and 2018, respectively. The net results for 2019 reflected an increase in total revenues and a decrease in total operating expenses when compared to the prior year.

~~Revenues~~ 7

~~Total~~Appraised ~~revenues~~Value ~~increased~~Methodology by $55 thousand, or 2%, as compared to prior year. The growth in total revenues was largely due to an increase in other revenues offset, in part, by decreases in operating lease revenues and gain on sales of lease assets.

Other revenues increased by $1.1 million due to a lease settlement related to a previously terminated lease. Partially offsetting such increase in revenues was a $673 thousand decline in operating lease revenues resulting from lease terminations and sales of assets, and a $374 thousand reduction in gain on sales of equipment resulting from a change in the mix of assets sold.

~~Expenses~~ 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 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.

Total expenses decreased by $710 thousand, or 34%, as compared to prior year. The decline in total expenses was primarily due to reductions in depreciation expense, costs reimbursed to the Managing Member, and impairment losses on equipment. Such decreases were partially offset by an increase in franchise fees and taxes.

~~Depreciation~~Unit ~~expense~~Valuation declined by $392 thousand primarily due to lease terminations and sales of lease assets. Costs reimbursed to the Managing Member declined by $201 thousand primarily due to the adjustment of baseline allocations of common costs among the Fund and its affiliates. Such decrease in allocated costs is consistent with a fund in its liquidation stage. In addition, impairment losses recorded on equipment declined by $178 thousand as the market value of the Fund’s equipment was more in line with anticipated values.

Partially offsetting such decreases in expenses was a $140 thousand increase in franchise taxes as the prior year amount included reversals of accrued taxes totaling $106 thousand. Such reversals were primarily due to a lower actual tax liability.

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

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

	2019		2018
Net cash provided by (used in):
Operating activities	$	798	$	986
Investing activities		782		1,489
Financing activities		(2,416)		(3,633)
Net decrease in cash and cash equivalents	$	(836)	$	(1,158)

For ATEL CAPITAL EQUIPMENT FUND X, 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.

The Fund’s cash and cash equivalents totaled $2.0 million and $2.9 million at December 31, 2019 and 2018, respectively. This decrease was mainly the result of the annual distribution to the Other Members, aforementioned items of net income, depreciation of operating lease assets augmented by the proceeds from sales of lease assets of year to date periods.

12 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.

During 2019, the Company’s primary sources of liquidity were cash flows from its portfolio of operating and direct financing lease contracts. In addition, the Company realized $782 thousand of proceeds from sales or dispositions of equipment during the current year.

~~Cash~~The ~~was~~estimate ~~primarily~~of ~~used~~per toUnit ~~pay~~value ~~distributions~~does tonot ~~both~~take ~~the~~into ~~Other~~account ~~Members~~any ~~and~~extraordinary ~~the~~potential ~~Managing~~future ~~Member. Total~~business ~~distributions~~activity ~~paid~~of tothe ~~Members~~Fund; ~~were~~rather ~~$2.4~~the ~~million~~valuation ~~for~~represents a snapshot view of the ~~year~~Fund’s ~~ended~~portfolio ~~December~~as ~~31,~~of ~~2019~~the valuation date. In addition, ~~cash~~the ~~was~~Fund ~~used~~does tonot ~~pay~~include ~~management~~any ~~fees~~analysis ~~and~~of ~~expenses~~the distributions that have already been paid by the Fund, ~~and~~nor ~~other~~the ~~payables~~anticipated ~~during~~returns to Unit holder over the ~~year~~full ~~ended~~course ~~December~~of 31the Fund life cycle, ~~2019~~which will be dependent on many factors.

~~Non-Recourse Long-Term Debt~~

AsDisclosure ~~of December 31, 2019 and 2018, the Company had no non-recourse long-term debt.~~

~~Distributions~~

The ~~Company~~estimated ~~commenced~~value ~~periodic~~per ~~distributions,~~Unit ~~based~~reported ~~on cash flows from operations, beginning with the month of April 2003. The monthly distributions were discontinued~~ in ~~2012~~this asForm ~~the~~10-K ~~Company~~has ~~entered~~been ~~its~~calculated ~~liquidation~~using ~~phase. The rates and frequency of periodic distributions paid by~~ the ~~Fund~~“Appraised ~~during~~Value ~~its~~Methodology” ~~liquidation~~described ~~phase~~under ~~are~~“Methodologies” ~~solely at the discretion of the Manager. See Item 5~~above, ~~Market~~as ~~for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases~~ of ~~Equity~~December ~~Securities~~31, ~~for additional information regarding the distributions~~2020.

~~Commitments and Contingencies and Off-Balance Sheet Transactions~~

~~Commitments~~ATEL ~~and~~CAPITAL ~~Contingencies~~EQUIPMENT FUND X, LLC, will satisfy the disclosure requirements for providing estimated per Unit values pursuant to the Notice as follows:

~~At December 31, 2019, the Company had no commitments to purchase lease assets or fund investments in notes receivable.~~

~~Off~~For these disclosures, subsequent to the Fund’s initial compliance with FINRA 15-~~Balance~~02, ~~Sheet~~annual ~~Transactions~~disclosures of estimated per Unit values, through the termination of the Fund, will be accomplished and included on an annual basis in a document filed with the Securities and Exchange Commission available to the public.

~~None.~~

~~Item~~Specifics 8.Underlying ~~FINANCIAL~~Valuation ~~STATEMENTS AND SUPPLEMENTARY DATA~~ Methodology:

~~See~~Notes ~~the~~and ~~Report~~Explanation of ~~Independent~~Valuation ~~Registered~~Components ~~Public Accounting Firm, Financial Statements~~ and ~~Notes~~Calculation ~~to Financial Statements attached hereto at pages 14 through 32.~~

~~REPORT~~A. OFFund ~~INDEPENDENT~~Assets ~~REGISTERED~~and ~~PUBLIC~~Liabilities ~~ACCOUNTING~~(other ~~FIRM~~ 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 financial statements.

~~The Members~~

~~ATEL Capital Equipment Fund X, LLC~~ 8

~~Opinion~~B. Equipment under Operating Leases (net of fees and expenses): The estimated values for equipment under operating leases are based on calculating the ~~Financial~~present ~~Statements~~ 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:

We have audited the accompanying balance sheets of ATEL Capital Equipment Fund X, LLC (the “Company”) as of December 31, 2019 and 2018, the related statements of income, changes in members’ capital, and cash flows for the years then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2019 and 2018, and the results of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

~~Basis~~● management fees applicable for ~~Opinion~~ the Fund (3.75% of revenue)

~~These~~● ~~financial~~carried ~~statements~~interest ~~are~~applicable ~~the~~for ~~responsibility of~~ the ~~Management~~Fund of the Company’s Managing Member. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (~~United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U~~7.S.5% ~~federal securities laws and the applicable rules and regulations~~ of ~~the Securities and Exchange Commission and the PCAOB.~~ distributions)

We● ~~conducted~~operating ~~our~~expenses ~~audits~~which ~~in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements~~ are ~~free~~assumed ~~of material misstatement, whether due~~ to ~~error~~be or3% ~~fraud. The Company is not required to have, nor were we engaged to perform, an audit~~ of ~~its~~original ~~internal~~equipment ~~control~~costs ~~over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not~~ for the ~~purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.~~ Fund

~~Our~~Projected ~~audits~~future ~~included~~cash ~~performing~~flows ~~procedures~~have tobeen ~~assess~~discounted ~~the~~back ~~risks of material misstatement of the financial statements, whether due~~ to ~~error~~present orvalue ~~fraud,~~at ~~and~~discount ~~performing~~rates ~~procedures~~based toon ~~respond~~like-term toU.S. ~~those~~Treasury ~~risks.~~yields ~~Such~~(as ~~procedures~~of ~~included~~the ~~examining,~~valuation ondate) plus a ~~test~~400 basis, ~~evidence~~point ~~regarding~~spread, ~~the~~to ~~amounts~~account ~~and~~for ~~disclosures in~~ the ~~financial~~credit ~~statements. Our~~risk ~~audits~~differentials ~~also~~between ~~included evaluating~~ the ~~accounting~~instrument ~~principles~~being ~~used~~valued and ~~significant estimates made by management, as well as evaluating the overall presentation of the financial statements~~U.S. WeTreasury ~~believe~~security ~~that our audits provide a reasonable basis for our opinion~~yields.

~~/s/ Moss Adams LLP~~

~~San~~Residual ~~Francisco,~~values ~~California~~ assumptions used in the cash flow projections are as follows:

~~March 25~~For On-Lease and Month-to-Month Lease: Considers realized residual as a percent of book residual of 169.5%, based on ATEL’s historical track record as of December 31, 2020 .

WeFor ~~have~~Off-Lease: A ~~served~~fair asmarket ~~the~~value ~~Company~~of off lease equipment is based upon estimates from ATEL’s ~~auditor~~seasoned ~~since~~Asset ~~2007~~Management Group.

14 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.

~~ATEL~~C. ~~CAPITAL~~Investments ~~EQUIPMENT~~in ~~FUND~~Securities: XThe estimated values for Investments in Securities have been based on the estimated net book value as of the valuation date (with impairment adjustments), ~~LLC~~ 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.

~~BALANCE~~D. ~~SHEETS~~ 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.

~~DECEMBER 31, 2019 AND 2018~~

~~(In~~ATEL ~~Thousands)~~ CAPITAL EQUIPMENT FUND X, LLC Unit Valuation

	December 31,		December 31,
	2019		2018
ASSETS
Cash and cash equivalents	$	2,041	$	2,877
Accounts receivable, net		81		96
Due from affiliates		—		15
Investment in securities		44		55
Equipment under operating leases, net		3,792		4,884
Prepaid expenses and other assets		104		109
Total assets	$	6,062	$	8,036
LIABILITIES AND MEMBERS’ CAPITAL
Accounts payable and accrued liabilities:
Due to Managing Member	$	17	$	—
Other		58		1,095
Deposits due lessees		1		1
Unearned operating lease income		17		17
Total liabilities		93		1,113
Commitments and contingencies
Members’ capital:
Managing Member		—		—
Other Members		5,969		6,923
Total Members’ capital		5,969		6,923
Total liabilities and Members’ capital	$	6,062	$	8,036

~~See~~The ~~accompanying~~Manager’s estimated per Unit value of ATEL CAPITAL EQUIPMENT FUND X, LLC at December 31, 2020 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 $0.50. An independent national public accounting firm with valuation expertise was retained to examine, attest and confirm ATEL CAPITAL EQUIPMENT FUND X, 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 X, LLC, and the related notes, in all material respects, was based upon industry practice as described in the Manager’s valuation approach.

~~ATEL CAPITAL EQUIPMENT FUND X, LLC~~ 9

~~STATEMENTS~~Disclaimer ~~OF INCOME~~

~~FOR THE YEARS ENDED~~

~~DECEMBER~~The 31foregoing Fund per Unit valuation has been performed solely for the purpose of providing an estimated value per Unit in accordance with a regulatory mandate, ~~2019~~in ~~AND~~order ~~2018~~ 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, (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.

~~(In Thousands Except for Units and Per Unit Data)~~

	2019		2018
Revenues:
Leasing activities:
Operating leases	$	1,585	$	2,343
Gain on sales of equipment under operating leases		107		481
Other		1,126		24
Total revenues		2,818		2,848
Expenses:
Depreciation of operating lease assets		130		522
Asset management fees to Managing Member and/or affiliates		87		130
Costs reimbursed to Managing Member and/or affiliates		195		396
Amortization of initial direct costs		3		2
Impairment losses on equipment		281		459
Railcar maintenance		112		149
Provision for credit losses		—		85
Impairment losses on investment in securities		11		—
Professional fees		179		115
Franchise fees and taxes		34		(106)
Outside services		113		144
Insurance		34		41
Storage fees		73		92
Other		104		122
Total operating expenses		1,356		2,151
Net income	$	1,462	$	697
Net income:
Managing Member	$	181	$	266
Other Members		1,281		431
	$	1,462	$	697
Net income per Limited Liability Company Unit (Other Members)	$	0.09	$	0.03
Weighted average number of Units outstanding		13,971,486		13,971,486

Distributions

~~See accompanying notes.~~

16 The Unitholders of record are entitled to certain distributions as provided under the Operating Agreement.

~~ATEL CAPITAL EQUIPMENT FUND X, LLC~~

~~STATEMENTS~~AFS OFhas ~~CHANGES~~sole INdiscretion ~~MEMBERS’~~in ~~CAPITAL~~ determining the amount of distributions; provided, however, that AFS will not reinvest in equipment, but will distribute, subject to payment of any obligations of the Company, such available cash from operations and cash from sales or refinancing as may be necessary to cause total distributions to the Members for each year during the Reinvestment Period to equal an amount of $0.80 per Unit.

~~FOR THE YEARS ENDED~~

~~DECEMBER~~The ~~31,~~monthly distributions were discontinued in 2012 as the Company entered its liquidation phase. The Company made distributions to Other Members at a rate of $0.11 per Unit in 2020 and $0.16 per Unit in 2019. ~~AND~~The ~~2018~~ rates and frequency of periodic distributions paid by the Fund during its liquidation phase are solely at the discretion of the Manager.

~~(In Thousands Except for Units and Per Unit Data)~~

		Amount
		Other		Managing
	Units	Members		Member		Total
Balance December 31, 2017	13,971,486	$	9,776	$	—	$	9,776
Distributions to Other Members ($0.24 per Unit)	—		(3,284)		—		(3,284)
Distributions to Managing Member	—		—		(266)		(266)
Net income	—		431		266		697
Balance December 31, 2018	13,971,486		6,923	$	—		6,923
Distributions to Other Members ($0.16 per Unit)	—		(2,235)		—		(2,235)
Distributions to Managing Member	—		—		(181)		(181)
Net income	—		1,281		181		1,462
Balance December 31, 2019	13,971,486	$	5,969	$	—	$	5,969

The following table presents summarized information regarding distributions to members other than the Managing Member (“Other Members”):

~~See~~ ~~accompanying notes.~~


	2020		2019
Net income per Unit, based on weighted average Units outstanding	$	0.02	$	0.09
Return of investment		0.09		0.07
Distributions declared per Unit, based on weighted average Other Member Units outstanding		0.11		0.16
Differences due to timing of distributions		—		—
Actual distributions paid per Unit	$	0.11	$	0.16

~~ATEL CAPITAL EQUIPMENT FUND X, LLC~~

~~STATEMENTS~~Item OF6. ~~CASH~~SELECTED ~~FLOWS~~ FINANCIAL DATA

~~FOR~~A ~~THE YEARS ENDED~~smaller ~~DECEMBER~~reporting ~~31,~~company ~~2019~~is ~~AND~~not ~~2018~~ required to present selected financial data in accordance with item 301(c) of Regulation S-K.

