ATEL CAPITAL EQUIPMENT FUND X, LLC NOTES TO FINANCIAL STATEMENTS

Notes Receivable Activities

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

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

Income taxes:

UNITED STATES ~~SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549~~

~~Form~~ SECURITIES ~~10-K~~AND EXCHANGE COMMISSION

x		Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
		For the year ended December 31, 2018
o		Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
		For the transition period from to

Washington, D.C. 20549

~~Commission File number 000~~ Form 10-~~50687~~K

~~ATEL~~ ☒ Annual ~~Capital~~Report ~~Equipment~~Pursuant ~~Fund~~to X,Section 13 ~~LLC~~or 15(d) of the Securities Exchange Act of 1934.

~~(Exact~~ For ~~name~~the ofyear ~~registrant~~ended asDecember ~~specified in its charter)~~ 31, 2019

California		68-0517690
(State or other jurisdiction of incorporation or organization)		(I. R. S. Employer Identification No.)

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

~~The~~ For ~~Transamerica~~the ~~Pyramid,~~transition ~~600~~period ~~Montgomery Street, 9th Floor, San Francisco, California 94111~~from to

~~(Address~~ Commission ofFile ~~principal~~number ~~executive offices)~~ 000‑50687

~~Registrant’s~~ ATEL ~~telephone~~Capital ~~number,~~Equipment ~~including~~Fund ~~area~~X, ~~code: (415) 989-8800~~ LLC

~~Securities~~ (Exact ~~registered~~name ~~pursuant~~of toregistrant ~~section~~as ~~12(b)~~specified ofin ~~the~~its ~~Act: None~~ charter)

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


California		68‑0517690
(State or other jurisdiction of incorporation or organization)		(I. R. S. Employer Identification No.)

~~Indicate~~ The byTransamerica ~~check~~Pyramid, ~~mark~~600 ifMontgomery ~~the~~Street, ~~registrant~~9th isFloor, aSan ~~well-known seasoned issuer~~Francisco, asCalifornia ~~defined in Rule 405 of the Securities Act.Yes o No x~~ 94111

~~If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15~~ (d)Address of ~~the~~principal ~~Securities~~executive ~~Act of 1934.Yes o No x~~ offices)

~~Indicate~~ Registrant’s bytelephone anumber, ~~check~~including ~~mark~~area ~~whether~~code: ~~the registrant~~ (1415) has filed all reports required to be filed by section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.Yes x No o 989‑8800

~~Indicate~~ Securities byregistered ~~check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted~~ pursuant to ~~Rule~~section ~~405 of Regulation S-T~~ 12(~~§232.405~~ b) of ~~this chapter) during~~ the ~~preceding~~Act: ~~12 months (or for such shorter period that the registrant was required to submit and post such files).Yes x No o~~ None

~~Indicate~~ Securities byregistered ~~check mark if disclosure of delinquent filers~~ pursuant to ~~Item~~section ~~405 of Regulation S-K~~ 12(~~§229.405~~g) of ~~is not contained herein, and will not be contained, to~~ the ~~best~~Act: ofLimited ~~registrant’s~~Liability ~~knowledge,~~Company ~~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. x~~ Units

~~Indicate~~ Securities byregistered ~~check~~pursuant ~~mark~~to ~~whether~~Section ~~the~~12(b) ~~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~~Title ~~accelerated~~of ~~filer~~each oclass: ~~Accelerated~~Trading ~~filer~~Symbol oName ~~Non-accelerated~~of ~~filer~~each ~~o(Do~~exchange ~~not~~on ~~check~~which ifregistered: aN/A ~~smaller~~N/A ~~reporting company) Smaller reporting company x~~N/A

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

If this report is an ~~emerging~~annual ~~growth~~or ~~company~~transition report, indicate by check mark if the registrant ~~has~~is ~~elected~~ not required to ~~use~~file ~~the~~reports ~~extended transition period for complying with any new or revised financial accounting standards provided~~ pursuant to Section 13 or 15(ad) of the ~~Exchange~~Securities Act. oof 1934.Yes ☐ No ☒

Indicate by a check mark whether the registrant is(1) has afiled ~~shell~~all ~~company~~reports ~~(as~~required ~~defined~~to inbe ~~Rule~~filed ~~12b-2~~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)~~.Yes~~, oand No(2) has xbeen subject to such filing requirements for the past 90 days. Yes ☒ No ☐

~~State~~ Indicate by check mark whether the ~~aggregate~~registrant ~~market~~has ~~value~~submitted ofelectronically ~~voting~~every ~~stock~~Interactive ~~held~~Data byFile ~~non~~required to be submitted pursuant to Rule 405 of Regulation S-~~affiliates~~T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant: ~~Not~~was ~~applicable~~required to submit such files).Yes ☒ No ☐

~~State~~ Indicate ~~the~~by ~~aggregate~~check ~~market~~mark ~~value~~if disclosure of ~~the~~delinquent ~~voting~~filers ~~and~~pursuant ~~non-voting~~to ~~common~~Item 405 ~~equity~~of ~~held~~Regulation ~~by non~~S-~~affiliates~~K ~~computed~~(§229.405) byis ~~reference~~not tocontained ~~the~~herein, ~~price~~and atwill ~~which~~not ~~the~~be ~~common equity was sold~~contained, orto the ~~average~~best ~~bid and asked price~~ of ~~such~~registrant’s ~~common equity~~knowledge, asin ofdefinitive aproxy ~~specified~~or ~~date~~information ~~within~~statements ~~the~~incorporated ~~past~~by 60reference ~~days.~~in ~~(See~~Part III ~~definition~~ of ~~affiliate~~this inForm 10‑K ~~Rule~~or ~~12b-2~~any ofamendment ~~the~~to ~~Exchange~~this ~~Act~~Form 10‑K.) ~~Not applicable~~ ☒

~~The~~ Indicate ~~number~~by ofcheck ~~Limited~~mark ~~Liability~~whether ~~Company~~the ~~Units~~registrant ~~outstanding~~is asa oflarge ~~February~~accelerated 28filer, ~~2019~~an ~~was~~accelerated 13filer,~~971,486~~ or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b‑2 of the Exchange Act. (Check one):

~~DOCUMENTS~~Large ~~INCORPORATED~~accelerated BYfiler ~~REFERENCE~~☐ Accelerated filer ☐ Non-accelerated filer ☒ Smaller reporting company ☒ Emerging growth company ☐

~~Prospectus~~ If ~~dated~~an ~~March~~emerging ~~12,~~growth ~~2003~~company, ~~filed~~indicate ~~pursuant~~by check mark if the registrant has elected not to ~~Rule~~use ~~424(b)~~the ~~(Commission~~extended ~~File~~transition ~~No.~~period ~~333-100452)~~for iscomplying ~~hereby~~with ~~incorporated~~any bynew ~~reference~~or ~~into~~revised ~~Part~~financial IVaccounting ~~hereof.~~standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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

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

~~Item~~ State 1the 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. ~~BUSINESS~~(See definition of affiliate in Rule 12b‑2 of the Exchange Act.) Not applicable

~~General~~ The ~~Development~~number of ~~Business~~Limited Liability Company Units outstanding as of February 29, 2020 was 13,971,486.

~~ATEL~~ DOCUMENTS ~~Capital~~INCORPORATED ~~Equipment~~BY 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. REFERENCE

~~The~~ Prospectus ~~Company~~dated ~~conducted a public offering of 15~~March 12,~~000,000~~ ~~Limited Liability Company Units (“Units”), at a price of $10 per Unit. On April 9,~~ 2003, ~~subscriptions~~filed ~~for~~pursuant ~~the~~to ~~minimum number of Units~~ Rule 424(~~120,000, representing $1.2 million~~b) ~~had been received~~ (~~excluding~~Commission ~~subscriptions~~File ~~from Pennsylvania investors) and AFS requested that the subscriptions be released to the Company~~No. ~~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~~ 333‑100452) ~~had~~is ~~been~~hereby ~~received,~~incorporated ~~of which 87,650 Units ($720 thousand) were subsequently rescinded or repurchased (net of distributions paid and allocated syndication costs, as applicable)~~ by ~~the~~reference ~~Company~~into ~~through~~Part IV ~~December 31, 2018~~hereof. ~~As of December 31, 2018, 13,971,486 Units remain issued and outstanding.~~

The Company’s principal objectives have been to invest in a diversified portfolio of equipment that (i) preserves, protects and returns the Company’s invested capital; (ii) generates regular distributions to the members of cash from operations and cash from sales or refinancing, with any balance remaining after certain minimum distributions to be used to purchase additional equipment during the reinvestment period (“Reinvestment Period”) (defined as six full years following the year the offering was terminated) which ended on December 31, 2011 and (iii) provides additional distributions following the ~~Reinvestment~~ PART ~~Period~~I 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.