~~(In Thousands)~~

	2019		2018
Operating activities:
Net income	$	1,462	$	697
Adjustments to reconcile net income to cash provided by operating activities:
Gain on sales of equipment under operating leases		(107)		(481)
Depreciation of operating lease assets		130		522
Amortization of initial direct costs		3		2
Impairment losses on equipment		281		459
Provision for credit losses		89		85
Impairment losses on investment in securities		11		—
Changes in operating assets and liabilities:
Accounts receivable		(74)		(25)
Due from affiliates		15		(15)
Prepaid expenses and other assets		8		9
Due to Managing Member and affiliates		17		(49)
Other accounts payable and accruals		(1,037)		(172)
Deposits due lessees		—		(5)
Unearned operating lease income		—		(41)
Net cash provided by operating activities		798		986
Investing activities:
Payments of initial direct costs		—		(5)
Proceeds from sales of equipment under operating leases		782		1,494
Net cash provided by investing activities		782		1,489
Financing activities:
Repayments under non-recourse debt		—		(83)
Distributions to Other Members		(2,235)		(3,284)
Distributions to Managing Member		(181)		(266)
Net cash used in financing activities		(2,416)		(3,633)
Net decrease in cash and cash equivalents		(836)		(1,158)
Cash and cash equivalents at beginning of year		2,877		4,035
Cash and cash equivalents at end of year	$	2,041	$	2,877
Supplemental disclosures of cash flow information:
Cash paid during the year for taxes	$	44	$	16

~~See~~Item ~~accompanying notes~~7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

18 Statements contained in this Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” (“MD&A”) and elsewhere in this Form 10-K, which are not historical facts, may be forward-looking statements. Such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. In particular, economic recession and changes in general economic conditions, including fluctuations in demand for equipment, lease rates, and interest rates, may result in delays in investment and reinvestment, delays in leasing, re-leasing, and disposition of equipment, and reduced returns on invested capital. The Company’s performance is subject to risks relating to lessee defaults and the creditworthiness of its lessees. The Fund’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-K. 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-K or to reflect the occurrence of unanticipated events, other than as required by law.

~~ATEL CAPITAL EQUIPMENT FUND X, LLC~~

~~NOTES~~Overview ~~TO FINANCIAL STATEMENTS~~

~~1. Organization and Limited Liability Company matters:~~

ATEL Capital Equipment Fund X, LLC (the “Company” or the “Fund”) ~~was~~is ~~formed~~a ~~under~~California ~~the~~limited ~~laws~~liability ofcompany ~~the~~that ~~State~~was offormed ~~California~~in on August ~~12,~~ 2002 for the purpose of engaging in the sale of limited liability company investment units and acquiring equipment to ~~engage~~generate inrevenues from equipment leasing, lending and sales activities, primarily in the United States. The Managing Member of the Company is ~~ATEL Financial Services, LLC (“~~AFS”), a California limited liability company. ~~The Company may continue until December 31, 2022.~~

The Company’s ~~principal~~conducted ~~objectives~~a ~~have~~public ~~been~~offering toof ~~invest~~15,000,000 inLimited aLiability ~~diversified~~Company ~~portfolio~~Units ~~of equipment that~~ (i“Units”) ~~preserves~~, ~~protects~~at ~~and~~a ~~returns~~price ~~the~~of ~~Company’s~~$10 ~~invested~~per ~~capital;~~Unit. ~~(ii)~~The ~~generates~~offering ~~regular~~was ~~distributions~~terminated toin ~~the~~March ~~members~~2005. ofDuring ~~cash~~2005, ~~from~~the ~~operations~~Company ~~and~~completed ~~cash~~its ~~from~~initial ~~sales~~acquisition orstage ~~refinancing,~~ with ~~any~~the ~~balance~~investment ~~remaining~~of ~~after~~the ~~certain~~net ~~minimum~~proceeds ~~distributions~~from tothe bepublic ~~used~~offering toof ~~purchase~~Units. ~~additional~~Subsequently, ~~equipment~~ during the reinvestment period (“Reinvestment Period”) (defined as six full years following the year the offering was terminated) ~~which ended on December 31~~, ~~2011 and (iii) provides additional distributions following~~ the ~~Reinvestment~~Company ~~Period and until all equipment~~ has ~~been~~reinvested ~~sold.~~cash ~~The~~flow ~~Company~~in isexcess ~~governed~~of bycertain ~~the~~amounts ~~Limited~~required ~~Liability~~to ~~Company~~be ~~Operating~~distributed ~~Agreement~~to ~~(“Operating Agreement”), as amended. On January 1, 2012,~~ the ~~Company~~Other ~~commenced~~Members ~~liquidation~~and/or ~~phase~~utilized ~~activities~~its ~~pursuant~~credit facilities to ~~the~~acquire ~~guidelines~~additional ~~of the Operating Agreement~~equipment.

Pursuant to the terms of the Operating Agreement, AFS receives compensation and reimbursements for services rendered on behalf of the Company (See Note 6). The Company is required to maintain reasonable cash reserves for working capital, the repurchase of Units and contingencies. The repurchase of Units is solely at the discretion of AFS.

The Company ~~will~~may ~~pay~~continue ~~AFS~~until ~~and~~December ~~affiliates~~31, of2022. ~~AFS~~However, ~~substantial~~pursuant ~~fees~~to ~~which~~the ~~may~~guidelines ~~result~~of inthe aLimited ~~conflict~~Liability ofCompany ~~interest.~~Operating ~~The~~Agreement (“Operating Agreement”), the Company ~~will~~commenced ~~pay~~liquidation ~~substantial~~phase ~~fees~~activities subsequent to ~~AFS~~the ~~and~~end ~~its~~of ~~affiliates~~the ~~before~~Reinvestment ~~distributions~~Period ~~are~~which ~~paid~~ended toon ~~investors~~December ~~even~~31, if2011. ~~the~~Periodic ~~Company~~distributions ~~does~~will ~~not~~be ~~produce~~paid ~~profits.~~at ~~Therefore,~~ the ~~financial~~discretion ~~position~~ of the ~~Company~~Managing ~~could change significantly~~Member.

~~2. Summary~~ ~~of significant accounting policies:~~

~~Basis~~The Company’s objective has been to maintain a 100% utilization rate for all equipment purchased in any given year. All equipment acquisition transactions have been acquired subject to binding lease commitments, so equipment utilization is expected to remain high throughout the reinvestment stage, which ended six years after the end of ~~presentation:~~ the Company’s public offering of Units. Initial lease terms of these leases are generally from 36 to 120 months, and as they expire, the Company will attempt to re-lease or sell the equipment; as such, utilization rates may tend to decrease during the current ongoing liquidation stage of the Company. All of the Company’s equipment on lease was acquired in the years 2005 through 2011. The utilization percentages of existing assets under lease were 80% and 84% as of December 31, 2020 and 2019, respectively.

The accompanying balance sheets as of December 31, 2019 and 2018, and the related statements of income, changes in members’ capital, and cash flows for the years then ended, have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the Securities and Exchange Commission. Certain prior period amounts 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~~Cost ~~and~~reimbursements ~~tabular~~to ~~amounts~~the Managing Member are ~~presented~~based on its costs incurred in ~~thousands,~~performing ~~except~~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 considering the type of cost incurred. AFS believes that the costs reimbursed are the lower of (i) actual costs incurred on behalf of the Company or (ii) the amount the Company would be required to ~~Units~~pay ~~and~~independent ~~per~~parties ~~Unit~~for ~~data~~comparable administrative services in the same geographic location.

In preparing the accompanying financial statements, the Company has reviewed, as determined necessary by the Managing Member, events that have occurred after December 31, 2019, up until the issuance of the financial statements. No events were noted which would require additional disclosure in the footnotes to the financial statements other than those disclosed in Note 11~~, Subsequent Events.~~

19 The 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 reimbursable in future years to the extent such amounts may be payable if within the annual and cumulative limits in such future years. As of December 31, 2020, the Company has not exceeded the annual and/or cumulative limitations discussed above. (See Note 6 to the financial statements, related party transactions, as set forth in Part II, Item 8, Financial Statements and Supplementary Data).

~~ATEL CAPITAL EQUIPMENT FUND X, LLC~~

~~NOTES~~Results TOof ~~FINANCIAL STATEMENTS~~ Operations

~~Cash and cash equivalents:~~

~~Cash~~The ~~and~~Company ~~cash~~had ~~equivalents~~net ~~include~~income ~~cash~~of in$374 ~~banks~~thousand and ~~cash~~$1.5 ~~equivalent~~million ~~investments~~for ~~such~~the asyears Uended December 31, 2020 and 2019, respectively.S. ~~Treasury~~The ~~instruments~~results ~~with~~for ~~original~~2020 reflected decreases in both total operating revenues and~~/or~~ ~~purchased~~total ~~maturities~~operating ofexpenses, ~~ninety days~~and oran ~~less~~increase in other income when compared to the prior year.

~~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. Revenues

~~Accounts receivable:~~

~~Accounts~~Total ~~receivable represent the amounts billed under~~ operating ~~and~~revenues ~~direct~~were ~~financing~~$1.3 ~~lease~~million ~~contracts,~~ and ~~notes receivable which are due to the Company~~$2.8 ~~Allowances~~million for ~~doubtful accounts are typically established based on historical charge off and collection experience and~~ the ~~collectability~~years ofended ~~specifically~~December ~~identified~~31, ~~lessees~~2020 and ~~borrowers~~2019, ~~and~~respectively. ~~invoiced~~The ~~amounts~~$1.5 ~~Accounts~~million, ~~receivable~~or ~~deemed~~54%, ~~uncollectible~~year ~~are~~over ~~charged~~year ~~off~~decline toin ~~the~~revenue ~~allowance~~was oncomprised aof ~~specific~~decreases ~~identification~~in ~~basis.~~other ~~Amounts~~revenue, ~~recovered~~operating ~~that~~leases ~~were~~revenues, ~~previously~~and ~~written-off~~gain ~~are~~on ~~recorded~~sales asof ~~other income in the period received~~equipment.

~~Credit risk:~~

~~Financial~~Other ~~instruments~~revenue ~~that~~declined ~~potentially~~by ~~subject~~$1.1 ~~the~~million ~~Company~~as tothe ~~concentrations~~prior ofyear ~~credit~~amount ~~risk~~included ~~include~~an ~~cash~~approximate ~~and~~$1.0 ~~cash~~million ~~equivalents,~~from ~~operating~~a ~~and~~lease ~~direct~~settlement ~~financing~~related ~~lease~~to ~~receivables,~~a ~~notes~~previously ~~receivable~~terminated ~~and~~lease. ~~accounts~~Operating ~~receivable.~~lease ~~The~~revenues ~~Company~~on ~~places~~equipment ~~the~~was ~~majority~~lower ofby ~~its~~$319 ~~cash~~primarily ~~deposits~~due into ~~noninterest~~run-~~bearing~~off ~~accounts~~and ~~with~~dispositions ~~financial~~of ~~institutions~~lease ~~that have no less than $10 billion in~~ assets. Such ~~deposits~~decline ~~are~~in ~~insured~~total upoperating torevenues ~~$250~~is ~~thousand.~~consistent ~~The~~with ~~remainder~~a offund ~~the Company’s cash is temporarily invested~~ in ~~U.S.~~its ~~Treasury~~liquidating ~~denominated~~stage ~~instruments.~~where ~~The~~lease ~~concentration~~assets ofare ~~such~~sold ~~deposits~~as ~~and~~lease ~~temporary~~commitments ~~cash~~end. ~~investments~~Gains ison ~~not~~sales ~~deemed~~of tolease ~~create~~assets adecreased ~~significant~~by ~~risk~~$67 tothousand ~~the~~mostly ~~Company. Accounts and notes receivable represent amounts~~ due ~~from~~to ~~lessees~~a orchange ~~borrowers~~ in ~~various~~the ~~industries,~~mix ~~related~~of toassets ~~equipment on operating and direct financing leases or notes receivable~~sold.

~~Equipment on operating leases and related revenue recognition:~~

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

~~ATEL~~Total ~~CAPITAL~~operating ~~EQUIPMENT~~expenses ~~FUND~~were X$1.1 million and $1.4 million for the years ended December 31, ~~LLC~~ 2020 and 2019, respectively. The $266 thousand, or 20%, net decrease in total operating expenses was primarily due to reductions in impairment losses on equipment, cost reimbursements to the Managing Member, and franchise taxes offset by increases in storage fees and depreciation.

~~NOTES TO FINANCIAL STATEMENTS~~

~~The~~Impairment ~~Company~~losses ~~does~~on ~~not use the~~ equipment ~~held~~declined inby ~~its~~$281 ~~portfolio,~~thousand ~~but~~as ~~holds~~the itprior ~~solely~~year ~~for~~included ~~lease~~adjustments ~~and~~of ~~ultimate sale. In~~ the ~~course~~same ofamount ~~marketing~~to ~~equipment~~reduce ~~that~~the ~~has~~carrying ~~come~~value ~~off-lease,~~of ~~management~~certain ~~may~~assets ~~determine~~deemed atimpaired. ~~some~~There ~~point~~were ~~that~~no ~~re-leasing the~~ assets ~~may~~deemed ~~provide~~impaired aduring ~~superior~~2020. ~~return~~Cost ~~for~~reimbursements ~~investors~~paid ~~and~~to ~~would~~the ~~then~~Managing ~~execute~~Member ~~another~~decreased ~~lease.~~by ~~Upon~~$36 ~~entering~~thousand ~~into~~resulting afrom ~~new~~lower ~~lease~~allocated ~~contract,~~costs ~~management~~reflective ~~will~~of ~~estimate~~ the ~~residual~~Fund’s ~~value~~declining ~~once~~assets; ~~again~~ and ~~resume~~franchise ~~depreciation.~~taxes ~~If,~~declined ~~and~~by ~~when,~~$25 ~~the~~thousand ~~Company,~~due atto ~~any~~a ~~time,~~lower ~~determines~~estimated ~~that~~tax ~~depreciation~~liability. inAs ~~value~~a ~~may~~partial ~~have~~offset, ~~occurred~~storage ~~with~~fees ~~respect~~increased toby an$65 ~~asset~~thousand ~~held-for-sale,~~largely ~~the~~due ~~Company would review the value~~ to ~~determine whether~~ a ~~material~~timing ~~reduction~~difference in ~~value~~receipt ~~had~~of ~~occurred~~services and ~~recognize~~billings, ~~any~~and ~~appropriate~~an ~~impairment.~~increase ~~All~~in ~~lease~~returned ~~assets,~~equipment. ~~including~~In ~~off-lease assets~~addition, ~~are~~depreciation ~~subject~~increased due to ~~the~~an ~~Company’s~~approximate ~~quarterly~~$17 ~~impairment~~thousand ~~analysis,~~of asadditional ~~described~~depreciation ~~below.~~recorded ~~Maintenance~~to ~~costs~~reflect ~~associated~~year-to-date ~~with~~changes ~~the~~in ~~Fund’s~~estimated ~~portfolio~~residual values of ~~leased~~certain ~~assets~~equipment ~~are~~generating ~~expensed~~revenue asunder ~~incurred.~~month-to-month ~~Major additions and betterments are capitalized~~extensions.

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

~~Initial~~During ~~direct~~2020, ~~costs:~~ the Company recorded other income totaling $156 thousand related to the fair valuation of its investment securities. There was no such income during 2019.

With the adoption of ASU No. 2016-02 certain costs associated with the execution of the Company’s leases, which were previously capitalized and amortized over the life of their respective leases, are expensed as incurred effective January 1, 2019. In 2018 and prior, the Company capitalized initial direct costs (“IDC”) associated with the origination of lease assets. IDC includes both internal costs (e.g., the costs of employees’ activities in connection with successful lease originations) and external broker fees incurred with such originations. The costs are amortized on a lease by lease basis based on actual contract term using a straight-line method for operating leases. Upon disposal of the underlying lease assets, both the initial direct costs and the associated accumulated amortization are relieved. Costs related to leases that are not consummated are not eligible for capitalization as initial direct costs and are expensed as acquisition expense.

~~Asset~~Capital ~~valuation:~~ Resources and Liquidity

~~Recorded~~At ~~values~~December of31, 2020 and 2019, the Company’s ~~leased~~cash ~~asset portfolio are reviewed each quarter to confirm the reasonableness of established residual values~~ and tocash ~~determine~~equivalents ~~whether~~totaled ~~there is indication that an asset impairment might have taken place~~$1.4 ~~The~~million ~~Company uses a variety of sources~~ and ~~considers many factors in evaluating whether the respective book values of its assets are appropriate~~$2.0 ~~In addition~~million, ~~the~~respectively. ~~company~~The ~~may~~liquidity ~~direct a residual value review at any time if it becomes aware~~ of ~~issues regarding~~ the ~~ability~~Company ofvaries, aincreasing ~~lessee~~ to ~~continue to make payments on its lease contract. An impairment loss is measured and recognized only if~~ the ~~estimated~~extent ~~undiscounted future~~ cash flows offrom ~~the~~leases ~~asset~~and ~~are~~proceeds ~~less than their net book value. The estimated undiscounted future cash flows are the sum~~ of ~~the residual value of the~~ asset atsales ~~the~~exceed ~~end~~expenses ~~of the asset’s lease contract~~ and ~~undiscounted~~decreasing ~~future~~as ~~rents~~distributions 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~~made ~~and it is assumed that there is no necessity either~~ to ~~dispose~~Members ofand ~~a significant number of the assets, if held in quantity, simultaneously or~~ to ~~dispose of~~ the ~~asset~~extent ~~quickly.~~expenses ~~Impairment~~exceed ~~is measured as the difference between the fair value (as determined by a valuation method using discounted estimated future~~ cash flows, ~~third~~from ~~party~~leases ~~appraisals~~and orproceeds ~~comparable~~from ~~sales of similar assets as applicable based on~~ asset ~~type) of the asset and its carrying value on the measurement date~~sales. ~~Upward adjustments for impairments recognized in prior periods are not made in any circumstances.~~

~~ATEL CAPITAL EQUIPMENT FUND X, LLC~~ 12

~~NOTES~~The TOCompany ~~FINANCIAL~~currently ~~STATEMENTS~~ believes it has adequate reserves available to meet its immediate cash requirements and those of the next twelve months, but in the event those reserves are found to be inadequate, the Company would likely be in a position to borrow against its current portfolio to meet such requirements.

~~Segment~~Cash ~~reporting:~~ Flows

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

The primary geographic region in which the Company sought leasing opportunities was North America. The table below summarizes geographic information relating to the sources, by nation, of the Company’s total revenues for the years ended December 31, 2019 and 2018, and long-lived tangible assets as of December 31, 2019 and December 31, 2018 (dollars in thousands):



	2020		2019
Net cash provided by (used in):
Operating activities	$	513	$	798
Investing activities		433		782
Financing activities		(1,586)		(2,416)
Net decrease in cash and cash equivalents	$	(640)	$	(836)

	For the Year ended December 31,
	2019		% of Total		2018		% of Total
Revenue
United States	$	2,774	98	%	$	2,773	97	%
Canada		44	2	%		75	3	%
Total	$	2,818	100	%	$	2,848	100	%

	As of December 31,
	2019		% of Total		2018		% of Total
Long-lived assets
United States	$	3,701	98	%	$	4,793	98	%
Canada		91	2	%		91	2	%
Total	$	3,792	100	%	$	4,884	100	%

During the years ended December 31, 2020 and 2019, the Company’s primary sources of liquidity were cash flows from its portfolio of operating lease contracts. In addition, the Company realized $433 thousand and $782 thousand of proceeds from sales of lease assets during 2020 and 2019, respectively.

~~Foreign~~During ~~currency~~the ~~transactions:~~ same comparative years, cash was primarily used to pay distributions to both the Other Members and the Managing Member. Distributions paid totaled $1.6 million and $2.4 million for the respective years ended December 31, 2020 and 2019. In addition, cash was used to pay invoices related to management fees and expenses, and other payables in both years.

Foreign currency transaction gains and losses are reported in the results of operations as “other income” or “other expense” in the period in which they occur. Currently, the Company does not use derivative instruments to hedge its economic exposure with respect to assets, liabilities and firm commitments as the foreign currency transactions risks to date have not been significant. During the years ended December 31, 2019 and 2018, all foreign currency transaction gains and losses were nominal in value.

~~Investment~~Non-Recourse inLong-Term ~~securities:~~ Debt

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

22 As of December 31, 2020 and 2019, the Company had no non-recourse long-term debt.

~~ATEL CAPITAL EQUIPMENT FUND X, LLC~~

~~NOTES~~Distributions ~~TO FINANCIAL STATEMENTS~~

~~Purchased securities~~

~~Purchased~~The ~~securities~~Company ~~registered~~commenced ~~for~~periodic ~~public~~distributions, ~~sale~~based ~~are~~on ~~carried~~cash atflows ~~fair~~from ~~value.~~operations, ~~Such~~beginning ~~securities~~ with ~~readily~~the ~~determinable~~month ~~fair~~of ~~values~~April ~~are~~2003. ~~measured~~The atmonthly ~~fair~~distributions ~~value~~were ~~with~~discontinued ~~any changes~~ in ~~fair~~2012 ~~value~~as ~~recognized in~~ the Company's ~~results~~entered ofits ~~operations~~liquidation phase. The ~~Company's~~rates ~~investment securities that do not have readily determinable fair values are measured at cost minus impairment,~~ and ~~adjusted~~frequency ~~for~~of ~~changes~~periodic indistributions ~~observable~~paid ~~prices. Factors considered~~ by the ~~Managing~~Fund ~~Member~~during inits ~~determining~~liquidation ~~fair~~phase ~~value include, but~~ are ~~not~~solely ~~limited~~at ~~to, available financial information,~~ the ~~issuer’s~~discretion ~~ability to meet its current obligations and indications~~ of the ~~issuer’s subsequent ability to raise capital~~Manager. ~~Impairment~~See ~~losses~~Item on5, ~~investment~~Market ~~securities totaled $11 thousand~~ for ~~the~~Registrant’s ~~year~~Common ~~ended December 31~~Equity, ~~2019. There~~Related ~~was~~Stockholder noMatters ~~such~~and ~~loss~~Issuer ~~during 2018. Also,~~Purchases ~~there~~of ~~were~~Equity noSecurities, ~~investment~~for ~~securities~~additional ~~sold~~information orregarding ~~disposed of during~~ the ~~years ended December 31, 2019 and 2018~~distributions.

~~Warrants~~

~~Warrants~~Commitments ~~owned~~and byContingencies ~~the Company are not registered for public sale, but are considered derivatives~~ and ~~are~~Off-Balance ~~reflected~~Sheet ~~at an estimated fair value on the balance sheet as determined by the Managing Member. The Company had no warrants in 2019 and 2018.~~ Transactions

~~Unearned operating lease income:~~

~~The~~Commitments ~~Company records prepayments on operating leases as a liability under the caption of unearned operating lease income. The liability is recorded when prepayments are received~~ and ~~recognized~~Contingencies ~~as operating lease revenue over the period to which the prepayments relate using a straight-line method.~~

~~Income taxes:~~

~~The~~At Company is treated as a partnership for federal income tax purposes. Pursuant to the provisions of Section 701 of the Internal Revenue Code, a partnership is not subject to federal income taxes. Accordingly, the Company has provided current franchise income taxes for only those states which levy income taxes on partnerships. For the year ended December 31, ~~2019~~2020, the ~~related provision for state income taxes was $34 thousand. For the year ended December 31, 2018, the~~ Company ~~received~~had ~~income~~no ~~tax~~commitments credit adjustments totaling $106 thousand. The Company does not have any entity level uncertain tax positions. The Company files income tax returns in the U.S. federal jurisdiction and various state jurisdictions and is generally subject to ~~examination~~purchase bylease ~~U.S.~~assets ~~federal (~~or ~~state~~fund ~~and~~investments ~~local)~~in ~~income~~notes ~~tax authorities for three years from the filing of a tax return~~receivable.

~~The tax bases of the Company’s net assets and liabilities vary from the amounts presented in these financial statements at December 31, 2019 and 2018 (in thousands):~~

	2019		2018
Financial statement basis of net assets	$	5,969	$	6,923
Tax basis of net assets (unaudited)		20,853		20,622
Difference	$	(14,884)	$	(13,699)

Off-Balance Sheet Transactions

The primary differences between the tax bases of net assets and the amounts recorded in the financial statements are the result of differences in accounting for syndication costs and differences between the depreciation methods used in the financial statements and the Company’s tax returns.

23 None.

~~ATEL CAPITAL EQUIPMENT FUND X, LLC~~

~~NOTES~~Item TO8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

The following reconciles the net income reported in these financial statements to the income reported on the Company’s federal tax return (unaudited) for each of the years ended December 31, 2019 and 2018 (in thousands):

	2019		2018
Net income per financial statements	$	1,462	$	697
Tax adjustments (unaudited):
Adjustment to depreciation expense		131		(314)
Provision for losses and doubtful accounts		89		(85)
Adjustments to revenues / other expenses		—		(41)
Adjustments to gain on sales of assets		674		1,013
Other		292		(459)
Income per federal tax return (unaudited)	$	2,648	$	811

See the Report of Independent Registered Public Accounting Firm, Financial Statements and Notes to Financial Statements attached hereto at pages 14 through 32.

~~Per Unit data:~~

~~Net income and distributions per Unit are based upon the weighted average number of Other Members’ Units outstanding during the year.~~ 13

~~Recent accounting pronouncements:~~

InREPORT ~~February 2016,~~OF ~~the~~INDEPENDENT ~~Financial~~REGISTERED ~~Accounting~~PUBLIC ~~Standards~~ACCOUNTING Board, or FASB issued Accounting Standards Update 2016‑02, Leases. In July 2018, the FASB issued ASU No. 2018-10, Codification Improvements to Topic 842, Leases and ASU No. 2018-11, Leases (Topic 842): Targeted Improvements. In December 2018, the FASB issued ASU No. 2018-20, Leases (Topic 842), Narrow-Scope Improvements for Lessors. In March 2019, the FASB issued ASU No. 2019-01, Leases: Codification Improvements. Collectively referred to hereafter as ASU No. 2016-02, these standards set out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract to control an asset (i.e., lessees and lessors). The Company does not have any non-cancelable leases where it is a lessee. FIRM

ASU No. 2016-02 requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales type leases, direct financing leases and operating leases. These standards were effective and adopted as of January 1, 2019. Upon adoption, the Company applied the package of practical expedients that has allowed the Company to not reassess (i) whether any expired or existing contracts are or contain leases, (ii) lease classification for any expired or existing leases and (iii) initial direct costs for any expired or existing leases. Furthermore, the Company applied the optional transition method in ASU No. 2018-11, which has allowed the Company to initially apply the new leases standard at the adoption date and recognize a cumulative effect adjustment to the opening balance of retained earnings in the adoption period, although the Company did not have an adjustment. Additionally, the Company’s leases met the criteria in ASU No. 2018-11 to not separate non-lease components from the related lease component; therefore, the accounting for these leases remained largely unchanged from the previous standard.

The adoption of ASU No. 2016-02 and the related improvements did not have a material impact in the Company’s financial statements. Upon adoption, (i) amounts previously recognized as lessee reimbursements and other income, for the year ended December 31, 2019, have been classified as lease or financing income, (ii) allowances for bad debts are now recognized as a direct reduction of operating lease income, and (iii) certain costs associated with the execution of the Company’s leases, which were previously capitalized and amortized over the life of their respective leases, are expensed as incurred. Subsequent to January 1, 2019, provisions for credit losses relating to operating leases are now included in lease income in the Company’s financial statements. Provisions for credit losses prior to January 1, 2019 were previously included in operating expenses in the Company’s financial statements and prior periods are not reclassified to conform to the current presentation. Members

24 ATEL Capital Equipment Fund X, LLC

~~ATEL CAPITAL EQUIPMENT FUND X, LLC~~

~~NOTES~~Opinion TOon ~~FINANCIAL~~the ~~STATEMENTS~~ Financial Statements

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

InWe ~~November~~have ~~2018,~~audited the ~~FASB~~accompanying ~~issued~~balance ~~Accounting~~sheets ~~Standards~~of ~~Update~~ATEL ~~2018-19~~Capital Equipment Fund X, ~~Codification~~LLC ~~Improvements~~(the to“Company”), ~~Topic~~as ~~326~~of December 31, ~~Financial~~2020 ~~Instruments~~and —2019, ~~Credit~~the ~~Losses~~related ~~(“ASU~~statements ~~2018-19”).~~of ~~The~~income, ~~new~~changes ~~standard~~in ~~clarifies~~members’ ~~certain~~capital, ~~aspects~~and ofcash flows for the ~~new~~years ~~current~~then ~~expected~~ended, ~~credit~~and ~~losses~~the related notes (~~CECL)~~collectively ~~impairment~~referred ~~model~~to inas ~~ASU~~the ~~2016-13~~“financial statements”). ~~The~~In ~~amendment~~our ~~clarifies~~opinion, ~~that~~the ~~receivables~~financial ~~arising~~statements ~~from~~present ~~operating~~fairly, ~~leases~~in ~~are~~all ~~within~~material respects, the ~~scope~~financial position of ~~ASC~~the ~~842,~~Company ~~rather~~as ~~than~~of ~~ASC~~December 31, ~~326.~~2020 ~~Management~~and is2019, ~~currently~~and ~~evaluating~~ the ~~impact~~results of ~~the~~its ~~standard~~operations onand its cash flows for the ~~financial~~years ~~statements~~then ~~and~~ended, ~~related~~in ~~disclosure~~conformity ~~requirements~~with accounting principles generally accepted in the United States of America.

On August 15, 2019, the FASB issued a proposed ASU that would grant certain companies additional time to implement FASB standards on current expected credit losses (CECL), and hedging. The proposed ASU defers the effective date for CECL to fiscal periods beginning after December 15, 2022, including interim periods within those fiscal years; and defers the effective dates for hedging to fiscal periods beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021. The ASU was approved on October 16, 2019.

InBasis August 2018, the FASB issued Accounting Standards Update 2018-13, Fair Value Measurement (“ASU 2018-13”), which amends the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement. This ASU modifies disclosure requirements for fair value measurements by removing, modifying or adding certain disclosures. The amendments in this Update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted upon issuance of this Update. An entity is permitted to early adopt any removed or modified disclosures upon issuance of this Update and delay adoption of the additional disclosures until their effective date. Management is currently evaluating the impact of this standard on the financial statements and related disclosure requirements. Opinion

~~ATEL~~These ~~CAPITAL~~financial ~~EQUIPMENT~~statements ~~FUND~~are X,the ~~LLC~~ responsibility of the Management of the Company’s Managing Member. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

~~NOTES TO FINANCIAL STATEMENTS~~

~~3. Concentration~~We conducted our audits in accordance with the standards of ~~credit~~the ~~risk~~PCAOB. Those standards require that we plan and ~~major~~perform ~~customers:~~ the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

The Company leases equipment to lessees in diversified industries. Leases are subject to AFS’s credit committee review. The leases provide for the return of the equipment to the Company upon default.