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~~ Item ~~and, thereafter, as of the date of any subsequent indebtedness is incurred~~1. ~~The~~BUSINESS Company had borrowed amounts equal to such maximum debt level in order to fund a portion of its equipment acquisitions. There can be no assurance that such financing will continue to be available to the Company in the future.

The Company also incurred long-term recourse debt in the form of asset securitization transactions in order to obtain lower interest rates or other more desirable terms than may be available for individual nonrecourse debt transactions. In an “asset securitization,” the lender would receive a security interest in a specified pool of “securitized” Company assets or a general lien against all of the otherwise unencumbered assets of the Company. It had been the intention of AFS to use asset securitization primarily to finance assets leased to those credits which, in the opinion of AFS, had a relatively lower ~~potential~~ General ~~risk~~Development of lease default than those lessees with equipment financed with nonrecourse debt. AFS expected that an asset securitization financing would involve borrowing at a variable interest rate based on an established reference rate, and sought to limit the Company’s exposure to increases in the interest rate by engaging in hedging transactions that would effectively fix the interest rate obligation. As of April 4, 2013 the amount of such securitized borrowings were repaid in full. Business

~~Pursuant~~ ATEL toCapital ~~the~~Equipment ~~terms~~Fund ~~of the Operating Agreement~~X, ~~AFS~~LLC ~~and~~(the ~~its~~“Company” ~~affiliates~~or ~~receives~~the ~~compensation~~“Fund”) ~~for~~was ~~services~~formed ~~rendered~~under ~~and~~the ~~reimbursements~~laws ~~for~~of ~~costs~~the ~~incurred~~State ~~on behalf~~ of ~~the~~California ~~Company~~on ~~(See~~August ~~Note~~12, 62002 tofor the ~~financial~~purpose ~~statements~~of ~~included~~engaging in ~~Item~~the 8sale of ~~this~~limited ~~report).~~liability ~~The~~company ~~Company~~investment isunits ~~required~~and acquiring equipment to ~~maintain~~engage ~~reasonable~~in ~~cash~~equipment ~~reserves~~leasing, ~~for~~lending ~~working~~and ~~capital~~sales activities, ~~the~~primarily ~~repurchase~~in ofthe ~~Units~~United ~~and contingencies~~States. The ~~repurchase~~Managing Member of ~~Units~~the Company is ~~solely~~ATEL atFinancial ~~the~~Services, ~~discretion~~LLC of (“AFS”), a California limited liability company. The Company may continue until December 31, 2022.

The Company conducted a public offering of 15,000,000 Limited Liability Company Units (“Units”), at a price of $10 per Unit. On April 9, 2003, subscriptions for the minimum number of Units (120,000, representing $1.2 million) had been received (excluding subscriptions from Pennsylvania investors) and AFS requested that the subscriptions be released to the Company. On that date, the Company commenced operations in its primary business. As of March 11, 2005, the offering was terminated. As of that date, subscriptions for 14,059,136 Units ($140.6 million) had been received, of which 87,650 Units ($720 thousand) were subsequently rescinded or repurchased (net of distributions paid and allocated syndication costs, as applicable) by the Company through December 31, 2019. As of December 31, 2019, 13,971,486 Units remain issued and outstanding.

~~TABLE~~ The OFCompany’s ~~CONTENTS~~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.

~~Narrative~~ The ~~Description~~Company had incurred debt to finance the purchase of ~~Business~~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 ~~had~~also ~~acquired~~incurred ~~various~~long-term ~~types~~recourse debt in the form of ~~equipment~~asset tosecuritization ~~lease~~transactions ~~pursuant~~in order to ~~“Operating”~~obtain ~~leases~~lower ~~and~~interest ~~“High~~rates ~~Payout”~~or ~~leases,~~other ~~whereby~~more ~~“Operating”~~desirable ~~leases~~terms ~~are~~than ~~defined~~may asbe ~~leases~~available infor ~~which~~individual ~~the~~nonrecourse ~~minimum~~debt ~~lease~~transactions. ~~payments~~In ~~during~~an “asset securitization,” the ~~initial~~lender ~~lease~~would ~~term~~receive doa ~~not~~security ~~recover~~interest ~~the~~in ~~full~~a ~~cost~~specified pool of ~~the~~“securitized” ~~equipment~~Company ~~and~~assets ~~“High~~or ~~Payout”~~a ~~leases~~general ~~recover~~lien atagainst ~~least~~all ~~90%~~of the otherwise unencumbered assets of ~~such~~the ~~cost~~Company. It ~~was~~had been the intention of AFS ~~that~~to ause ~~majority~~asset ofsecuritization primarily to finance assets leased to those credits which, in the ~~aggregate~~opinion ~~purchase~~of ~~price~~AFS, had a relatively lower potential risk of ~~equipment~~lease ~~would~~default ~~represent~~than those lessees with equipment ~~leased~~financed ~~under~~with ~~operating~~nonrecourse ~~leases~~debt. ~~upon~~AFS ~~final~~expected ~~investment~~that ofan ~~the~~asset ~~net~~securitization ~~proceeds~~financing ofwould ~~the~~involve ~~offering~~borrowing at a variable interest rate based on an established reference rate, and ~~that~~sought noto ~~more~~limit ~~than~~the ~~20%~~Company’s ofexposure to increases in the ~~aggregate~~interest ~~purchase price~~rate ofby ~~equipment~~engaging in hedging transactions that would beeffectively ~~invested~~fix inthe ~~equipment~~interest ~~acquired~~rate ~~from~~obligation. aAll of ~~single~~such ~~manufacturer~~securitized borrowings were repaid in full.

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, 2018, 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, 2018. 2

~~The~~ Pursuant ~~Company’s objective had been~~ to ~~lease~~the aterms ~~minimum~~ of ~~75% of~~ the ~~equipment~~Operating ~~acquired~~Agreement, ~~with~~AFS ~~the~~and ~~net~~its ~~proceeds~~affiliates ofreceives ~~the~~compensation ~~offering~~for toservices ~~lessees~~rendered ~~that~~and ~~(i)~~reimbursements ~~had~~for ancosts ~~aggregate~~incurred ~~credit~~on ~~rating~~behalf ~~by Moody’s Investors Service~~ of ~~Baa or better, or~~ the ~~credit~~Company ~~equivalent~~(See asNote ~~determined~~6 ~~by AFS, with the aggregate rating weighted~~ to ~~account for~~ the ~~original~~financial ~~equipment~~statements ~~cost~~included ~~for~~in ~~each~~Item ~~item~~8 ~~leased or (ii) were established hospitals with histories~~ of ~~profitability~~this ~~or municipalities~~report). The ~~balance~~Company ofis ~~the~~required ~~original equipment portfolio included equipment leased~~ to ~~lessees~~maintain ~~which,~~reasonable ~~although~~cash ~~deemed~~reserves ~~creditworthy~~for byworking ~~AFS~~capital, ~~would not satisfy~~ the ~~general~~repurchase ~~credit~~of ~~rating criteria~~Units ~~for~~and ~~the portfolio~~contingencies. InThe ~~excess~~repurchase of ~~75%~~Units ofis ~~the~~solely ~~equipment~~at ~~acquired with~~ the ~~net~~discretion ~~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~~AFS.

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~~ Narrative ~~the~~Description ~~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.~~ Business

~~AFS~~ The ~~limited~~Company ~~the~~had ~~amount~~acquired ~~invested~~various intypes of equipment to ~~any~~lease ~~single~~pursuant ~~lessee~~ 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 ~~owned~~would atbe ~~any~~invested ~~time~~in ~~during~~equipment ~~the~~acquired ~~Reinvestment~~from ~~Period~~a single manufacturer.

The ~~business~~Company ofhad ~~the~~only ~~Company~~purchased isequipment ~~not~~under ~~seasonal.~~pre-existing ~~The~~leases ~~Company~~or ~~has~~for nowhich ~~full~~a ~~time~~lease ~~employees.~~would ~~AFS’~~be ~~employees~~entered ~~provide~~into concurrently at the ~~services~~time of the purchase. Through December 31, 2019, the Company ~~requires~~had topurchased ~~effectively~~equipment ~~operate.~~with ~~The~~a ~~costs~~total acquisition price of ~~these~~$193.8 ~~services~~million. ~~are~~The ~~reimbursed~~Company byhad ~~the~~also ~~Company~~funded toinvestments ~~AFS~~in ~~per~~notes ~~the~~receivable ~~Operating~~totaling ~~Agreement~~$18.4 million through December 31, 2019.