AsOur audits included performing procedures to assess the risks of ~~December~~material 31misstatement of the financial statements, ~~2019~~whether due to error or fraud, and ~~2018~~performing procedures to respond to those risks. Such procedures included examining, ~~concentrations~~ ~~(greater~~on ~~than~~a ortest ~~equal~~basis, toevidence ~~10%~~regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as ~~a percentage~~well ofas ~~total~~evaluating ~~equipment~~the ~~cost)~~overall presentation of ~~equipment~~the ~~leased~~financial tostatements. ~~lessees~~We inbelieve ~~certain~~that ~~industries~~our ~~were~~audits asprovide ~~follows:~~ a reasonable basis for our opinion.

	Percentage of Total
Industry	Equipment Cost
	2019		2018
Transportation	38	%	35	%
Wholesale	42	%	34	%

~~During~~Critical ~~2019~~Audit and 2018, certain lessees generated significant portions (defined as greater than or equal to 10%) of the Company’s total leasing revenues, excluding gains or losses on disposition of assets, as follows: Matters

		Percentage of TotalLease Revenues
Lessee	Type of Equipment	2019		2018
MRXX-Interstate Commodities	Transportation, rail	20	%	16	%
Aircraft Service International	Aviation	16	%	12	%
Interstate Commodities	Transportation, rail	*		15	%
Wal-Mart Transportation, LLC	Transportation, other	*		10	%
*Less than 10%

~~4. Equipment~~Critical ~~under~~audit ~~operating~~matters ~~leases~~are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, ~~net:~~ subjective, or complex judgments. We determined that there are no critical audit matters.

~~The Company’s equipment under operating leases, net consists of the following (in thousands):~~

					Depreciation/
					Amortization
	Balance		Reclassifications		Expense or		Balance
	December 31,		Additions / Dispositions		Amortization		December 31,
	2018		and Impairment Losses		of Leases		2019
Equipment under operating leases, net	$	3,689	$	(967)	$	(130)	$	2,592
Assets held for sale or lease, net		1,188		8		—		1,196
Initial direct costs, net of accumulated amortization of $6 thousand and $3 thousand at December 31, 2019 and 2018, respectively		7		—		(3)		4
Total	$	4,884	$	(959)	$	(133)	$	3,792

/s/ Moss Adams LLP

~~During~~San ~~the respective years ended December 31~~Francisco, ~~2019 and 2018, the Company recorded $281 thousand and $459 thousand of impairment losses to reduce the fair value of certain equipment.~~ California

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 was $130March ~~thousand and $522 thousand for 2019 and 2018~~29, ~~respectively. IDC amortization expense related to operating leases totaled $3 thousand and $2 thousand for 2019 and 2018, respectively.~~ 2021

~~ATEL~~We ~~CAPITAL~~have ~~EQUIPMENT~~served ~~FUND~~as X,the ~~LLC~~ Company’s auditor since 2007.

~~NOTES TO FINANCIAL STATEMENTS~~

~~All of the leased property was acquired in the years beginning with 2005 through 2011.~~

As of December 31, 2019 and 2018, there were no lease contracts placed in non-accrual status. As of the same dates, the Company may have had certain other leases that have related accounts receivable aged 90 days or more that have not been placed on non-accrual status. In accordance with Company policy, such receivables are fully reserved. Management continues to closely monitor these leases, and all other lease contracts, for any actual change in collectability status and indication of necessary valuation adjustments. 14

~~Operating~~ATEL ~~leases:~~ CAPITAL EQUIPMENT FUND X, LLC

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

	Balance						Balance
	December 31,				Reclassification		December 31,
	2018		Additions		/Dispositions		2019
Transportation, rail	$	12,393	$	—	$	(243)	$	12,150
Trucks and Trailers		3,419		—		(3,336)		83
Aircraft		1,988		—		(256)		1,732
Manufacturing		624		—		—		624
Petro/natural gas		470		—		—		470
Materials handling		157		—		(26)		131
		19,051		—		(3,861)		15,190
Less accumulated depreciation		(15,362)		(130)		2,894		(12,598)
Total	$	3,689	$	(130)	$	(967)	$	2,592

BALANCE SHEETS

The average estimated residual value for assets on operating leases was 17% and 19% of the assets’ original cost at December 31, 2019 and 2018, respectively. There were no operating lease in non-accrual status at December 31, 2019 and 2018.

AtDECEMBER ~~December~~ 31, ~~2019,~~2020 ~~the~~AND ~~aggregate amounts of future minimum lease payments receivable were as follows (in thousands):~~ 2019

	Operating
	Leases
Year Ending December 31, 2020		574
2021		273
2022		141
2023		80
2024		49
	$	1,117

(In Thousands)

ATEL CAPITAL EQUIPMENT FUND X, LLC


	2020		2019
ASSETS
Cash and cash equivalents	$	1,401	$	2,041
Accounts receivable, net		33		81
Investment in securities		200		44
Equipment under operating leases, net		3,222		3,792
Prepaid expenses and other assets		6		104
Total assets	$	4,862	$	6,062

LIABILITIES AND MEMBERS’ CAPITAL

Accounts payable and accrued liabilities:
Due to Managing Member and/or affiliates	$	12	$	17
Other		50		58
Deposits due lessees		1		1
Unearned operating lease income		42		17
Total liabilities		105		93

Commitments and contingencies

Members’ capital:
Managing Member		—		—
Other Members		4,757		5,969
Total Members’ capital		4,757		5,969
Total liabilities and Members’ capital	$	4,862	$	6,062

~~NOTES TO FINANCIAL STATEMENTS~~

~~The~~See ~~useful~~accompanying ~~lives for each category of leases is reviewed at a minimum of once per quarter~~notes. ~~As of December 31, 2019 and 2018, the respective useful lives of each category of lease assets in the Company’s portfolio were as follows (in years):~~

Equipment category		Useful Life
Transportation, rail		35 - 50
Aircraft		20 - 30
Manufacturing		10 - 15
Petro/natural gas		10 - 15
Materials handling		7 - 10
Transportation, other		7 - 10

~~5. Allowance for credit losses:~~ 15

~~The~~ATEL ~~Company’s~~CAPITAL ~~allowance~~EQUIPMENT ~~for~~FUND ~~credit losses totaled $190 thousand and $101 thousand at December 31~~X, 2019 and 2018, respectively. All of such allowance were related to delinquent operating lease receivables. Per ASU 2016-02, the current year credit loss of $89 thousand is netted against operating lease revenues in the statements of income. The Company had neither financing receivables in non-accrual status nor impaired financing receivables at December 31, 2019 and 2018. LLC

~~6. Related party transactions:~~

~~The~~STATEMENTS ~~terms~~OF ~~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.~~ INCOME

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 will be liable for certain future costs to be incurred by AFS to manage the administrative services provided to the Company.

~~Each~~FOR ofTHE ~~ATEL~~YEARS 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. ENDED

~~Cost~~DECEMBER 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 assets31, ~~number~~2020 ofAND ~~investors or contributed capital based upon the type of cost incurred.~~ 2019

~~During~~(In ~~the years~~Thousands ~~ended~~Except ~~December~~for ~~31,~~Units ~~2019~~ and ~~2018,~~Per ~~AFS~~Unit ~~and/or affiliates earned fees and reimbursements, pursuant to the Operating Agreement were as follows (in thousands~~Data):

		2019		2018
Costs reimbursed to Managing Member and/or affiliates	$	195	$	396
Asset management fees to Managing Member and/or affiliates		87		130
	$	282	$	526


	2020		2019
Revenues:
Leasing activities:
Operating leases revenues, net	$	1,266	$	1,585
Gain on sales of equipment under operating leases		40		107
Other revenue		2		1,126
Total operating revenues		1,308		2,818

Expenses:
Depreciation of operating lease assets		174		130
Asset management fees to Managing Member and/or affiliates		85		87
Costs reimbursed to Managing Member and/or affiliates		159		195
Amortization of initial direct costs		3		3
Impairment losses on equipment		—		281
Railcar maintenance		142		112
Impairment losses on investment in securities		—		11
Professional fees		157		179
Franchise fees and taxes		9		34
Outside services		104		113
Insurance		22		34
Storage fees		138		73
Other expenses		97		104
Total operating expenses		1,090		1,356
Income from operations		218		1,462

Other income:
Unrealized gain on fair value adjustment for investment securities		156		—
Total other income		156		—
Net income	$	374	$	1,462

Net income:
Managing Member	$	119	$	181
Other Members		255		1,281
	$	374	$	1,462

Net income per Limited Liability Company Unit (Other Members)	$	0.02	$	0.09
Weighted average number of Units outstanding		13,971,486		13,971,486

~~ATEL CAPITAL EQUIPMENT FUND X, LLC~~

~~NOTES~~See TOaccompanying ~~FINANCIAL STATEMENTS~~ notes.

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. As of December 31, 2019 and 2018, the Company has not exceeded the annual and/or cumulative limitations discussed above.

~~7. Commitments:~~ 16

AtATEL ~~December~~CAPITAL ~~31,~~EQUIPMENT ~~2019~~FUND X, ~~the~~ ~~Company had no commitments to purchase lease assets or fund investments in notes receivable.~~ LLC

~~8. Guarantees:~~

~~The~~STATEMENTS ~~Company~~OF ~~enters~~CHANGES ~~into~~IN ~~contracts that contain a variety of indemnifications. The Company~~MEMBERS’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.~~ CAPITAL

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.

~~9. Members’~~FOR ~~capital:~~ THE YEARS ENDED

~~Units~~DECEMBER ~~issued and outstanding were 13,971,486 at both December~~ 31, ~~2019~~2020 ~~and~~AND ~~2018. The Company was authorized to issue up to 15,000,000 Units in addition to the Units issued to the initial members (50 Units). The Company ceased offering Units on March 11, 2005.~~ 2019

~~The~~(In ~~Company~~Thousands ~~has~~Except ~~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~~Per ~~Limited~~Unit Liability Company Operating Agreement. The repurchase would be at the discretion of the Managing Member’s on terms it determines to be appropriate under given circumstances, in the event that the Managing Member’s 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. Data)

ATEL CAPITAL EQUIPMENT FUND X, LLC


		Amount
		Other		Managing
	Units	Members		Member		Total
Balance December 31, 2018	13,971,486	$	6,923	$	—	$	6,923
Distributions to Other Members ($0.16 per Unit)	—		(2,235)		—		(2,235)
Distributions to Managing Member	—		—		(181)		(181)
Net income	—		1,281		181		1,462
Balance December 31, 2019	13,971,486		5,969		—		5,969
Distributions to Other Members ($0.11 per Unit)	—		(1,467)		—		(1,467)
Distributions to Managing Member	—		—		(119)		(119)
Net income	—		255		119		374
Balance December 31, 2020	13,971,486	$	4,757	$	—	$	4,757

~~NOTES TO FINANCIAL STATEMENTS~~

AsSee ~~defined~~accompanying ~~in the Operating Agreement, the Company’s Net Income, Net Losses, and Distributions are to be allocated 92~~notes.5% to the Members and 7.5% to AFS. In accordance with the terms of the Operating Agreement, additional allocations of income were made to AFS in 2019 and 2018. The amounts allocated were determined to bring AFS’s ending capital account balance to zero at the end of each year.

~~Distributions to the Other Members were as follows (in thousands, except as to Units and per Unit data):~~

	2019		2018
Distributions declared	$	2,235	$	3,284
Weighted average number of Units outstanding		13,971,486		13,971,486
Weighted average distributions per Unit	$	0.16	$	0.24

~~10. Fair~~ATEL ~~value~~CAPITAL ~~measurements:~~ EQUIPMENT FUND X, LLC

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

~~Fair~~STATEMENTS ~~value~~OF ~~measurements~~CASH ~~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:~~ FLOWS

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~~FOR THE ~~2 –~~YEARS ~~Quoted~~ENDED ~~prices~~DECEMBER ~~for similar instruments in active markets~~31, ~~quoted~~2020 ~~prices~~AND ~~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.~~ 2019

~~Level 3 –~~(In 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. Thousands)

~~The Company had no warrants at December 31, 2019 and 2018.~~

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.


	2020		2019
Operating activities:
Net income	$	374	$	1,462
Adjustments to reconcile net income to cash provided by operating activities:
Gain on sales of equipment under operating leases		(40)		(107)
Unrealized gains on fair value adjustment for investment securities		(156)		—
Depreciation of operating lease assets		174		130
Amortization of initial direct costs		3		3
Impairment losses on equipment		—		281
Provision for credit losses		27		89
Impairment losses on investment in securities		—		11
Changes in operating assets and liabilities:
Accounts receivable		21		(74)
Due from affiliates		—		15
Prepaid expenses and other assets		98		8
Accounts payable, Managing Member and affiliates		(5)		17
Accounts payable, Other		(8)		(1,037)
Unearned operating lease income		25		—
Net cash provided by operating activities		513		798

Investing activities:
Proceeds from sales of equipment under operating leases		433		782
Net cash provided by investing activities		433		782

Financing activities:
Distributions to Other Members		(1,467)		(2,235)
Distributions to Managing Member		(119)		(181)
Net cash used in financing activities		(1,586)		(2,416)

Net decrease in cash and cash equivalents		(640)		(836)
Cash and cash equivalents at beginning of year		2,041		2,877
Cash and cash equivalents at end of year	$	1,401	$	2,041

Supplemental disclosures of cash flow information:
Cash paid during the year for taxes	$	14	$	44

~~ATEL~~See ~~CAPITAL~~accompanying ~~EQUIPMENT FUND X, LLC~~ notes.

~~NOTES TO FINANCIAL STATEMENTS~~

~~Investment in securities (recurring)~~ 18

~~The~~ATEL ~~Company’s~~CAPITAL ~~investment~~EQUIPMENT inFUND securities registered for public sale that have readily determinable fair values are measured at fair value with any changes in fair value recognized in the Company’s results of operations. The Company’s investments in publicly traded investment securities are valued based on their quoted market prices. At December 31X, ~~2019, the calculated fair value of these investments in securities were deemed nominal.~~ LLC

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~~NOTES ~~Company~~TO ~~has~~FINANCIAL 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. STATEMENTS

~~Cash and cash equivalents~~

~~The~~1. Organization ~~recorded~~and ~~amounts~~Limited ofLiability ~~the~~ Company’s ~~cash and cash equivalents approximate fair value because of the liquidity and short-term maturity of these instruments.~~ matters:

~~Commitments and Contingencies~~

~~Management~~ATEL ~~has~~Capital ~~determined~~Equipment ~~that~~Fund noX, ~~recognition~~LLC ~~for~~(the “Company” or the ~~fair~~“Fund”) ~~value~~was formed under the laws of the ~~Company’s~~State ~~loan~~of ~~commitments~~California ison ~~necessary~~August ~~because~~12, ~~their~~2002 ~~terms~~for ~~are~~the ~~made~~purpose onof aengaging ~~market~~in ~~rate~~the ~~basis~~sale of limited liability company investment units and ~~require~~acquiring ~~borrowers~~equipment to beengage in ~~compliance~~equipment ~~with~~leasing, ~~the~~lending ~~Company’s~~and ~~credit~~sales ~~requirements~~activities, atprimarily in the ~~time~~United States. The Managing Member of ~~funding~~the Company is ATEL Financial Services, LLC (“AFS”), a California limited liability company. The Company may continue until December 31, 2022.

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~~Company ~~tables~~conducted ~~present~~a public offering of 15,000,000 Limited Liability Company Units (“Units”), at a ~~summary~~price of $10 per Unit. On April 9, 2003, subscriptions for the ~~carrying~~minimum ~~value~~number of Units (120,000, representing $1.2 million) had been received (excluding subscriptions from Pennsylvania investors) and ~~fair~~AFS ~~value~~requested bythat ~~level~~the subscriptions be released to the Company. On that date, the Company commenced operations in its primary business. As of ~~financial~~March ~~instruments~~11, on2005, 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’s ~~balance~~through ~~sheet~~December at31, 2020. As of December 31, ~~2019 and~~2020, ~~2018~~13,971,486 ~~(in~~Units ~~thousands):~~ remain issued and outstanding.

	Fair Value Measurements at December 31, 2019
	Carrying
	Value		Level 1		Level 2		Level 3		Total
Financial assets:
Cash and cash equivalents	$	2,041	$	2,041	$	—	$	—	$	2,041

	Fair Value Measurements at December 31, 2018
	Carrying
	Value		Level 1		Level 2		Level 3		Total
Financial assets:
Cash and cash equivalents	$	2,877	$	2,877	$	—	$	—	$	2,877

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 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.

~~ATEL~~Pursuant ~~CAPITAL~~to ~~EQUIPMENT~~the ~~FUND~~terms Xof the Operating Agreement, ~~LLC~~ AFS receives compensation and reimbursements for services rendered on behalf of the Company (See Note 6). The Company is required to maintain reasonable cash reserves for working capital, the repurchase of Units and contingencies. The repurchase of Units is solely at the discretion of AFS.

~~NOTES TO FINANCIAL STATEMENTS~~

11The Company will pay AFS and affiliates of AFS substantial fees which may result in a conflict of interest. ~~Subsequent~~ ~~Events:~~ The Company will pay substantial fees to AFS and its affiliates before distributions are paid to investors even if the Company does not produce profits. Therefore, the financial position of the Company could change significantly.

Subsequent to December 31, 2019, the World Health Organization declared the novel coronavirus outbreak a public health emergency. The Fund’s operations is located in California, which has restricted gatherings of people due to the coronavirus outbreak. At present, the Fund’s operations have not been adversely affected and continues to function effectively. Due to the dynamic nature of these unprecedented circumstances and possible business disruption, the Fund will continue to monitor the situation closely, but given the uncertainty about the situation, an estimate of the future impact, if any, cannot be made at this time.

32 2. Summary of significant accounting policies:

~~Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND~~

~~FINANCIAL~~Basis ~~DISCLOSURES~~ of presentation:

~~None.~~

~~Item~~The accompanying balance sheets as of December 31, 2020 and 2019, and the related statements of income, changes in members’ capital, and cash flows for the 9Ayears then ended, have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules and regulations of the Securities and Exchange Commission. ~~CONTROLS~~Certain ~~AND~~prior ~~PROCEDURES~~ period amounts 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.

~~Evaluation of disclosure controls and procedures~~

~~The~~Footnote ~~Company’s Managing Member’s President~~ and ~~Chief~~tabular ~~Executive~~amounts ~~Officer,~~are ~~and~~presented ~~Executive Vice President and Chief Financial Officer and Chief Operating Officer (“Management”), evaluated the effectiveness of the Company’s disclosure controls and procedures (as defined~~ in ~~Exchange Act Rule 13a‑15(e)) as of the end of the period covered by this report. Based on the evaluation of the Company’s disclosure controls and procedures~~thousands, ~~Management~~except ~~concluded that~~ as ofto ~~the~~Units ~~end of the period covered by this report, the design~~ and ~~operation~~per ofUnit ~~these disclosure controls and procedures were effective~~data.

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.

~~Management’s~~In ~~Annual~~preparing ~~Report~~the onaccompanying ~~Internal~~financial ~~Control~~statements, ~~over~~the ~~Financial~~Company ~~Reporting~~ has reviewed, as determined necessary by the Managing Member, events that have occurred after December 31, 2020, up until the issuance of the financial statements. No events were noted which would require additional disclosure in the footnotes to the financial statements.

The Management of the Managing Member is responsible for establishing and maintaining adequate internal control over financial reporting as that term is defined in Exchange Act Rule 13a‑15(f) for the Company, and for performing an assessment of the effectiveness of internal control over financial reporting as of December 31, 2019. The internal control process of the Managing Member, as it is applicable to the Company, was designed to provide reasonable assurance to Management regarding the preparation and fair presentation of published financial statements, and includes those policies and procedures that:

(1) Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles in the United States, and that the Company’s receipts and expenditures are being made only in accordance with authorization of the Management of the Managing Member; and19

~~(2)~~ATEL ~~Provide~~CAPITAL ~~reasonable~~EQUIPMENT ~~assurance~~FUND ~~regarding prevention or timely detection of unauthorized acquisition~~X, ~~use or disposition of the Company’s assets that could have a material effect on the financial statements.~~LLC

All internal control processes, no matter how well designed, have inherent limitations. Therefore, even those processes determined to be effective can provide only reasonable assurance with respect to the reliability of financial statement preparation and presentation. Further, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.

33 NOTES TO FINANCIAL STATEMENTS

Management of the Managing Member assessed the effectiveness of its internal control over financial reporting, as it is applicable to the Company, as of December 31, 2019. In making this assessment, it used the criteria set forth in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on its assessment, Management of the Managing Member concluded that the Managing Member’s internal control over financial reporting, as it is applicable to the Company, was effective as of December 31, 2019.

~~This~~Cash annual report does not include an audit report of the Company’s independent registered public accounting firm regarding internal control over financial reporting. Management’s internal controls over financial reporting was not subject to audit by the Company’s independent registered public accounting firm pursuant to Section 989G of the Dodd-Frank Wall Street Reform and ~~Consumer~~cash ~~Protection Act, which exempts non-accelerated filers from Section 404(b) of the Sarbanes-Oxley Act of 2002.~~ equivalents:

~~Changes in internal control~~

~~There~~Cash ~~were~~and nocash ~~changes~~equivalents ininclude ~~the~~cash ~~Managing~~in ~~Member’s~~banks ~~internal~~and ~~control~~cash ~~over~~equivalent ~~financial~~investments ~~reporting,~~such as itU.S. isTreasury ~~applicable~~instruments towith ~~the~~original ~~Company,~~and/or ~~during~~purchased ~~the~~maturities ~~year~~of ~~ended~~ninety days ~~December 31, 2019 that have materially affected,~~ or ~~are reasonably likely to materially affect, the Managing Member’s internal control over financial reporting, as it is applicable to the Company~~less.

~~PART III~~ Use of estimates:

~~Item 10. DIRECTORS AND EXECUTIVE OFFICERS~~

The ~~registrant~~preparation isof afinancial ~~Limited~~statements ~~Liability~~in ~~Company~~conformity with GAAP requires management to make estimates and, ~~therefore,~~assumptions ~~has~~that noaffect ~~officers~~the orreported ~~directors~~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.

ATEL Financial Services, LLC (“AFS”) is the Company’s Managing Member or Manager. AFS is controlled by ATEL Capital Group (“ACG” or “ATEL”), a holding company formed to control AFS and affiliated companies. The outstanding voting capital stock of ATEL Capital Group is owned 100% by Dean Cash.

~~Each~~Accounts of ATEL Leasing Corporation (“ALC”) and AFS is a wholly-owned subsidiary of ACG and performs services for the Company. Acquisition services, equipment management, lease administration and asset disposition services are performed by ALC; and investor relations, communications and general administrative services are performed by AFS. receivable:

~~The officers and directors of ATEL and its affiliates are as follows:~~

~~Dean~~Accounts L.receivable ~~Cash~~represent ~~President~~the ~~and~~amounts ~~Chief~~billed ~~Executive~~under ~~Officer~~operating ofand ~~ATEL~~direct ~~Financial~~financing ~~Services~~lease contracts, ~~LLC~~and ~~(Managing~~notes ~~Member)~~receivable ~~Paritosh~~which Kare due to the Company. ~~Choksi~~Allowances ~~Executive~~for ~~Vice~~doubtful ~~President~~accounts ~~and~~are ~~Chief~~typically ~~Financial~~established ~~Officer~~based on historical charge off and ~~Chief~~collection ~~Operating~~experience ~~Officer~~and the collectability of ~~ATEL~~specifically ~~Financial~~identified ~~Services~~lessees and borrowers, ~~LLC~~and ~~(Managing~~invoiced ~~Member)~~amounts. ~~Vasco~~Accounts Hreceivable deemed uncollectible are charged off to the allowance on a specific identification basis. ~~Morais~~Amounts ~~Executive~~recovered ~~Vice~~that ~~President,~~were ~~Secretary~~previously ~~and~~written-off ~~General~~are ~~Counsel~~recorded ofas ~~ATEL~~other ~~Financial~~income ~~Services,~~in ~~LLC~~the ~~(Managing~~period ~~Member)~~received.

Dean L. Cash, age 69, became chairman, president and chief executive officer of ATEL in April 2001. Mr. Cash joined ATEL as director of marketing in 1980 and served as a vice president since 1981, executive vice president since 1983 and a director since 1984. Prior to joining ATEL, Mr. Cash was a senior marketing representative for Martin Marietta Corporation, data systems division, from 1979 to 1980. From 1977 to 1979, he was employed by General Electric Corporation, where he was an applications specialist in the medical systems division and a marketing representative in the information services division. Mr. Cash was a systems engineer with Electronic Data Systems from 1975 to 1977, and was involved in maintaining and developing software for commercial applications. Mr. Cash received a B.S. degree in psychology and mathematics in 1972 and an M.B.A. degree with a concentration in finance in 1975 from Florida State University. Mr. Cash is an arbitrator with the American Arbitration Association and is qualified as a registered principal with the Financial Industry Regulatory Authority.

~~Paritosh~~Credit K. Choksi, age 66, joined ATEL in 1999 as a director, senior vice president and its chief financial officer. He became its executive vice president and CFO/COO in April 2001. Prior to joining ATEL, Mr. Choksi was chief financial officer at Wink Communications, Inc. from 1997 to 1999. From 1977 to 1997, Mr. Choksi was with Phoenix American Incorporated, a financial services and management company, where he held various positions during his tenure, and was senior vice president, chief financial officer and director when he left the company. Mr. Choksi was involved in all corporate matters at Phoenix and was responsible for Phoenix’s capital market needs. He also served on the credit committee overseeing all corporate investments, including its venture lease portfolio. Mr. Choksi was a part of the executive management team which caused Phoenix’s portfolio to increase from $50 million in assets to over $2 billion. Mr. Choksi is a member of the board of directors of Syntel, Inc. Mr. Choksi received a bachelor of technology degree in mechanical engineering from the Indian Institute of Technology, Bombay; and an M.B.A. degree from the University of California, Berkeley. risk:

~~Vasco~~Financial H.instruments ~~Morais,~~that ~~age~~potentially ~~61,~~subject ~~joined~~the ~~ATEL~~Company into ~~1989~~concentrations asof ~~general~~credit ~~counsel.~~risk ~~Mr. Morais~~include ~~manages~~cash ~~ATEL’s legal department, which provides legal~~ and ~~contractual~~cash ~~support in the negotiating~~equivalents, ~~documenting,~~operating ~~drafting, reviewing~~ and ~~funding~~direct offinancing lease ~~transactions. In addition~~receivables, ~~Mr.~~notes ~~Morais~~receivable ~~advises on general corporate law matters,~~ and ~~assists~~accounts ~~on securities law issues~~receivable. ~~From~~The ~~1986~~Company toplaces ~~1989, Mr. Morais was employed by~~ the ~~BankAmeriLease~~majority ~~Companies, Bank~~ of ~~America’s~~its ~~equipment~~cash ~~leasing~~deposits ~~subsidiaries, providing~~ in noninterest-~~house~~bearing ~~legal~~accounts ~~support~~with onfinancial ~~the~~institutions ~~documentation~~that ofhave ~~tax-oriented~~no ~~and~~less ~~non-tax~~than ~~oriented~~$10 ~~direct~~billion ~~and~~in ~~leveraged~~assets. ~~lease~~Such ~~transactions,~~deposits ~~vendor~~are ~~leasing~~insured ~~programs~~up ~~and general corporate matters. Prior~~ to ~~the~~$250 ~~BankAmeriLease Companies, Mr~~thousand. ~~Morais~~The ~~was~~remainder ~~with~~of the ~~Consolidated~~Company’s ~~Capital~~cash ~~Companies~~is intemporarily ~~the~~invested ~~Corporate and Securities Legal Department involved~~ in ~~drafting~~U.S. ~~and~~Treasury ~~reviewing~~denominated ~~contracts,~~instruments. ~~advising~~The onconcentration ~~corporate~~of ~~law~~such ~~matters~~deposits and ~~securities~~temporary ~~law~~cash ~~issues.~~investments ~~Mr.~~is ~~Morais~~not ~~received~~deemed ato ~~B.A.~~create ~~degree~~a insignificant ~~1982~~risk ~~from~~to the ~~University of California in Berkeley, a J~~Company.D. ~~degree~~Accounts ~~in 1986 from Golden Gate University Law School;~~ and annotes ~~M.B.A.~~receivable ~~(Finance)~~represent ~~degree~~amounts due from ~~Golden~~lessees ~~Gate~~or ~~University~~borrowers in ~~1997.~~various ~~Mr. Morais~~industries, anrelated ~~active~~to ~~member~~equipment ofon ~~the~~operating ~~State Bar of California since 1986, served as co-chair of the Uniform Business Law Section of the State Bar of California~~ and ~~was~~direct ~~inducted~~financing asleases aor ~~fellow~~notes ~~of the American College of Commercial Finance Lawyers in 2010~~receivable.

~~Audit Committee~~

~~The~~Equipment ~~board~~on ofoperating ~~directors~~leases ~~of the Managing Member acts as the audit committee of the Company. Dean L. Cash~~ and ~~Paritosh~~related K.revenue ~~Choksi are members of the board of directors of the Managing Member and are deemed to be financial experts. They are not independent of the Company.~~ recognition:

~~Section 16(a) Beneficial Ownership Reporting Compliance~~

~~Based~~Equipment ~~solely~~subject to operating leases is stated at cost. Depreciation is being recognized on a ~~review~~straight-line method over the terms of ~~Forms~~the related leases to the equipment’s estimated residual values. Off-lease equipment is generally not subject to depreciation. The Company depreciates all lease assets, in accordance with guidelines consistent with Accounting Standards Codification (“ASC”) 360-20-35-3, 4over ~~and~~the 5periods of the lease terms contained in each asset’s respective lease contract to the estimated residual value at the end of the lease contract. All lease assets are purchased only concurrent with the execution of a lease commitment by the lessee. Thus, the ~~Company~~original isdepreciation ~~not~~period ~~aware~~corresponds with the term of ~~any~~the ~~failures~~original tolease. ~~file~~Once ~~reports~~the term of ~~beneficial~~an ~~ownership~~original ~~required~~lease contract is completed, the subject property is typically sold to bethe ~~filed~~existing ~~during~~user, re-leased to the existing user, or, when off-lease, is held for sale. Assets which are re-leased continue to be depreciated using the ~~year~~ ~~ended~~terms ~~December~~of 31the new lease agreements and the estimated residual values at the end of the new lease terms, ~~2019~~adjusted downward as necessary. Assets classified as held-for-sale are carried at the lower of carrying amount, or the fair value less cost to sell (ASC 360-10-35-43).