2 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.

~~TABLE~~ The OFequipment ~~CONTENTS~~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.

~~Equipment~~ AFS ~~Leasing~~limited ~~Activities~~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.

The ~~Company~~business ~~has~~of ~~acquired~~the aCompany ~~diversified~~is ~~portfolio~~not ~~of equipment~~seasonal. The ~~equipment~~Company has ~~been~~no ~~leased~~full totime ~~lessees in various industries~~employees. ~~The~~AFS’ ~~following~~employees ~~tables~~provide ~~set~~the ~~forth~~services the ~~types~~Company ofrequires ~~equipment~~to ~~acquired~~effectively byoperate. ~~the~~The ~~Company~~costs ~~through~~of ~~December~~these ~~31,~~services ~~2018~~are ~~and~~reimbursed by the ~~industries~~Company to ~~which~~AFS per the ~~assets~~Operating ~~have~~Agreement. ~~been leased (dollars in thousands):~~

Asset Types	Purchase PriceExcludingAcquisition Fees		Percentage of 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	%

For further information refer to the financial statements and footnotes.

Industry of Lessee	Purchase Price Excluding Acquisition Fees		Percentage of 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	%

Equipment Leasing Activities

~~From~~ The ~~inception~~Company tohas ~~December~~acquired ~~31,~~a ~~2018,~~diversified ~~the~~portfolio ~~Company~~of ~~has~~equipment. ~~disposed~~The ofequipment ~~certain~~has been leased ~~assets~~to aslessees in various industries. The following tables set forth ~~below~~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):

Asset Types	OriginalEquipment CostExcludingAcquisition Fees		Sale Price		Gross Rents
Materials handling	$	49,873	$	10,559	$	56,713
Transportation, other		32,714		5,098		36,971
Mining equipment		30,019		7,229		47,260
Manufacturing		16,158		3,950		18,354
Construction		12,751		5,087		14,016
Transportation, rail		14,863		4,464		15,863
Logging and lumber		4,728		2,032		5,216
Petro/natural gas		1,976		290		2,882
Other		6,633		1,776		6,461
	$	169,715	$	40,485	$	203,736


	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	%

TABLE OF CONTENTS


	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	%

~~Proceeds~~ From ~~from~~inception ~~sales of lease assets are not expected~~ to beDecember ~~consistent from one period to another. The Company is a finite life equipment leasing fund~~31, ~~which had acquired leasing transactions during the period ending six years after completion of its public offering. On the termination of leases~~2019, ~~assets may be re-leased or sold. Sales of assets are not scheduled and are created by opportunities within~~ the ~~marketplace. The~~ Company ~~sought~~has todisposed ~~acquire and lease a wide variety~~ of ~~assets and~~certain 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, 2018 and 2017, see Note 4 to the financial statements, Investments in equipment and leases, net, as~~ set forth below (in ~~Part~~thousands): ~~II, Item 8, Financial Statements and Supplementary Data.~~


	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 has financed a diversified portfolio of assets in diverse industries. The following tables set forth the types of assets financed by the Company through December 31, 2018 and the industries to which the assets have been financed (dollars in thousands): 4

Asset Types	Amount FinancedExcludingAcquisition Fees		Percentage of Total Fundings
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	%

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, 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, 2019 and 2018, 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.

Industry of Borrower	Amount FinancedExcludingAcquisition Fees		Percentage of Total Fundings
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	%

Notes Receivable Activities

~~From~~ The ~~inception~~Company tohas ~~December~~financed ~~31,~~a ~~2018,~~diversified portfolio of assets in diverse industries. The following tables set forth the types of assets financed by the Company ~~that~~through ~~were~~December ~~associated~~31, ~~with~~2019 and ~~terminated~~the ~~loans~~industries ~~are~~to aswhich ~~follows~~the assets have been financed (dollars in thousands):

Asset Types	Amount FinancedExcludingAcquisition Fees			Early Termination of Notes Proceeds		Total Payments Received
	Amount
Computers	$	8,423		$	2,182	$	7,121
	Financed
Aviation		2,680			1,360		3,863
	Excluding		Percentage of
Storage facility		2,503			—		3,623
Asset Types	Acquisition Fees		Total Funding
Manufacturing		950			19		1,233
Computers	$	8,423	45.87	%
Furniture/Fixtures		499			82		493
Aviation		2,680	14.60	%
Research		182			—		210
Storage facility		2,503	13.63	%
Other		3,124			897		2,667
Manufacturing		950	5.17	%
	$	18,361		$	4,540	$	19,210
Furniture/Fixtures		499	2.72	%
Research		182	1.00	%
Other		3,124	17.01	%
	$	18,361	100.00	%

The Company had no notes receivable as of December 31, 2018 and 2017.


	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	%

4 5

~~TABLE~~ From OFinception ~~CONTENTS~~to December 31, 2019, assets financed by the Company that were associated with terminated loans are as follows (in thousands):

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.


	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

~~Item~~ The 2.Company ~~PROPERTIES~~had no notes receivable as of December 31, 2019 and 2018.

The Company ~~does~~operates ~~not~~in ~~own~~one orreportable ~~lease~~operating ~~any~~segment ~~real~~in ~~property~~the United States. For further information regarding the Company’s geographic revenues and assets, ~~plant~~and ormajor ~~material~~customers, ~~physical~~see ~~properties~~Notes ~~other~~2 ~~than~~and ~~the~~3 ~~equipment~~to ~~held~~the ~~for~~financial ~~lease~~statements as set forth in Part II, Item 18, ~~Business~~Financial Statements and Supplementary Data.

Item 32. ~~LEGAL~~PROPERTIES ~~PROCEEDINGS~~

In The ~~the~~Company ~~ordinary~~does ~~course~~not ofown ~~conducting~~or ~~business,~~lease ~~there~~any ~~may~~real ~~be certain claims~~property, ~~suits,~~plant ~~and~~or ~~complaints~~material ~~filed~~physical ~~against~~properties ~~the~~other ~~Company.~~than In the ~~opinion~~equipment ofheld ~~management,~~for ~~the~~lease ~~outcome~~as ofset ~~such~~forth ~~matters,~~in ifItem ~~any~~1, ~~will not have a material impact on the Company’s financial position or results of operations~~Business. ~~No material legal proceedings are currently pending against the Company or against any of its assets.~~

Item 43. ~~MINE~~LEGAL ~~SAFETY~~PROCEEDINGS ~~DISCLOSURES~~

~~Not~~ In ~~applicable~~the ordinary course of conducting business, there may be certain claims, suits, and complaints filed against the Company. In the opinion of management, the outcome of such matters, if any, will not have a material impact on the Company’s financial position or results of operations. No material legal proceedings are currently pending against the Company or against any of its assets.

5 Item 4. MINE SAFETY DISCLOSURES

~~TABLE~~ Not OFapplicable. ~~CONTENTS~~

~~PART II~~ 6

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

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

~~There~~ Market 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. Information

~~Holders~~ 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.

~~As of December 31, 2018, a total of 3,346 investors were Unitholders of record in the Company.~~ Holders

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

~~Background to~~ Fund Valuation

~~The~~ Background ~~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~~Fund ofValuation 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 ~~effective~~Financial ~~date~~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”) ~~was~~the ~~April~~SEC 11approved amendments to National Association of Securities Dealers (“NASD”) Rule 2340, ~~2016~~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.

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

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

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

~~Appraised~~ The ~~Value~~amendments ~~Methodology~~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.

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. 7

~~Unit~~ Appraised ~~Valuation~~Value Methodology

~~The~~ As amended, Rule NASD 2340(c)(1)(B) requires that the per ~~Unit~~share ~~valuation~~estimated ~~estimate~~value ~~for~~disclosed ~~ATEL~~in ~~CAPITAL~~an ~~EQUIPMENT~~issuer’s ~~FUND~~most X,recent ~~LLC~~periodic ~~has~~or ~~been~~current ~~conducted,~~report be based upon an appraisal of the assets and liabilities of the ~~results~~program ~~disclosed~~by, ~~herein~~or with the material assistance or confirmation of, a third-party valuation expert or service, in ~~compliance~~conformity with standard industry valuation practice as it relates to both the ~~mandates~~aforementioned assets and liabilities. No later than 150 days following the second anniversary of the ~~Notice~~issuer’s break of escrow for its minimum offering, this methodology must be used to establish the required estimated values.

6 Unit Valuation

~~TABLE~~ The OFper ~~CONTENTS~~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.

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.

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

Disclosure

The estimated value per Unit reported in this Form 10-K has been calculated using the “Appraised Value Methodology” described ~~above~~ under “Methodologies” above, as of December 31, ~~2018~~2019.

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

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 Underlying Valuation Methodology: ~~Notes and Explanation of Valuation Components and Calculation~~

A. Notes ~~Fund Assets~~ and ~~Liabilities~~Explanation ~~(other~~of ~~than~~Valuation asComponents ~~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.Calculation

BA. ~~Investments~~Fund inAssets ~~Leases~~and Liabilities (~~net~~other ofthan ~~fees~~as ~~and~~specifically ~~expenses~~identified below): The estimated values for ~~Investments~~non-interest inbearing ~~Leases~~items ~~are~~such ~~based~~as oncurrent ~~calculating~~assets ~~the~~and ~~present~~liabilities ~~value~~are ofassumed ~~the~~to ~~projected~~equal ~~future~~their ~~cash~~reported ~~flows.~~GAAP ~~Projected~~balances ~~future~~as ~~cash~~an ~~flows~~appropriate ~~include~~approximation ~~both~~of ~~the~~their ~~remaining~~fair ~~contractual~~values. ~~lease~~Debt ~~payments,~~(interest ~~plus~~bearing) ~~assumptions~~is onassumed ~~lease~~to ~~renewals~~equal ~~and~~the ~~sale~~fair ~~value~~values of the ~~residuals.~~debt ~~Projected~~as ~~future~~disclosed ~~cash~~in ~~flows~~the ~~are~~footnotes ~~net~~ of ~~projected~~the ~~future~~financial ~~fees and expenses including:~~statements.

~~• management fees applicable for the Fund (3.75% of revenue)~~ 8

•B. ~~carried~~Equipment ~~interest~~under ~~applicable~~Operating Leases (net of fees and expenses): The estimated values for equipment under operating leases are based on calculating the ~~Fund~~present (7value of the projected future cash flows.~~50%~~ Projected future cash flows include both the remaining contractual lease payments, plus assumptions on lease renewals and sale value of ~~distributions)~~the residuals. Projected future cash flows are net of projected future fees and expenses including:

•· ~~operating~~management ~~expenses~~fees ~~which~~applicable ~~are~~for ~~assumed~~the toFund be (3.75% of ~~original equipment costs for the Fund~~revenue)

~~Projected~~· ~~future~~carried ~~cash~~interest ~~flows~~applicable ~~have been discounted back to present value at discount rates based on like-term U.S. Treasury yields (as of the valuation date) plus a 400 basis point spread, to account~~ for the ~~credit~~Fund ~~risk differentials between the instrument being valued and U~~(7.S.5% ~~Treasury~~of ~~security yields.~~ distributions)

~~Residual~~· ~~values~~operating ~~assumptions~~expenses ~~used~~which inare ~~the~~assumed ~~cash~~to ~~flow~~be ~~projections~~3% ~~are~~of asoriginal ~~follows:~~equipment costs for the Fund

~~For~~ Projected ~~On-Lease~~future ~~and~~cash ~~Month-to-Month~~flows ~~Lease: Considers~~have ~~realized~~been ~~residual~~discounted asback ato ~~percent~~present ofvalue ~~book~~at ~~residual~~discount ofrates ~~166%,~~ based on ~~ATEL’s~~like-term ~~historical~~U.S. ~~track~~Treasury ~~record~~yields (as of ~~December~~the 31valuation date) plus a 400 basis point spread, ~~2018~~to account for the credit risk differentials between the instrument being valued and U.S. Treasury security yields.

~~For~~ Residual ~~Off-Lease: A~~values ~~fair~~assumptions ~~market~~used ~~value~~in ofthe ~~off~~cash ~~lease~~flow ~~equipment~~projections isare ~~based~~as ~~upon~~follows: ~~estimates from ATEL’s seasoned Asset Management Group.~~

~~Special~~ For ~~Situation~~On-Lease ~~Leases~~and Month-to-Month Lease: ~~The~~Considers ~~valuation~~realized ofresidual ~~certain~~as ~~leases~~a ~~has~~percent ~~been~~of ~~performed~~book ~~outside~~residual of ~~the~~166%, ~~above noted protocol~~ based ~~upon~~on ~~specific~~ATEL’s ~~lease~~historical ~~assumptions~~track ~~different~~record ~~than~~as ~~the~~of ~~macro~~December ~~assumptions above~~31, ~~due to the specific situations of those leases~~2019.

C. For ~~Investments~~Off-Lease: A infair ~~Securities:~~market ~~The~~value ~~estimated~~of ~~values~~off ~~for~~lease ~~Investments~~equipment inis ~~Securities~~based ~~have~~upon ~~been~~estimates ~~based~~from onATEL’s ~~the~~seasoned Asset Management Group.

7 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.

~~TABLE~~C. OFInvestments ~~CONTENTS~~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.

~~estimated net book value as of the valuation date (with impairment adjustments), plus any unrealized gain on equity~~D. ~~The~~Accrued ~~unrealized gain on equity is based on either~~distributions: a)Accrued ~~the most recent round of financing~~distributions, b)which ~~the~~are ~~most~~payable ~~recent~~to ~~409A valuation provided by~~ the ~~underlying~~Unit ~~companies~~holders ofhave ~~the~~been ~~warrants,~~removed orfrom c) the ~~Manager’s~~balance ~~estimate~~sheet ofliability ~~the~~section ~~company~~because ~~valuations~~they ~~based~~are onnot ~~all~~a ~~available~~liability ~~information,~~to ~~including~~a ~~company~~third ~~financials, company valuation reports, public press releases, and other sources~~party.

D. ATEL ~~Accrued~~CAPITAL ~~distributions:~~EQUIPMENT ~~Accrued~~FUND ~~distributions~~X, ~~which~~LLC ~~are payable to the~~ Unit ~~holders~~Valuation ~~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~~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.

The Manager’s estimated per Unit value of ATEL CAPITAL EQUIPMENT FUND X, LLC at December 31, 2018 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 $0.71. 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

Disclaimer

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

Distributions

The 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 monthly distributions were discontinued in 2012 as the Company entered its liquidation phase. The Company made distributions to Other Members at a rate of $0.2416 per Unit in ~~2018~~2019 and $0.4524 per Unit in ~~2017, respectively~~2018. The rates and frequency of periodic distributions paid by the Fund during its liquidation phase are solely at the discretion of the Manager.

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

TABLE OF CONTENTS


	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

~~The~~ Item ~~following~~6. SELECTED ~~table~~FINANCIAL ~~presents summarized information regarding distributions to members other than the Managing Member (“Other Members”):~~ DATA

	2018		2017
Net income per Unit, based on weighted average Units outstanding	$	0.03	$	0.02
Return of investment		0.21		0.43
Distributions declared per Unit, based on weighted average Other Member Units outstanding		0.24		0.45
Differences due to timing of distributions		—		—
Actual distributions paid per Unit	$	0.24	$	0.45

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

~~Item 6. SELECTED FINANCIAL DATA~~ 10

A Item ~~smaller~~7. MANAGEMENT’S ~~reporting~~DISCUSSION ~~company~~AND isANALYSIS ~~not~~OF ~~required~~FINANCIAL toCONDITION ~~present~~AND ~~selected~~RESULTS ~~financial~~OF ~~data in accordance with item 301(c) of Regulation S-K.~~ OPERATIONS

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. ~~MANAGEMENT~~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’Ss ~~DISCUSSION~~performance ~~AND~~is ~~ANALYSIS~~subject OFto ~~FINANCIAL~~risks ~~CONDITION~~relating ~~AND~~to ~~RESULTS~~lessee OFdefaults ~~OPERATIONS~~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.

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

~~Overview~~ 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.

~~ATEL~~ The ~~Capital~~Company ~~Equipment~~conducted ~~Fund~~a Xpublic offering of 15,000,000 ~~LLC~~Limited ~~(the~~Liability “Company” orUnits ~~the~~ (“~~Fund~~Units”), isat a ~~California~~price ~~limited~~of ~~liability~~$10 ~~company~~per ~~that~~Unit. The offering was ~~formed~~terminated in ~~August~~March ~~2002~~2005. ~~for~~During 2005, the ~~purpose~~Company completed its initial acquisition stage with the investment of ~~engaging~~the innet proceeds from the ~~sale~~public offering of ~~limited~~Units. ~~liability~~Subsequently, ~~company~~during ~~investment~~the ~~units~~reinvestment ~~and~~period ~~acquiring~~(“Reinvestment ~~equipment~~Period”) to(defined ~~generate~~as ~~revenues~~six ~~from~~full ~~equipment~~years ~~leasing,~~following ~~lending~~the ~~and~~year ~~sales~~the ~~activities,~~offering ~~primarily~~was interminated), the ~~United~~Company ~~States.~~has ~~The~~reinvested ~~Managing~~cash ~~Member~~flow in excess of certain amounts required to be distributed to the ~~Company~~Other isMembers ~~AFS,~~and/or autilized ~~California~~its ~~limited~~credit ~~liability~~facilities ~~company~~to acquire additional equipment.