~~Code of Ethics~~

A Code of Ethics that is applicable to the Company, including the Chief Executive Officer and Chief Financial Officer and Chief Operating Officer of its Managing Member, AFS, or persons acting in such capacity on behalf of the Company, is included as Exhibit 14.1 to this report. 20

~~Item 11.~~ATEL ~~EXECUTIVE~~CAPITAL ~~COMPENSATION~~ EQUIPMENT FUND X, LLC

~~The registrant is a Limited Liability Company and, therefore, has no officers or directors.~~

~~Set~~NOTES ~~forth~~TO ~~hereinafter~~FINANCIAL is a description of the nature of remuneration paid and to be paid to AFS and its affiliates. The amount of such remuneration paid in 2019 and 2018 is set forth in Item 8 of this report under the caption “Financial Statements and Supplementary Data — Notes to Financial Statements — Related party transactions,” at Note 6 thereof, which information is hereby incorporated by reference. STATEMENTS

~~Asset Management Fee~~

The Company ~~pays~~does ~~AFS~~not anuse ~~Asset~~the ~~Management~~equipment ~~Fee~~held in anits ~~amount~~portfolio, ~~equal~~but toholds 4%it solely for lease and ultimate sale. In the course of ~~Operating~~marketing ~~Revenues~~equipment that has come off-lease, ~~which~~management ~~includes~~may ~~Gross~~determine ~~Lease~~at ~~Revenues~~some ~~and~~point ~~Cash~~that ~~from~~re-leasing ~~Sales~~the orassets ~~Refinancing.~~may ~~The~~provide ~~Asset~~a ~~Management~~superior ~~Fee~~return isfor ~~paid~~investors onand ~~a monthly~~would ~~basis~~then execute another lease. ~~The~~Upon ~~amount~~entering ofinto ~~the~~a ~~Asset~~new ~~Management~~lease ~~Fee~~contract, ~~payable~~management inwill ~~any year~~estimate isthe ~~reduced~~residual ~~for~~value ~~that year~~once toagain ~~the~~and ~~extent~~resume itdepreciation. ~~would~~If, ~~otherwise~~and ~~exceed~~when, the ~~Asset~~Company, ~~Management~~at ~~Fee~~any ~~Limit~~time, asdetermines ~~described~~that ~~below.~~depreciation ~~The~~in ~~Asset~~value ~~Management~~may ~~Fee~~have isoccurred ~~paid~~with respect to an asset held-for-sale, ~~services~~the ~~rendered~~Company bywould ~~AFS~~review ~~and~~the ~~its~~value ~~affiliates~~to determine whether a material reduction in ~~determining~~value ~~portfolio~~had occurred and ~~investment~~recognize ~~strategies~~any (iappropriate impairment.e. All lease assets, ~~establishing~~including ~~and~~off-lease ~~maintaining~~assets, ~~the~~are ~~composition~~subject ofto the ~~Equipment~~Company’s ~~portfolio~~quarterly impairment analysis, as adescribed ~~whole~~below. ~~and~~Maintenance costs associated with the ~~Company~~Fund’s ~~overall~~portfolio ~~debt~~of ~~structure)~~leased ~~and~~assets ~~generally~~are ~~managing~~expensed oras ~~supervising~~incurred. ~~the~~Major ~~management~~additions ofand ~~the~~betterments ~~Equipment~~are capitalized.

~~AFS~~Operating ~~supervises~~lease ~~performance~~revenue ofis ~~among~~recognized ~~others~~on ~~activities,~~a ~~collection~~straight-line basis over the term of the underlying leases. The initial lease ~~revenues~~terms will vary as to the type of equipment subject to the leases, ~~monitoring~~the ~~compliance~~needs byof the lessees ~~with~~and the ~~lease~~ terms to be negotiated, ~~assuring~~but ~~that~~initial ~~Equipment~~leases isare ~~being~~generally ~~used~~on interms ~~accordance~~from ~~with~~36 ~~all~~to ~~operative~~120 months. ~~contractual~~The ~~arrangements,~~difference ~~paying~~between ~~operating~~rent ~~expenses~~received and ~~arranging~~rental ~~for~~revenue ~~necessary~~recognized ~~maintenance~~is ~~and~~recorded ~~repair~~as ofunearned ~~Equipment~~operating inlease income on the ~~event~~balance asheet. ~~lessee~~Operating ~~fails~~leases toare dogenerally soplaced in a non-accrual status (i.e., ~~monitoring~~no ~~property~~revenue is recognized) when payments are more than 90 days past due. Additionally, ~~sales~~management ~~and~~considers ~~use~~the ~~tax~~equipment ~~compliance~~underlying the lease contracts for impairment and ~~preparation~~periodically reviews the credit worthiness of all operating ~~financial~~lessees ~~data.~~with ~~AFS~~payments ~~intends~~outstanding toless ~~delegate~~than ~~all~~90 days. orBased aupon ~~portion~~management’s ofjudgment, ~~its~~the ~~duties~~related ~~and~~operating ~~the~~leases ~~Asset~~may ~~Management~~be ~~Fee~~placed toon ~~one~~non-accrual orstatus. ~~more~~Leases ofplaced ~~its~~on ~~affiliates~~non-accrual ~~who~~status are inonly returned to an accrual status when the ~~business~~account has been brought current and management believes recovery of ~~providing~~the remaining unpaid lease payments is probable. Until such ~~services~~time, revenues are recognized on a cash basis.

~~Asset Management Fee Limit:~~

~~The~~Initial ~~Asset~~direct Management Fee is subject to the Asset Management Fee Limit. The Asset Management Fee Limit is calculated each year during the Company’s term by calculating the total fees that would be paid to AFS if AFS were to be compensated on the basis of an alternative fee schedule, to include an Equipment Management Fee, Incentive Management Fee, and Equipment Resale/Re-Leasing Fee, plus AFS’s Carried Interest, as described below. To the extent that the amount paid to AFS as the Asset Management Fee plus its Carried Interest for any year would exceed the aggregate amount of fees calculated under this alternative fee schedule for the year, the Asset Management Fee and/or Carried Interest for that year is reduced to equal the maximum aggregate fees under the alternative fee schedule. costs:

To the extent any such fees are reduced, the amount of such reduction will be accrued and deferred, and such accrued and deferred compensation would be paid to AFS in a subsequent period, but only if and to the extent that such deferred compensation would be payable within the Asset Management Fee Limit for the subsequent period. Any deferred fees which cannot be paid under the applicable limitations in any subsequent period through the date of liquidation would be forfeited by AFS upon liquidation.

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

For purposes of the Asset Management Fee Limit, the Company will calculate an alternative schedule of fees, including a hypothetical Equipment Management Fee, Incentive Management Fee, Equipment Resale/Re-Leasing Fee, and Carried Interest as follows:

AnAsset Equipment Management Fee will be calculated to equal the lesser of (i) 3.5% of annual Gross Revenues from Operating Leases and 2% of annual Gross Revenues from Full Payout Leases which contain Net Lease Provisions, or (ii) the fees customarily charged by others rendering similar services as an ongoing public activity in the same geographic location and for similar types of equipment. If services with respect to certain Operating Leases are performed by nonaffiliated persons under the active supervision of AFS or its affiliate, then the amount so calculated shall be 1% of Gross Revenues from such Operating Leases. valuation:

An Incentive Management Fee will be calculated to equal 4% of Distributions of Cash from Operations until Holders have received a return of their Original Invested Capital plus a Priority Distribution, and, thereafter, to equal a total of 7.5% of Distributions from all sources, including Sale or Refinancing Proceeds. In subordinating the increase in the Incentive Management Fee to a cumulative return of a Holder’s Original Invested Capital plus a Priority Distribution, a Holder would be deemed to have received Distributions of Original Invested Capital only to the extent that Distributions to the Holder exceed the amount of the Priority Distribution.

AnRecorded ~~Equipment~~values ~~Resale/Re-Leasing~~of ~~Fee~~the ~~will~~Company’s beleased ~~calculated~~asset inportfolio are reviewed each quarter to confirm the reasonableness of established residual values and to determine whether there is indication that an ~~amount~~asset ~~equal~~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 ~~lesser~~estimated undiscounted future cash flows of ~~(i) 3%~~the asset are less than their net book value. The estimated undiscounted future cash flows are the sum of the ~~sale~~residual ~~price~~value of the ~~Equipment~~asset at the end of the asset’s lease contract and undiscounted future rents from the existing lease contract. The residual value assumes, oramong ~~(ii) one~~other things, that the asset is utilized normally in an open, unrestricted and stable market. Short-~~half~~term fluctuations in the ~~normal~~marketplace ~~competitive~~are ~~equipment~~disregarded ~~sale~~and ~~commission~~it ~~charged~~is byassumed ~~unaffiliated~~that ~~parties~~there ~~for~~is ~~resale~~no ~~services~~necessity either to dispose of a significant number of the assets, if held in quantity, simultaneously or to dispose of the asset quickly. ~~Such~~Impairment ~~fee~~is ~~would~~measured ~~apply~~as ~~only~~the ~~after~~difference between the ~~Holders~~fair ~~have~~value ~~received~~(as determined by a ~~return~~valuation method using discounted estimated future cash flows, third party appraisals or comparable sales of ~~their~~similar ~~Original~~assets ~~Invested~~as ~~Capital~~applicable ~~plus~~based aon ~~Priority~~asset ~~Distribution~~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.

In connection with the releasing of Equipment to lessees other than previous lessees or their affiliates, the fee would be in an amount equal to the lesser of (i) the competitive rate for comparable services for similar equipment, or (ii) 2% of the gross rental payments derived from the re-lease of such Equipment, payable out of each rental payment received by the Company from such re-lease.

37 Segment reporting:

~~See Note 6 to the financial statements included in Item 8, Financial Statements and Supplementary Data, for amounts paid.~~

~~Managing~~The ~~Member’s~~Company ~~Interest~~is not organized by multiple operating segments for the purpose of making operating decisions or assessing performance. Accordingly, the Company operates in ~~Operating~~one ~~Proceeds~~ reportable operating segment in North America.

As defined in the Limited Liability Company Operating Agreement, the Company’s Net Income, Net Losses, and Distributions are to be allocated 92.5% to the Members and 7.5% to AFS. In accordance with the terms of the Operating Agreement, as amended, additional allocations of income were made to AFS in 2019 and 2018. The amounts allocated were determined to bring AFS’s ending capital account balance to zero at the end of each year. See financial statements as set forth in Part II, Item 8, Financial Statements and Supplementary Data, of this report for amounts allocated to AFS in 2019 and 2018.

~~Item 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT~~ 21

~~Security~~ATEL ~~Ownership~~CAPITAL ofEQUIPMENT ~~Certain~~FUND ~~Beneficial~~X, ~~Owners~~ LLC

~~At December 31, 2019, no investor is known to hold beneficially more than 5% of the issued and outstanding Units.~~

~~Security~~NOTES ~~Ownership~~TO ofFINANCIAL ~~Management~~ STATEMENTS

~~The parent of AFS is the beneficial owner of Limited Liability Company Units as follows:~~

(1)	(2)	(3)	(4)
	Name and Address of	Amount and Nature of Beneficial	Percent of
Title of Class	Beneficial Owner	Ownership	Class
Limited Liability	ATEL Capital Group	Initial Limited Liability	0.0004	%
Company Units	The Transamerica Pyramid	Company Units
	600 Montgomery Street, 9th Floor	50 Units ($500)
	San Francisco, CA 94111

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

~~Changes in Control~~

The ~~Members~~primary ~~have~~geographic region in which the ~~right~~Company sought leasing opportunities was North America. The table below summarizes geographic information relating to the sources, by ~~vote~~nation, of the ~~Members~~Company’s ~~owning~~total ~~more~~revenues ~~than~~for ~~50%~~the years ofended ~~the~~December ~~outstanding~~31, ~~Limited~~2020 ~~Liability~~and ~~Company~~2019, ~~Units~~and long-lived tangible assets as of December 31, to2020 ~~remove~~and a2019 ~~Managing~~(dollars ~~Member.~~ in thousands):

AFS may at any time call a meeting of the Members or a vote of the Members without a meeting, on matters on which they are entitled to vote, and shall call such meeting or for vote without a meeting following receipt of a written request therefore of members holding 10% or more of the total outstanding Limited Liability Company Units.

Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS


	Year Ended December 31,
	2020		% of Total		2019		% of Total
Revenue
United States	$	1,247	95	%	$	2,774	98	%
Canada		61	5	%		44	2	%
Total	$	1,308	100	%	$	2,818	100	%

The responses to Item 1 of this report under the caption “Equipment Leasing Activities,” Item 8 of this report under the caption “Financial Statements and Supplementary Data — Notes to Financial Statements — Related party transactions” at footnote 6 thereof, and Item 11 of this report under the caption “Executive Compensation,” are hereby incorporated by reference.

Item 14. PRINCIPAL ACCOUNTING FEES AND SERVICES


	As of December 31,
	2020		% of Total		2019		% of Total
Long-lived assets
United States	$	3,163	98	%	$	3,701	98	%
Canada		59	2	%		91	2	%
Total	$	3,222	100	%	$	3,792	100	%

~~During the years ended December 31, 2019 and 2018, the Company incurred audit fees with its principal auditors totaling $108 thousand and $53 thousand, respectively.~~

~~Audit~~Foreign ~~fees~~currency consist of the aggregate fees and expenses billed in connection with the audit of the Company’s annual financial statements and the review of the financial statements included in the Company’s quarterly reports on Form 10-Q. transactions:

~~The~~Foreign ~~board~~currency oftransaction ~~directors~~gains ofand losses are reported in the ~~Managing~~results ~~Member~~of ~~acts~~operations as ~~the~~“other ~~audit~~income” ~~committee~~or of“other expense” in the ~~registrant.~~period ~~Engagements~~in ~~for~~which ~~audit~~they ~~services~~occur. Currently, ~~audit~~the ~~related~~Company ~~services~~does ~~and~~not ~~tax~~use ~~services~~derivative ~~are~~instruments ~~approved~~to inhedge ~~advance~~its byeconomic ~~the~~exposure ~~Chief~~with ~~Financial~~respect ~~Officer~~to ofassets, liabilities and firm commitments as the ~~Managing~~foreign ~~Member~~currency ~~acting~~transactions onrisks ~~behalf~~to ofdate ~~the~~have ~~board~~not ofbeen ~~directors~~significant. ofDuring the years ~~Managing~~ended ~~Member~~December in31, ~~its~~2020 ~~role~~and as2019, ~~the~~all ~~audit~~foreign ~~committee~~currency oftransaction ~~the~~gains ~~Company~~and losses were nominal in value.