The Company ~~conducted~~may acontinue ~~public~~until ~~offering~~December ~~of 15~~31,~~000,000~~ ~~Limited Liability Company Units (“Units”), at a price of $10 per Unit~~2022. ~~The offering was terminated in March 2005. During 2005~~However, ~~the~~pursuant ~~Company~~to ~~completed its initial acquisition stage with~~ the ~~investment~~guidelines of the ~~net~~Limited ~~proceeds~~Liability ~~from~~Company ~~the~~Operating ~~public~~Agreement ~~offering of Units. Subsequently, during the reinvestment period~~ (“~~Reinvestment~~Operating ~~Period~~Agreement”), ~~(defined~~the asCompany ~~six~~commenced ~~full~~liquidation ~~years~~phase ~~following~~activities ~~the~~subsequent ~~year~~to the ~~offering~~end ~~was~~of ~~terminated),~~ the ~~Company~~Reinvestment ~~has~~Period ~~reinvested~~which ~~cash~~ended ~~flow~~on inDecember ~~excess~~31, of2011. ~~certain~~Periodic ~~amounts~~distributions ~~required~~will to be ~~distributed~~paid toat the ~~Other~~discretion ~~Members~~of ~~and/or~~the ~~utilized~~Managing ~~its credit facilities to acquire additional equipment~~Member.

~~The~~ Results ~~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. Operations

~~Results~~ 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 ~~Operations~~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.

It Cost isreimbursements to the ~~Company’s~~Managing ~~objective~~Member toare ~~maintain~~based aon ~~100%~~its ~~utilization~~costs ~~rate~~incurred in performing administrative services for ~~all~~the ~~equipment~~Company. ~~purchased~~These incosts ~~any~~are ~~given~~allocated ~~year.~~to ~~All~~each ~~equipment~~managed ~~transactions~~entity ~~are~~based ~~acquired~~on ~~subject~~certain tocriteria ~~binding~~such ~~lease~~as ~~commitments~~total assets, sonumber ~~equipment~~of ~~utilization~~investors isor ~~expected~~contributed tocapital ~~remain~~considering ~~high~~the ~~throughout~~type ~~the~~of ~~reinvestment~~cost ~~stage,~~incurred. ~~which~~AFS ~~ends~~believes ~~six~~that ~~years~~the ~~after~~costs reimbursed are the ~~end~~lower of ~~the~~(i) ~~Company’s~~actual ~~public~~costs ~~offering~~incurred on behalf of ~~Units.~~the ~~Initial~~Company ~~lease~~or ~~terms~~(ii) ofthe ~~these~~amount ~~leases~~the ~~are~~Company ~~generally~~would ~~from~~be 36required to ~~120~~pay ~~months,~~independent ~~and~~parties asfor ~~they~~comparable ~~expire,~~administrative services in the ~~Company~~same geographic location.

9 11

~~TABLE~~ The OFOperating ~~CONTENTS~~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, 2019, 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).

~~will~~ The ~~attempt~~Fund tohad ~~re-lease~~net orincome ~~sell~~of ~~the~~$1.5 ~~equipment;~~million asand ~~such,~~$697 ~~utilization~~thousand ~~rates~~for ~~may tend to decrease during~~ the ~~liquidation~~years ~~stage~~ended ofDecember 31, 2019 ~~the~~and ~~Company~~2018, respectively. ~~All~~The ofnet ~~the~~results ~~Company’s~~for ~~equipment~~2019 onreflected ~~lease~~an ~~was~~increase ~~acquired~~ in ~~the~~total ~~years~~revenues ~~2005~~and ~~through~~a ~~2011.~~decrease ~~The~~in ~~utilization~~total ~~percentages~~operating ofexpenses ~~existing~~when ~~assets~~compared ~~under~~to ~~lease~~the ~~were~~prior ~~85% and 77% as of December 31, 2018 and 2017, respectively~~year.

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. 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. Revenues

~~The~~ Total ~~Operating~~revenues ~~Agreement~~increased ~~places~~by an$55 ~~annual~~thousand, ~~limit~~or ~~and~~2%, aas ~~cumulative~~compared ~~limit for cost reimbursements~~ to ~~AFS~~prior ~~and/or affiliates~~year. ~~Any~~The ~~reimbursable~~growth ~~costs~~in ~~incurred~~total byrevenues ~~AFS~~was ~~and/or~~largely ~~affiliates~~due ~~during~~to ~~the~~an ~~year~~increase ~~exceeding~~in ~~the~~other ~~annual~~revenues ~~and/or~~offset, ~~cumulative limits cannot be reimbursed~~ in ~~the current year~~part, ~~though~~by ~~such~~decreases ~~costs may be reimbursable~~ in ~~future~~operating ~~years~~lease torevenues ~~the extent such amounts may be payable if within the annual~~ and ~~cumulative~~gain ~~limits~~on insales ~~such future years. As~~ of ~~December~~lease ~~31, 2018, the Company has not exceeded the annual and/or cumulative limitations discussed above~~assets. ~~(See Note 6 to the financial statements, Related party transactions, as set forth~~ ~~in Part II, Item 8, Financial Statements and Supplementary Data).~~

~~2018~~ Other ~~versus~~revenues ~~2017~~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.

The Company had net income of $697 thousand and $781 thousand for the years ended December 31, 2018 and 2017, respectively. The net results for 2018 reflect decreases in both total revenues and total operating expenses when compared to prior year. Expenses

~~Revenues~~ 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.

~~Total~~ Depreciation ~~revenues~~expense ~~for~~declined ~~2018 decreased~~ by $~~597~~392 thousand orprimarily ~~17%,~~due asto ~~compared~~lease toterminations ~~prior~~and ~~year.~~sales ~~Such~~of ~~decrease~~lease ~~was~~assets. ~~due~~Costs reimbursed to athe Managing Member declined by $~~383~~201 thousand, orprimarily ~~44%,~~due ~~decrease~~to inthe ~~gains~~adjustment ~~realized~~of onbaseline ~~sales~~allocations of ~~lease~~common ~~assets~~costs ~~due~~among tothe aFund ~~change~~and inits ~~the~~affiliates. ~~volume~~Such ~~and~~decrease ~~mix~~in ofallocated ~~assets~~costs ~~sold;~~is ~~and~~consistent with a ~~$200~~fund ~~thousand,~~in orits 8%liquidation stage. In addition, ~~decrease~~impairment inlosses ~~operating~~recorded ~~lease~~on ~~revenue,~~equipment declined by $178 thousand as the ~~result~~market value of ~~portfolio~~the ~~run-off~~Fund’s ~~and~~equipment ~~sales~~was ofmore ~~lease~~in ~~assets.~~line with anticipated values.

~~Expenses~~ 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.

Total expenses for 2018 decreased by $513 thousand or 19%, as compared to prior year. Such decrease was mainly attributed to a $485 thousand, or 48%, decrease in depreciation expense, the result of run-off and sales of lease assets; a $342 thousand, or 145%, decrease in franchise fees and taxes, attributed to an adjustment in estimated tax liability for prior year tax payments; a $141 thousand, or 26%, decrease in cost reimbursement to the Managing Member and/or affiliates, the result of lower cost allocation adjustments; and a $43 thousand, or 27%, decrease in professional fees, due to the year over year difference in timing ~~and~~ Cash ~~related~~Flows billings for audit and tax services; offset, in part, by a $459 thousand increase in impairment losses of off-lease equipment; and a $70 thousand, or almost five times, unfavorable change in the provision for credit losses, a direct result of an increase in amounts reserved as uncollectable.

~~Capital~~ The ~~Resources~~following ~~and~~table ~~Liquidity~~sets forth summary cash flow data (in thousands):

At December 31, 2018 and 2017, the Company’s cash and cash equivalents totaled $2.9 million and $4.0 million, respectively. The liquidity of the Company varies, increasing to the extent cash flows from leases and proceeds of asset sales exceed expenses and decreasing as distributions are made to the Other Members and to the extent expenses exceed cash flows from leases and proceeds from asset sales.


	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)

The ~~primary~~Fund’s ~~source~~cash ofand ~~liquidity~~cash ~~for~~equivalents ~~the~~totaled ~~Company~~$2.0 ismillion ~~its~~and ~~cash~~$2.9 ~~flow~~million ~~from~~at ~~leasing~~December ~~activities.~~31, As2019 ~~initial~~and ~~lease terms expire~~2018, ~~the~~respectively. ~~Company~~This ~~re-leases~~decrease orwas ~~sells~~mainly the ~~equipment.~~result ~~The~~of ~~future~~the ~~liquidity~~annual ~~beyond~~distribution to the ~~contractual~~Other ~~minimum~~Members, ~~rentals~~aforementioned ~~will~~items ~~depend~~of onnet ~~the~~income, ~~Company’s~~depreciation ~~success~~of inoperating ~~remarketing~~lease orassets ~~selling~~augmented by the ~~equipment~~proceeds asfrom itsales ~~comes~~of ~~off~~lease ~~rental.~~assets of year to date periods.

The Company currently believes it has available adequate reserves to meet its immediate cash requirements and those of the next twelve months, but in the event those reserves were found to be inadequate, the Company would likely be in a position to borrow against its current portfolio to meet such requirements. AFS envisions no such requirements for operating purposes. 12

10 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.

~~TABLE~~ Cash OFwas ~~CONTENTS~~primarily used to pay distributions to both the Other Members and the Managing Member. Total distributions paid to Members were $2.4 million for the year ended December 31, 2019. In addition, cash was used to pay management fees and expenses, and other payables during the year ended December 31, 2019.

~~Cash~~ Non-Recourse ~~Flows~~Long-Term Debt

~~The~~ As ~~following~~of ~~table~~December ~~sets~~31, ~~forth~~2019 ~~summary~~and ~~cash~~2018, ~~flow~~the ~~data~~Company ~~(in~~had ~~thousands):~~no non-recourse long-term debt.

	2018			2017
Net cash provided by (used in):
Operating activities	$	986		$	962
Investing activities		1,489			1,437
Financing activities		(3,633	)		(7,044	)
Net decrease in cash and cash equivalents	$	(1,158	)	$	(4,645	)

Distributions

~~2018~~ The ~~versus~~Company ~~2017~~commenced periodic distributions, based on cash flows from operations, beginning with the month of April 2003. The monthly distributions were discontinued in 2012 as the Company entered its liquidation phase. The rates and frequency of periodic distributions paid by the Fund during its liquidation phase are solely at the discretion of the Manager. See Item 5, Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities, for additional information regarding the distributions.

~~During~~ Commitments ~~2018~~ and ~~2017,~~Contingencies ~~the Company’s primary sources of liquidity were cash flows from its portfolio of operating~~ and ~~direct~~Off-Balance ~~financing~~Sheet ~~lease contracts. In addition, the Company realized $1.5 million and $1.4 million of proceeds from sales or dispositions of equipment during the respective years ended December 31, 2018 and 2017.~~ Transactions

~~During~~ Commitments ~~the years ended December 31, 2018~~ and ~~2017,~~Contingencies cash was primarily used to pay distributions to both the Other Members and the Managing Member and to pay non-recourse debt. Total distributions paid to Members totaled $3.6 million and $6.8 million and total debt repayments amounted to $83 thousand and $247 thousand for the respective years 2018 and 2017. During the same comparative periods, cash was primarily used to pay invoices related to management fees and expenses, and other payables.

~~Non-Recourse~~ At ~~Long-Term~~December ~~Debt~~31, 2019, the Company had no commitments to purchase lease assets or fund investments in notes receivable.

~~As of December 31, 2018 and 2017, the Company had non~~ Off-~~recourse~~Balance ~~long-term~~Sheet ~~debt~~Transactions totaling $0 and $83 thousand, respectively. Such non-recourse notes payable do not contain any material financial covenants. The notes are secured by a specific lien granted by the Company to the non-recourse lenders on (and only on) the discounted lease transactions. The lenders have recourse only to the following collateral: the leased equipment; the related lease chattel paper; the lease receivables; and proceeds of the foregoing items.

~~The Operating Agreement limits aggregate borrowings to 50% of the total cost of equipment~~ None. ~~For detailed information on the Company’s debt obligations, see Note 7 to the financial statements as set forth in Part II, Item 8, Financial Statements and Supplementary Data.~~

~~Distributions~~ Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

~~The~~ See ~~Company commenced periodic distributions, based on cash flows from operations, beginning with~~ the ~~month~~Report of ~~April~~Independent ~~2003.~~Registered ~~The~~Public ~~monthly~~Accounting ~~distributions~~Firm, ~~were~~Financial ~~discontinued~~Statements ~~in 2012 as the Company entered its liquidation phase. The rates~~ and ~~frequency~~Notes ofto ~~periodic~~Financial ~~distributions~~Statements ~~paid~~attached byhereto ~~the Fund during its liquidation phase are solely~~ at ~~the~~pages ~~discretion~~14 through ~~of the Manager~~32. ~~See Item 5, Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities, for additional information regarding the distributions.~~

11 13

~~TABLE~~ REPORT OF ~~CONTENTS~~INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

~~Commitments~~ ATEL ~~and~~Capital ~~Contingencies~~Equipment Fund X, LLC

At Opinion ~~December~~on ~~31, 2018,~~ the ~~Company~~Financial ~~had no commitments to purchase lease assets or fund investments in notes receivable.~~ Statements

~~Off-Balance~~ We ~~Sheet~~have ~~Transactions~~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.

~~None.~~ Basis for Opinion

~~Item~~ These 8financial statements are the responsibility of the Management of the Company’s Managing Member. ~~FINANCIAL~~Our ~~STATEMENTS~~responsibility ~~AND~~is ~~SUPPLEMENTARY~~to ~~DATA~~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.

~~See~~ We conducted our audits in accordance with the ~~Report~~standards of ~~Independent~~the ~~Registered~~PCAOB. ~~Public~~Those ~~Accounting~~standards ~~Firm,~~require ~~Financial~~that ~~Statements~~we plan and ~~Notes~~perform the audits to ~~Financial~~obtain ~~Statements~~reasonable ~~attached~~assurance ~~hereto~~about atwhether ~~pages~~the 13financial ~~through~~statements 31are 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.

12 Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures to respond to those risks. Such procedures included examining, on a test basis, evidence 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 well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

~~TABLE~~ /s/ Moss OFAdams ~~CONTENTS~~LLP

~~REPORT~~ San OFFrancisco, ~~INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM~~California

~~The MembersATEL Capital Equipment Fund X~~ March 25, ~~LLC~~ 2020

~~Opinion~~ We onhave served as the ~~Financial~~Company’s ~~Statements~~auditor since 2007.

We have audited the accompanying balance sheets of ATEL Capital Equipment Fund X, LLC (the “Company”) as of December 31, 2018 and 2017, 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, 2018 and 2017, 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.~~ 14

~~Basis~~ ATEL ~~for~~CAPITAL ~~Opinion~~EQUIPMENT FUND X, LLC

~~These~~ BALANCE financial statements are the 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.SHEETS

We conducted our audits 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 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.~~ DECEMBER ~~Accordingly~~31, we2019 ~~express~~AND ~~no such opinion.~~ 2018

~~Our~~ (In audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures to respond to those risks. Such procedures included examining, on a test basis, evidence 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 well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.Thousands)

/s/ Moss Adams LLP


	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

~~San~~ See ~~Francisco,~~accompanying ~~CaliforniaMarch 15, 2019~~notes.

~~We have served as the Company’s auditor since 2007.~~ 15

13 ATEL CAPITAL EQUIPMENT FUND X, LLC

~~TABLE~~ STATEMENTS OF ~~CONTENTS~~INCOME

~~ATEL~~ FOR ~~CAPITAL~~THE YEARS ~~EQUIPMENT FUND X, LLC BALANCE SHEETS DECEMBER 31, 2018 AND 2017 (In Thousands)~~ENDED

	2018		2017
ASSETS
Cash and cash equivalents	$	2,877	$	4,035
Accounts receivable, net of allowance for doubtful accounts of $101 at December 31, 2018 and $16 at December 31, 2017		96		156
Due from Managing Member		15		—
Investment in securities		55		55
Investments in equipment and leases, net accumulated depreciation of $17,240 at December 31, 2018 and $20,750 at December 31, 2017		4,884		6,875
Prepaid expenses and other assets		109		118
Total assets	$	8,036	$	11,239
LIABILITIES AND MEMBERS’ CAPITAL
Accounts payable and accrued liabilities:
Managing Member	$	—	$	11
Due to affiliates		—		38
Other		1,095		1,267
Deposits due lessees		1		6
Non-recourse debt		—		83
Unearned operating lease income		17		58
Total liabilities		1,113		1,463
Commitments and contingencies
Members’ capital:
Managing Member		—		—
Other Members		6,923		9,776
Total Members’ capital		6,923		9,776
Total liabilities and Members’ capital	$	8,036	$	11,239

DECEMBER 31, 2019 AND 2018

~~See~~ (In ~~accompanying~~Thousands ~~notes.~~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

~~TABLE~~ See OFaccompanying ~~CONTENTS~~notes.