~~PART IV~~ Investment in securities:

~~Item 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES~~

(a)	Financial Statements and Schedules
1.	Financial Statements
	Included in Part II of this report:
	Report of Independent Registered Public Accounting Firm	14
	Balance Sheets at December 31, 2019 and 2018	15
	Statements of Income for the years ended December 31, 2019 and 2018	16
	Statements of Changes in Members’ Capital for the years ended December 31, 2019 and 2018	17
	Statements of Cash Flows for the years ended December 31, 2019 and 2018	18
	Notes to Financial Statements	19
2.	Financial Statement Schedules
	All schedules for which provision is made in the applicable accounting regulations of the Securities and Exchange Commission are not required under the related instructions or are inapplicable and, therefore, have been omitted.

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

(b)	Exhibits
	(3) and (4) Amended and Restated Limited Liability Company Agreement, included as Exhibit B to the Prospectus included in the registrant’s registration statement on form S-1 effective March 12, 2003, (File Number 333-100452) is hereby incorporated herein by reference.
	(4.1) Description of the Registrant’s Securities pursuant to Section 12 of the Securities Exchange Act of 1934
	(14.1) Code of Ethics
	(31.1) Certification of Dean L. Cash pursuant to Rules 13a‑14(a)/15d‑14(a)
	(31.2) Certification of Paritosh K. Choksi pursuant to Rules 13a‑14(a)/15d‑14(a)
	(32.1) Certification of Dean L. Cash pursuant to 18 U.S.C. section 1350
	(32.2) Certification of Paritosh K. Choksi pursuant to 18 U.S.C. section 1350
	(101.INS) XBRL Instance Document
	(101.SCH) XBRL Taxonomy Extension Schema Document
	(101.CAL) XBRL Taxonomy Extension Calculation Linkbase Document
	(101.DEF) XBRL Taxonomy Extension Definition Linkbase Document
	(101.LAB) XBRL Taxonomy Extension Label Linkbase Document
	(101.PRE) XBRL Taxonomy Extension Presentation Linkbase Document

40 22

~~SIGNATURES~~ ATEL CAPITAL EQUIPMENT FUND X, LLC

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

~~Date:~~NOTES ~~March 25, 2020~~ TO FINANCIAL STATEMENTS

~~ATEL Capital Equipment Fund X, LLC~~

~~(Registrant)~~ Purchased securities

By: ATEL Financial Services, LLC Managing Member of Registrant By: /s/ Dean L. Cash Dean L. 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 Senior Vice President and Chief Accounting Officer of ATEL Financial Services, LLC (Managing Member)

~~Pursuant~~Purchased securities registered for public sale are carried at fair value. Such securities with readily determinable fair values are measured at fair value with any changes in fair value recognized in the Company's results of operations. The Company's investment securities that do not have readily determinable fair values are measured at cost minus impairment, and adjusted for changes in observable prices. Factors considered by the Managing Member in determining fair value include, but are not limited to, available financial information, the ~~requirements~~issuer’s ability to meet its current obligations and indications of the ~~Securities~~issuer’s ~~Exchange~~subsequent ~~Act~~ability to raise capital. The Company’s investment securities totaled $200 thousand and $44 thousand at December 31, 2020 and 2019, respectively. There were minimal amount of ~~1934~~fair value adjustments on investment securities with readily determinable fair values for both years ended December 31, ~~this~~2020 ~~report~~and ~~has~~2019. ~~been~~There ~~signed~~were ~~below~~$156 bythousand of fair value adjustments to investment securities that do not have readily determinable fair values for the ~~persons~~year end December 31, 2020. There were no such fair value adjustments recorded in 2019. Cumulatively, the ~~capacities~~Fund ~~and~~recorded $58 thousand of adjustments to increase the fair value of such investments based on changes in observable prices. Impairment losses on investment securities totaled $11 thousand for the ~~dates~~year ~~indicated~~ended December 31, 2019. There were no such losses during the current year. Also, there were no investment securities sold or disposed for the years end December 31, 2020 and 2019.

SIGNATURE	CAPACITIES	DATE
/s/ Dean L. Cash	President and Chief Executive Officer of ATEL Financial Services, LLC, (Managing Member)	March 25, 2020
Dean L. Cash
/s/ Paritosh K. Choksi	Executive Vice President and Chief Financial Officer and Chief Operating Officer of ATEL Financial Services, LLC (Managing Member)	March 25, 2020
Paritosh K. Choksi
/s/ Samuel Schussler	Senior Vice President and Chief Accounting Officer of ATEL Financial Services, LLC (Managing Member)	March 25, 2020
Samuel Schussler

NoUnearned ~~proxy~~operating ~~materials~~lease have been or will be sent to security holders. An annual report will be furnished to security holders subsequent to the filing of this report on Form 10‑K, and copies thereof will be furnished supplementally to the Commission when forwarded to the security holders. income:

The Company records prepayments on operating leases as a liability under the caption of unearned operating lease income. The liability is recorded when prepayments are received and recognized as operating lease revenue over the period to which the prepayments relate using a straight-line method.

Income taxes:

The Company is treated as a partnership for federal income tax purposes. Pursuant to the provisions of Section 701 of the Internal Revenue Code, a partnership is not subject to federal income taxes. Accordingly, the Company has provided current franchise income taxes for only those states which levy income taxes on partnerships. For the years ended December 31, 2020 and 2019, the related provision for state income taxes was $9 thousand and $34 thousand, respectively. The Company does not have any entity level uncertain tax positions. The Company files income tax returns in the U.S. federal jurisdiction and various state jurisdictions and is generally subject to examination by U.S. federal (or state and local) income tax authorities for three years from the filing of a tax return.

The tax bases of the Company’s net assets and liabilities vary from the amounts presented in these financial statements at December 31, 2020 and 2019 (in thousands):


	2020		2019
Financial statement basis of net assets	$	4,757	$	5,969
Tax basis of net assets (unaudited)		20,214		20,853
Difference	$	(15,457)	$	(14,884)

ATEL CAPITAL EQUIPMENT FUND X, LLC

NOTES TO FINANCIAL STATEMENTS


	2020		2019
Net income per financial statements	$	374	$	1,462
Tax adjustments (unaudited):
Adjustment to depreciation expense		174		131
Provision for losses and doubtful accounts		157		89
Adjustments to gain on sales of assets		242		674
Other		1		292
Income per federal tax return (unaudited)	$	948	$	2,648

Per Unit data:

Net income and distributions per Unit are based upon the weighted average number of Other Members’ Units outstanding during the year.

Recent accounting pronouncements:

In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2020-03, Codification Improvements to Financial Instruments (“ASU 2020-03”). ASU 2020-03 improves and clarifies various financial instruments topics, including the current expected credit losses (CECL) standard issued in 2016. ASU 2020-03 includes seven different issues that describe the areas of improvement and the related amendments to GAAP that are intended to make the standards easier to understand and apply by eliminating inconsistencies and providing clarifications. The amendments have different effective dates. Management is currently evaluating the effect of adopting this new accounting guidance but does not expect adoption will have a material impact on the Fund’s financial statements and disclosures.

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

In November 2018, the FASB issued Accounting Standards Update 2018-19, Codification Improvements to Topic 326, Financial Instruments — Credit Losses (“ASU 2018-19”). The new standard clarifies certain aspects of the new CECL impairment model in ASU 2016-13. The amendment clarifies that receivables arising from operating leases are within the scope of ASC 842, rather than ASC 326. Management is currently evaluating the impact of the standard on the financial statements and related disclosure requirements.

ATEL CAPITAL EQUIPMENT FUND X, LLC

NOTES TO FINANCIAL STATEMENTS

On August 15, 2019, the FASB issued a proposed ASU that would grant certain companies additional time to implement FASB standards on CECL, and hedging. The proposed ASU defers the effective date for CECL to fiscal periods beginning after December 15, 2022, including interim periods within those fiscal years; and defers the effective dates for hedging to fiscal periods beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021. The ASU was approved on October 16, 2019. In February 2020, the FASB issued ASU 2020-02 and delayed the effective date of Topic 326 until fiscal years beginning after December 15, 2022.

In August 2018, the FASB issued Accounting Standards Update 2018-13, Fair Value Measurement (“ASU 2018-13”), which amends the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement. This ASU modifies disclosure requirements for fair value measurements by removing, modifying or adding certain disclosures. The amendments in this Update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The Fund adopted ASU 2018-13 on January 1, 2020. Such adoption did not have a significant impact on the Fund’s financial statements and related disclosure requirements.

3. Concentration of credit risk and major customers:

As of December 31, 2020, and 2019, concentrations (greater than or equal to 10% as a percentage of total equipment cost) of equipment leased to lessees in certain industries were as follows:

*Less than 10%

During 2020 and 2019, certain lessees generated significant portions (defined as greater than or equal to 10%) of the Company’s total leasing revenues, excluding gains or losses on disposition of assets, as follows:


		Percentage of Total Lease Revenues
Lessee	Type of Equipment	2020		2019
Kankakee, Beaverville & Southern Railroad	Transportation, rail	25	%	*
Interstate Commodities	Transportation, rail	15	%	*
Aircraft Service International	Aviation	14	%	16	%
MRXX-Interstate Commodities	Transportation, rail	*		20	%
*Less than 10%

ATEL CAPITAL EQUIPMENT FUND X, LLC

NOTES TO FINANCIAL STATEMENTS

4. Equipment under operating leases, net:

The Company’s equipment under operating leases, net consists of the following (in thousands):


					Depreciation/
					Amortization
	Balance		Reclassifications		Expense or		Balance
	December 31,		Additions / Dispositions		Amortization		December 31,
	2019		and Impairment Losses		of Leases		2020
Equipment under operating leases, net	$	2,592	$	(440)	$	(174)	$	1,978
Assets held for sale or lease, net		1,196		44		—		1,240
Initial direct costs, net		4		3		(3)		4
Total	$	3,792	$	(393)	$	(177)	$	3,222

During the year ended December 31, 2019, the Company recorded $281 thousand of impairment losses to reduce the fair value of certain equipment, there was no such loss recorded for the year ended December 31, 2020.

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 was $174 thousand and $130 thousand for 2020 and 2019, respectively. IDC amortization expense related to operating leases totaled $3 thousand for each of the years ended December 31, 2020 and 2019.

Total depreciation for 2020 includes $17 thousand of additional depreciation which was recorded to reflect year-to-date changes in estimated residual values of certain equipment generating revenue under month-to-month extensions. Such estimated residual values of equipment associated with leases on month-to-month extensions are evaluated at least semi-annually, and depreciation recorded for the change in estimated reduction in value. There were no such additional adjustments to depreciation recorded during the year ended December 31, 2019.

All of the leased property was acquired in the years beginning with 2005 through 2011.

As of December 31, 2020 and 2019, there were no lease contracts placed in non-accrual status. As of the same dates, the Company may have had certain other leases that have related accounts receivable aged 90 days or more that have not been placed on non-accrual status. In accordance with Company policy, such receivables are fully reserved. Management continues to closely monitor these leases, and all other lease contracts, for any actual change in collectability status and indication of necessary valuation adjustments.

ATEL CAPITAL EQUIPMENT FUND X, LLC

NOTES TO FINANCIAL STATEMENTS

Operating leases:

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


	Balance						Balance
	December 31,				Reclassification		December 31,
	2019		Additions		/Dispositions		2020
Transportation, rail	$	12,150	$	—	$	(1,088)	$	11,062
Trucks and trailers		83		—		261		344
Aircraft		1,732		—		(1,439)		293
Manufacturing		624		—		—		624
Petro/natural gas		470		—		—		470
Materials handling		131		—		(41)		90
		15,190		—		(2,307)		12,883
Less accumulated depreciation		(12,598)		(174)		1,867		(10,905)
Total	$	2,592	$	(174)	$	(440)	$	1,978

The average estimated residual value for assets on operating leases was 13% and 17% of the assets’ original cost for the years ended at December 31, 2020 and 2019, respectively. There were no operating lease in non-accrual status at December 31, 2020 and 2019.

At December 31, 2020, the aggregate amounts of future minimum lease payments receivable were as follows (in thousands):


	Operating
	Leases
Year ending December 31, 2021	$	681
2022		561
2023		112
2024		65
2025		19
Thereafter		43
	$	1,481

The useful lives for each category of leases is reviewed at a minimum of once per quarter. As of December 31, 2020 and 2019, the respective useful lives of each category of lease assets in the Company’s portfolio were as follows (in years):


Equipment category		Useful Life
Transportation, rail		35 - 50
Aircraft		20 - 30
Manufacturing		10 - 15
Petro/natural gas		10 - 15
Materials handling		7 - 10
Transportation, other		7 - 10

ATEL CAPITAL EQUIPMENT FUND X, LLC

NOTES TO FINANCIAL STATEMENTS

5. Allowance for credit losses:

The Company’s allowance for credit losses totaled $347 thousand and $190 thousand at December 31, 2020 and 2019, respectively. All of such allowance were related to delinquent operating lease receivables. Per ASU 2016-02, the current year credit loss of $27 thousand is netted against operating lease revenues in the statements of income. The Company had neither financing receivables in non-accrual status nor impaired financing receivables at December 31, 2020 and 2019.

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


	Allowance for
	Doubtful Accounts
	Operating Leases
Balance December 31, 2018	$	101
Provision for credit losses		89
Balance December 31, 2019		190
Provision for credit losses		27
Balance December 31, 2020	$	217

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.

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.

During the years ended December 31, 2020 and 2019, AFS and/or affiliates earned fees and reimbursements, pursuant to the Operating Agreement were as follows (in thousands):


		2020		2019
Costs reimbursed to Managing Member and/or affiliates	$	159	$	195
Asset management fees to Managing Member and/or affiliates		85		87
	$	244	$	282

ATEL CAPITAL EQUIPMENT FUND X, LLC

NOTES TO FINANCIAL STATEMENTS

The Company’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. As of December 31, 2020 and 2019, the Company has not exceeded the annual and/or cumulative limitations discussed above.

7. Commitments:

At December 31, 2020, the Company had no commitments to purchase lease assets or fund investments in notes receivable.

8. 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.

9. Members’ capital:

Units issued and outstanding were 13,971,486 at both December 31, 2020 and 2019. The Company was authorized to issue up to 15,000,000 Units in addition to the Units issued to the initial members (50 Units). The Company ceased offering Units on March 11, 2005.

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’s on terms it determines to be appropriate under given circumstances, in the event that the Managing Member’s 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.

ATEL CAPITAL EQUIPMENT FUND X, LLC

NOTES TO FINANCIAL STATEMENTS

As defined in the Operating Agreement, the Company’s Net Income, Net Losses, and Distributions are to be allocated 92.5% to the Members and 7.5% to AFS. In accordance with the terms of the Operating Agreement, additional allocations of income were made to AFS in 2020 and 2019. The amounts allocated were determined to bring AFS’s ending capital account balance to zero at the end of each year.

Distributions to the Other Members were as follows (in thousands, except as to Units and per Unit data):


	2020		2019
Distributions declared	$	1,467	$	2,235
Weighted average number of Units outstanding		13,971,486		13,971,486
Weighted average distributions per Unit	$	0.11	$	0.16

10. 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 2 – Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuations in which all significant inputs are observable in the market.

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

The Company had no warrants at December 31, 2020 and 2019.