~~ATEL CAPITAL EQUIPMENT FUND X, LLC STATEMENTS OF INCOME FOR THE YEARS ENDED DECEMBER 31, 2018 AND 2017 (In Thousands Except for Units and Per Unit Data)~~ 16

	2018			2017
Revenues:
Leasing activities:
Operating leases	$	2,343		$	2,543
Direct financing leases		—			12
Gain on sales of lease assets		481			864
Other		24			26
Total revenues		2,848			3,445
Expenses:
Depreciation of operating lease assets		522			1,007
Asset management fees to Managing Member and/or affiliates		130			116
Costs reimbursed to Managing Member and/or affiliates		396			537
Amortization of initial direct costs		2			2
Interest expense		—			4
Impairment losses on equipment		459			—
Railcar maintenance		149			131
Provision for credit losses		85			15
Provision for losses on investment in securities		—			10
Storage fees		92			125
Professional fees		115			158
Franchise fees and taxes		(106	)		236
Outside services		144			133
Insurance		41			39
Other		122			151
Total operating expenses		2,151			2,664
Net income	$	697		$	781
Net income:
Managing Member	$	266		$	510
Other Members		431			271
	$	697		$	781
Net income per Limited Liability Company Unit (Other Members)	$	0.03		$	0.02
Weighted average number of Units outstanding		13,971,486			13,971,486

ATEL CAPITAL EQUIPMENT FUND X, LLC

~~See~~ STATEMENTS ~~accompanying~~OF ~~notes.~~CHANGES IN MEMBERS’ CAPITAL

15 FOR THE YEARS ENDED

~~TABLE~~ DECEMBER OF31, ~~CONTENTS~~2019 AND 2018

~~ATEL CAPITAL EQUIPMENT FUND X, LLC STATEMENTS OF CHANGES IN MEMBERS’ CAPITAL FOR THE YEARS ENDED DECEMBER 31, 2018 AND 2017~~ (In Thousands Except for Units and Per Unit Data)

			Amount		~~Amount~~
	Units				Other Members			Managing Member			Total
			Other			Managing
Balance December 31, 2016		13,971,486			$	15,792		$	—		$	15,792
	Units		Members			Member		Total
Distributions to Other Members ($0.45 per Unit)		—				(6,287	)		—			(6,287	)
Balance December 31, 2017	13,971,486		$	9,776		$	—	$	9,776
Distributions to Managing Member		—				—			(510	)		(510	)
Distributions to Other Members ($0.24 per Unit)	—			(3,284)			—		(3,284)
Net income		—				271			510			781
Distributions to Managing Member	—			—			(266)		(266)
Balance December 31, 2017		13,971,486				9,776			—			9,776
Net income	—			431			266		697
Distributions to Other Members ($0.24 per Unit)		—				(3,284	)					(3,284	)
Balance December 31, 2018	13,971,486			6,923		$	—		6,923
Distributions to Managing Member		—				—			(266	)		(266	)
Distributions to Other Members ($0.16 per Unit)	—			(2,235)			—		(2,235)
Net income		—				431			266			697
Distributions to Managing Member	—			—			(181)		(181)
Balance December 31, 2018		13,971,486			$	6,923		$	—		$	6,923
Net income	—			1,281			181		1,462
Balance December 31, 2019	13,971,486		$	5,969		$	—	$	5,969

See accompanying notes.

16 17

~~TABLE~~ ATEL OFCAPITAL ~~CONTENTS~~EQUIPMENT FUND X, LLC

~~ATEL CAPITAL EQUIPMENT FUND X, LLC~~ STATEMENTS OF CASH FLOWS ~~FOR THE YEARS ENDED DECEMBER 31, 2018 AND 2017(In Thousands)~~

	2018			2017
Operating activities:
Net income	$	697		$	781
Adjustments to reconcile net income to cash provided by operating activities:
Gain on sales of lease assets		(481	)		(864	)
Depreciation of operating lease assets		522			1,007
Amortization of initial direct costs		2			2
Impairment losses on equipment		459			—
Provison for credit losses		85			15
Provision for losses on investment in securities		—			10
Changes in operating assets and liabilities:
Accounts receivable		(25	)		24
Due from Managing Member and affiliates		(15	)		—
Prepaid expenses and other assets		9			—
Accounts payable, Managing Member and affiliates		(49	)		27
Accounts payable, other		(172	)		(37	)
Deposits due lessees		(5	)		2
Unearned operating lease income		(41	)		(5	)
Net cash provided by operating activities		986			962
Investing activities:
Proceeds from sales of lease assets		1,494			1,432
Payments of initial direct costs		(5	)		(9	)
Principal payments received on direct financing leases		—			14
Net cash provided by investing activities		1,489			1,437
Financing activities:
Repayments under non-recourse debt		(83	)		(247	)
Distributions to Other Members		(3,284	)		(6,287	)
Distributions to Managing Member		(266	)		(510	)
Net cash used in financing activities		(3,633	)		(7,044	)
Net decrease in cash and cash equivalents		(1,158	)		(4,645	)
Cash and cash equivalents at beginning of year		4,035			8,680
Cash and cash equivalents at end of year	$	2,877		$	4,035
Supplemental disclosures of cash flow information:
Cash paid during the year for interest	$	—		$	4
Cash paid during the year for taxes	$	16		$	161

FOR THE YEARS ENDED DECEMBER 31, 2019 AND 2018

~~See~~ (In ~~accompanying notes.~~ 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

~~TABLE~~ See OFaccompanying ~~CONTENTS~~notes.

~~ATEL CAPITAL EQUIPMENT FUND X, LLC NOTES TO FINANCIAL STATEMENTS~~ 18

1. ATEL ~~Organization~~CAPITAL ~~and~~EQUIPMENT ~~Limited~~FUND ~~Liability~~X, ~~Company matters:~~LLC

~~ATEL~~ NOTES ~~Capital~~TO ~~Equipment~~FINANCIAL Fund X, LLC (the “Company”) 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. STATEMENTS

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 Organization ~~million) had been received (excluding subscriptions from Pennsylvania investors)~~ and ~~AFS~~Limited ~~requested~~Liability ~~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) werematters: subsequently rescinded or repurchased (net of distributions paid and allocated syndication costs, as applicable) by the Company through December 31, 2018. As of December 31, 2018, 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~~ ~~Period~~United ~~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.

~~Pursuant~~ The toCompany ~~the~~conducted ~~terms~~a public offering of ~~the~~15,000,000 ~~Operating~~Limited ~~Agreement~~Liability Company Units (“Units”), ~~AFS~~at ~~receives~~a ~~compensation~~price ~~and~~of ~~reimbursements~~$10 ~~for~~per ~~services~~Unit. ~~rendered~~On onApril ~~behalf~~9, of2003, subscriptions for the ~~Company~~minimum number of Units (~~See~~120,000, ~~Note~~representing 6$1.2 million) had been received (excluding subscriptions from Pennsylvania investors) and AFS requested that the subscriptions be released to the Company. ~~The~~On that date, the Company iscommenced ~~required~~operations toin ~~maintain~~its ~~reasonable~~primary ~~cash~~business. ~~reserves~~As ~~for~~of ~~working~~March ~~capital~~11, 2005, the ~~repurchase~~offering was terminated. As of ~~Units~~that ~~and~~date, ~~contingencies~~subscriptions for 14,059,136 Units ($140.6 ~~The~~million) ~~repurchase~~had been received, of which 87,650 Units is($720 ~~solely~~thousand) atwere ~~the~~subsequently ~~discretion~~rescinded or repurchased (net of ~~AFS~~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 Company’s ~~will~~principal ~~pay~~objectives ~~AFS~~have ~~and~~been ~~affiliates~~to ofinvest ~~AFS~~in ~~substantial~~a ~~fees~~diversified ~~which~~portfolio ~~may~~of ~~result~~equipment inthat a(i) ~~conflict~~preserves, ofprotects ~~interest.~~and ~~The~~returns the Company’s ~~will~~invested ~~pay~~capital; ~~substantial~~(ii) ~~fees~~generates regular distributions to ~~AFS~~the members of cash from operations and ~~its~~cash ~~affiliates~~from ~~before~~sales or refinancing, with any balance remaining after certain minimum distributions ~~are~~to ~~paid~~be used to ~~investors~~purchase ~~even~~additional ifequipment during the ~~Company~~reinvestment ~~does~~period ~~not~~(“Reinvestment ~~produce~~Period”) ~~profits.~~(defined ~~Therefore~~as six full years following the year the offering was terminated) which ended on December 31, 2011 and (iii) provides additional distributions following the ~~financial~~Reinvestment ~~position~~Period ofand until all equipment has been sold. The Company is governed by the Limited Liability Company ~~could~~Operating ~~change~~Agreement ~~significantly~~(“Operating Agreement”), as amended. On January 1, 2012, the Company commenced liquidation phase activities pursuant to the guidelines of the Operating Agreement.