ATEL CAPITAL EQUIPMENT FUND X, LLC

NOTES TO FINANCIAL STATEMENTS

Such fair value adjustments utilized the following methodology:

Investment in securities (recurring)

The Company’s investment in securities registered for public sale that have readily determinable fair values are measured at fair value with any changes in fair value recognized in the Company’s results of operations. The Company’s investments in publicly traded investment securities are valued based on their quoted market prices. At December 31, 2020, the calculated fair value of these investments in securities were deemed nominal.

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.

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 following tables present a summary of the carrying value and fair value by level of financial instruments on the Company’s balance sheets at December 31, 2020 and 2019 (in thousands):


	Fair Value Measurements at December 31, 2020
	Carrying
	Value		Level 1		Level 2		Level 3		Total
Financial assets:
Cash and cash equivalents	$	1,401	$	1,401	$	—	$	—	$	1,401


	Fair Value Measurements at December 31, 2019
	Carrying
	Value		Level 1		Level 2		Level 3		Total
Financial assets:
Cash and cash equivalents	$	2,041	$	2,041	$	—	$	—	$	2,041

ATEL CAPITAL EQUIPMENT FUND X, LLC

NOTES TO FINANCIAL STATEMENTS

11. Global health emergency:

On January 30, 2020, the World Health Organization declared the novel coronavirus outbreak a public health emergency. The Fund’s operations is located in California, which has restricted gatherings of people due to the coronavirus outbreak. At present, the Fund’s operations have not been adversely affected and continues to function effectively. Due to the dynamic nature of these unprecedented circumstances and possible business disruption, the Fund will continue to monitor the situation closely, but given the uncertainty about the situation, an estimate of the future impact, if any, cannot be made at this time.

Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND

FINANCIAL DISCLOSURES

None.

Item 9A. 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)) 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.

Management’s Annual Report on Internal Control over Financial Reporting

The Management of the Managing Member is responsible for establishing and maintaining adequate internal control over financial reporting as that term is defined in Exchange Act Rule 13a-15(f) for the Company, and for performing an assessment of the effectiveness of internal control over financial reporting as of December 31, 2020. The internal control process of the Managing Member, as it is applicable to the Company, was designed to provide reasonable assurance to Management regarding the preparation and fair presentation of published financial statements, and includes those policies and procedures that:

(1)

Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles in the United States, and that the Company’s receipts and expenditures are being made only in accordance with authorization of the Management of the Managing Member; and

(2)

Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect on the financial statements.

Management of the Managing Member assessed the effectiveness of its internal control over financial reporting, as it is applicable to the Company, as of December 31, 2020. In making this assessment, it used the criteria set forth in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on its assessment, Management of the Managing Member concluded that the Managing Member’s internal control over financial reporting, as it is applicable to the Company, was effective as of December 31, 2020.

This annual report does not include an audit report of the Company’s independent registered public accounting firm regarding internal control over financial reporting. Management’s internal controls over financial reporting was not subject to audit by the Company’s independent registered public accounting firm pursuant to Section 989G of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which exempts non-accelerated filers from Section 404(b) of the Sarbanes-Oxley Act of 2002.

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 year ended December 31, 2020 that have materially affected, or are reasonably likely to materially affect, the Managing Member’s internal control over financial reporting, as it is applicable to the Company.

PART III

Item 10. DIRECTORS AND EXECUTIVE OFFICERS

The registrant is a Limited Liability Company and, therefore, has no officers or directors.

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

The officers and directors of ATEL and its affiliates are as follows:


Dean L. Cash		President and Chief Executive Officer of ATEL Financial Services, LLC (Managing Member)

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

Vasco H. Morais		Executive Vice President, Secretary and General Counsel of ATEL Financial Services, LLC (Managing Member)

Dean L. Cash, age 70, became chairman, president and chief executive officer of ATEL in April 2001. Mr. Cash joined ATEL as director of marketing in 1980 and served as a vice president since 1981, executive vice president since 1983 and a director since 1984. Prior to joining ATEL, Mr. Cash was a senior marketing representative for Martin Marietta Corporation, data systems division, from 1979 to 1980. From 1977 to 1979, he was employed by General Electric Corporation, where he was an applications specialist in the medical systems division and a marketing representative in the information services division. Mr. Cash was a systems engineer with Electronic Data Systems from 1975 to 1977, and was involved in maintaining and developing software for commercial applications. Mr. Cash received a B.S. degree in psychology and mathematics in 1972 and an M.B.A. degree with a concentration in finance in 1975 from Florida State University. Mr. Cash is an arbitrator with the American Arbitration Association and is qualified as a registered principal with the Financial Industry Regulatory Authority.

Paritosh K. Choksi, age 67, joined ATEL in 1999 as a director, senior vice president and its chief financial officer. He became its executive vice president and CFO/COO in April 2001. Prior to joining ATEL, Mr. Choksi was chief financial officer at Wink Communications, Inc. from 1997 to 1999. From 1977 to 1997, Mr. Choksi was with Phoenix American Incorporated, a financial services and management company, where he held various positions during his tenure, and was senior vice president, chief financial officer and director when he left the company. Mr. Choksi was involved in all corporate matters at Phoenix and was responsible for Phoenix’s capital market needs. He also served on the credit committee overseeing all corporate investments, including its venture lease portfolio. Mr. Choksi was a part of the executive management team which caused Phoenix’s portfolio to increase from $50 million in assets to over $2 billion. Mr. Choksi is a member of the board of directors of Syntel, Inc. Mr. Choksi received a bachelor of technology degree in mechanical engineering from the Indian Institute of Technology, Bombay; and an M.B.A. degree from the University of California, Berkeley.

Vasco H. Morais, age 62, joined ATEL in 1989 as general counsel. Mr. Morais manages ATEL’s legal department, which provides legal and contractual support in the negotiating, documenting, drafting, reviewing and funding of lease transactions. In addition, Mr. Morais advises on general corporate law matters, and assists on securities law issues. From 1986 to 1989, Mr. Morais was employed by the BankAmeriLease Companies, Bank of America’s equipment leasing subsidiaries, providing in-house legal support on the documentation of tax-oriented and non-tax oriented direct and leveraged lease transactions, vendor leasing programs and general corporate matters. Prior to the BankAmeriLease Companies, Mr. Morais was with the Consolidated Capital Companies in the Corporate and Securities Legal Department involved in drafting and reviewing contracts, advising on corporate law matters and securities law issues. Mr. Morais received a B.A. degree in 1982 from the University of California in Berkeley, a J.D. degree in 1986 from Golden Gate University Law School; and an M.B.A. (Finance) degree from Golden Gate University in 1997. Mr. Morais, an active member of the State Bar of California since 1986, served as co-chair of the Uniform Business Law Section of the State Bar of California and was inducted as a fellow of the American College of Commercial Finance Lawyers in 2010.

Audit Committee

The board of directors of the Managing Member acts as the audit committee of the Company. Dean L. Cash and Paritosh K. Choksi are members of the board of directors of the Managing Member and are deemed to be financial experts. They are not independent of the Company.

Section 16(a) Beneficial Ownership Reporting Compliance

Based solely on a review of Forms 3, 4 and 5, the Company is not aware of any failures to file reports of beneficial ownership required to be filed during or for the year ended December 31, 2020.

Code of Ethics

Item 11. EXECUTIVE COMPENSATION

The registrant is a Limited Liability Company and, therefore, has no officers or directors.

Set forth hereinafter is a description of the nature of remuneration paid and to be paid to AFS and its affiliates. The amount of such remuneration paid in 2020 and 2019 is set forth in Item 8 of this report under the caption “Financial Statements and Supplementary Data — Notes to Financial Statements — Related party transactions,” at Note 6 thereof, which information is hereby incorporated by reference.

Asset Management Fee

The Company pays AFS an Asset Management Fee in an amount equal to 4% of Operating Revenues, which includes Gross Lease Revenues and Cash from Sales or Refinancing. The Asset Management Fee is paid on a monthly basis. The amount of the Asset Management Fee payable in any year is reduced for that year to the extent it would otherwise exceed the Asset Management Fee Limit, as described below. The Asset Management Fee is paid for services rendered by AFS and its affiliates in determining portfolio and investment strategies (i.e., establishing and maintaining the composition of the Equipment portfolio as a whole and the Company’s overall debt structure) and generally managing or supervising the management of the Equipment.

AFS supervises performance of among others activities, collection of lease revenues, monitoring compliance by lessees with the lease terms, assuring that Equipment is being used in accordance with all operative contractual arrangements, paying operating expenses and arranging for necessary maintenance and repair of Equipment in the event a lessee fails to do so, monitoring property, sales and use tax compliance and preparation of operating financial data. AFS intends to delegate all or a portion of its duties and the Asset Management Fee to one or more of its affiliates who are in the business of providing such services.

Asset Management Fee Limit:

The Asset Management Fee is subject to the Asset Management Fee Limit. The Asset Management Fee Limit is calculated each year during the Company’s term by calculating the total fees that would be paid to AFS if AFS were to be compensated on the basis of an alternative fee schedule, to include an Equipment Management Fee, Incentive Management Fee, and Equipment Resale/Re-Leasing Fee, plus AFS’s Carried Interest, as described below. To the extent that the amount paid to AFS as the Asset Management Fee plus its Carried Interest for any year would exceed the aggregate amount of fees calculated under this alternative fee schedule for the year, the Asset Management Fee and/or Carried Interest for that year is reduced to equal the maximum aggregate fees under the alternative fee schedule.

Alternative Fee Schedule:

An Equipment Management Fee will be calculated to equal the lesser of (i) 3.5% of annual Gross Revenues from Operating Leases and 2% of annual Gross Revenues from Full Payout Leases which contain Net Lease Provisions, or (ii) the fees customarily charged by others rendering similar services as an ongoing public activity in the same geographic location and for similar types of equipment. If services with respect to certain Operating Leases are performed by nonaffiliated persons under the active supervision of AFS or its affiliate, then the amount so calculated shall be 1% of Gross Revenues from such Operating Leases.

An Equipment Resale/Re-Leasing Fee will be calculated in an amount equal to the lesser of (i) 3% of the sale price of the Equipment, or (ii) one-half the normal competitive equipment sale commission charged by unaffiliated parties for resale services. Such fee would apply only after the Holders have received a return of their Original Invested Capital plus a Priority Distribution.

See Note 6 to the financial statements included in Item 8, Financial Statements and Supplementary Data, for amounts paid.

Managing Member’s Interest in Operating Proceeds

As defined in the Limited Liability Company Operating Agreement, the Company’s Net Income, Net Losses, and Distributions are to be allocated 92.5% to the Members and 7.5% to AFS. In accordance with the terms of the Operating Agreement, as amended, additional allocations of income were made to AFS in 2020 and 2019. The amounts allocated were determined to bring AFS’s ending capital account balance to zero at the end of each year. See financial statements as set forth in Part II, Item 8, Financial Statements and Supplementary Data, of this report for amounts allocated to AFS in 2020 and 2019.

Item 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

Security Ownership of Certain Beneficial Owners

At December 31, 2020, no investor is known to hold beneficially more than 5% of the issued and outstanding Units.

Security Ownership of Management

The parent of AFS is the beneficial owner of Limited Liability Company Units as follows:


(1)	(2)	(3)	(4)
	Name and Address of	Amount and Nature of Beneficial	Percent of
Title of Class	Beneficial Owner	Ownership	Class
Limited Liability	ATEL Capital Group	Initial Limited Liability	0.0004	%
Company Units	The Transamerica Pyramid	Company Units
	600 Montgomery Street, 9th Floor	50 Units ($500)
	San Francisco, CA 94111

Changes in Control

The Members have the right, by vote of the Members owning more than 50% of the outstanding Limited Liability Company Units, to remove a Managing Member.

Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

Item 14. PRINCIPAL ACCOUNTING FEES AND SERVICES

During the years ended December 31, 2020 and 2019, the Company incurred audit fees with its principal auditors totaling $86 thousand and $108 thousand, respectively.

Audit fees consist of the aggregate fees and expenses billed in connection with the audit of the Company’s annual financial statements and the review of the financial statements included in the Company’s quarterly reports on Form 10-Q.

The board of directors of the Managing Member acts as the audit committee of the registrant. Engagements for audit services, audit related services and tax services are approved in advance by the Chief Financial Officer of the Managing Member acting on behalf of the board of directors of the Managing Member in its role as the audit committee of the Company.

PART IV

Item 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES



(a)	Financial Statements and Schedules

1.	Financial Statements

	Included in Part II of this report:
	Report of Independent Registered Public Accounting Firm	14
	Balance Sheets at December 31, 2020 and 2019	15
	Statements of Income for the years ended December 31, 2020 and 2019	16
	Statements of Changes in Members’ Capital for the years ended December 31, 2020 and 2019	17
	Statements of Cash Flows for the years ended December 31, 2020 and 2019	18
	Notes to Financial Statements	19

2.	Financial Statement Schedules

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


(b)	Exhibits

	(3) and (4) Amended and Restated Limited Liability Company Agreement, included as Exhibit B to the Prospectus included in the registrant’s registration statement on form S-1 effective March 12, 2003, (File Number 333-100452) is hereby incorporated herein by reference.
	(4.1) Description of the Registrant’s Securities pursuant to Section 12 of the Securities Exchange Act of 1934
	(14.1) Code of Ethics
	(31.1) Certification of Dean L. Cash pursuant to Rules 13a-14(a)/15d-14(a)
	(31.2) Certification of Paritosh K. Choksi pursuant to Rules 13a-14(a)/15d-14(a)
	(32.1) Certification of Dean L. Cash pursuant to 18 U.S.C. section 1350
	(32.2) Certification of Paritosh K. Choksi pursuant to 18 U.S.C. section 1350
	(101.INS) XBRL Instance Document
	(101.SCH) XBRL Taxonomy Extension Schema Document
	(101.CAL) XBRL Taxonomy Extension Calculation Linkbase Document
	(101.DEF) XBRL Taxonomy Extension Definition Linkbase Document
	(101.LAB) XBRL Taxonomy Extension Label Linkbase Document
	(101.PRE) XBRL Taxonomy Extension Presentation Linkbase Document

SIGNATURES

Date: March 29, 2021

ATEL Capital Equipment Fund X, LLC

(Registrant)


By:	ATEL Financial Services, LLC
	Managing Member of Registrant
By:	/s/ Dean L. Cash
	Dean L. 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
	Senior Vice President and Chief Accounting Officer of ATEL Financial Services, LLC (Managing Member)

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the persons in the capacities and on the dates indicated.

SIGNATURE

CAPACITIES

DATE

/s/ Dean L. Cash

President and Chief Executive

Officer of ATEL Financial Services, LLC, (Managing Member)

March 29, 2021

Dean L. Cash

/s/ Paritosh K. Choksi

Executive Vice President and Chief Financial

Officer and Chief Operating Officer of ATEL Financial Services, LLC (Managing Member)

March 29, 2021

Paritosh K. Choksi

/s/ Samuel Schussler

Senior Vice President and Chief Accounting Officer of

ATEL Financial Services, LLC (Managing Member)

March 29, 2021

Samuel Schussler

No proxy materials have been or will be sent to security holders. An annual report will be furnished to security holders subsequent to the filing of this report on Form 10-K, and copies thereof will be furnished supplementally to the Commission when forwarded to the security holders.

Percentage of Total

Industry

Equipment Cost

Transportation

Filing Compare · ATEL CAPITAL EQUIPMENT FUND X LLC