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

~~Basis~~ The Company will pay AFS and affiliates of ~~presentation:~~AFS substantial fees which may result in a conflict of interest. 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.

~~The~~ 2. Summary ~~accompanying balance sheets as~~ of ~~December~~significant ~~31, 2018 and 2017, 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. policies:

~~Footnote~~ Basis ~~and~~of ~~tabular amounts are presented in thousands, except as to Units and per Unit data.~~ presentation:

In The ~~preparing~~accompanying ~~the~~balance ~~accompanying~~sheets ~~financial~~as ~~statements~~of December 31, 2019 and 2018, and the ~~Company~~related ~~has~~statements ~~reviewed~~of income, aschanges ~~determined~~in ~~necessary~~members’ bycapital, and cash flows for the years ~~Managing~~then ~~Member~~ended, ~~events~~have ~~that~~been ~~have~~prepared ~~occurred~~in ~~after~~accordance ~~December~~with ~~31,~~accounting ~~2018,~~principles upgenerally ~~until~~accepted in the ~~issuance~~United States of America (“GAAP”) and the ~~financial~~rules and ~~statements~~regulations of the Securities and Exchange Commission. NoCertain ~~events~~prior ~~were~~period ~~noted~~amounts ~~which~~have ~~would~~been ~~require~~reclassified ~~disclosure~~to inconform to the ~~footnotes~~current toperiod presentation. These reclassifications had no significant effect on the reported financial ~~statements.~~position or results of operations.

~~Cash~~ Footnote and ~~cash~~tabular ~~equivalents:~~amounts are presented in thousands, except as to Units and per Unit data.

~~Cash~~ In ~~and~~preparing ~~cash~~the ~~equivalents~~accompanying ~~include~~financial ~~cash~~statements, inthe ~~banks~~Company ~~and~~has ~~cash~~reviewed, ~~equivalent~~as ~~investments~~determined ~~such~~necessary asby ~~U.S.~~the ~~Treasury~~Managing ~~instruments~~Member, ~~with~~events ~~original~~that ~~and/or~~have ~~purchased~~occurred ~~maturities~~after ofDecember ~~ninety~~31, ~~days~~2019, orup ~~less~~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.

18 19

~~TABLE~~ ATEL OFCAPITAL ~~CONTENTS~~EQUIPMENT FUND X, LLC

~~ATEL CAPITAL EQUIPMENT FUND X, LLC~~ NOTES TO FINANCIAL STATEMENTS

2. Cash ~~Summary~~and ofcash ~~significant accounting policies~~equivalents: ~~- (continued)~~

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

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

~~Accounts~~ The ~~receivable:~~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.

Accounts receivable represent the amounts billed under operating and direct financing lease contracts, and notes receivable which are due to the Company. Allowances for doubtful accounts are typically established based on historical charge off and collection experience and the collectability of specifically identified lessees and borrowers, and invoiced amounts. Accounts receivable deemed uncollectible are charged off to the allowance on a specific identification basis. Amounts recovered that were previously written-off are recorded as other income in the period received. :

~~Credit~~ Accounts ~~risk:~~receivable represent the amounts billed under operating and direct financing lease contracts, and notes receivable which are due to the Company. Allowances for doubtful accounts are typically established based on historical charge off and collection experience and the collectability of specifically identified lessees and borrowers, and invoiced amounts. Accounts receivable deemed uncollectible are charged off to the allowance on a specific identification basis. Amounts recovered that were previously written-off are recorded as other income in the period received.

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

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

Equipment ~~subject~~on to operating leases isand ~~stated at cost. Depreciation is being recognized on a straight-line method over the terms of the~~ related ~~leases~~revenue 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 the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 840-20-35-3, over the periods of the lease terms contained in each asset’s respective lease contract to the estimated residual value at the end of the leaserecognition: contract. All lease assets are purchased only concurrent with the execution of a lease commitment by the lessee. Thus, the original depreciation period corresponds with the term of the original lease. Once the term of an original lease contract is completed, the subject property is typically sold to the existing user, re-leased to the existing user, or, when off-lease, is held for sale. Assets which are re-leased continue to be depreciated using the terms of the new lease agreements and the estimated residual values at the end of the new lease terms, adjusted downward as necessary. Assets classified as held-for-sale are carried at the lower of carrying amount, or the fair value less cost to sell.

~~The~~ Equipment ~~Company~~subject ~~does~~to ~~not~~operating ~~use~~leases ~~the~~is ~~equipment~~stated ~~held~~at incost. ~~its~~Depreciation ~~portfolio,~~is ~~but~~being ~~holds~~recognized iton ~~solely~~a ~~for~~straight-line ~~lease~~method ~~and~~over ~~ultimate~~the ~~sale.~~terms Inof the ~~course~~related ofleases ~~marketing~~to the equipment’s ~~that~~estimated ~~has~~residual ~~come~~values. ~~off~~Off-lease, ~~management~~equipment ~~may~~is ~~determine~~generally atnot ~~some~~subject ~~point~~to ~~that~~depreciation. ~~re-leasing~~The ~~the~~Company depreciates all lease assets, ~~may~~in ~~provide~~accordance awith ~~superior~~guidelines ~~return~~consistent ~~for~~with ~~investors~~ASC ~~and~~360‑20‑35‑3, ~~would~~over ~~then~~the ~~execute~~periods ~~another~~of the lease. ~~Upon~~terms ~~entering~~contained ~~into~~in aeach ~~new~~asset’s respective lease contract, ~~management~~to ~~will estimate~~ the estimated residual value ~~once~~at ~~again~~the ~~and~~end ~~resume~~of ~~depreciation~~the lease contract. ~~If,~~All ~~and~~lease ~~when,~~assets are purchased only concurrent with the ~~Company,~~execution atof ~~any~~a ~~time,~~lease ~~determines~~commitment ~~that~~by ~~depreciation~~the inlessee. ~~value~~Thus, ~~may~~the ~~have~~original ~~occurred~~depreciation ~~with~~period ~~respect~~corresponds towith anthe ~~asset~~term ~~held-for-sale,~~of the ~~Company~~original ~~would~~lease. ~~review~~Once the ~~value~~term toof ~~determine~~an ~~whether~~original ~~a material~~lease ~~reduction~~contract inis ~~value~~completed, ~~had~~the ~~occurred~~subject ~~and~~property ~~recognize~~is ~~any~~typically ~~appropriate~~sold ~~impairment.~~to ~~All~~the ~~lease~~existing ~~assets~~user, ~~including~~re-leased to the existing user, or, when off-lease ~~assets~~, is held for sale. Assets which are ~~subject~~re-leased continue to be depreciated using the ~~Company’s~~terms ~~quarterly~~of ~~impairment~~the ~~analysis,~~new aslease ~~described~~agreements ~~below.~~and ~~Maintenance~~the ~~costs~~estimated ~~associated~~residual ~~with~~values at the ~~Fund’s~~end ~~portfolio~~ of ~~leased~~the ~~assets~~new ~~are~~lease ~~expensed~~terms, adjusted downward as ~~incurred~~necessary. ~~Major~~Assets ~~additions~~classified ~~and~~as ~~betterments~~held-for-sale are ~~capitalized.~~carried at the lower of carrying amount, or the fair value less cost to sell (ASC 360‑10‑35‑43).

19 20

~~TABLE~~ ATEL OFCAPITAL ~~CONTENTS~~EQUIPMENT FUND X, LLC

~~ATEL CAPITAL EQUIPMENT FUND X, LLC~~ NOTES TO FINANCIAL STATEMENTS

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

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

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~~ Initial ~~payments~~direct ~~is probable. Until such time, revenues are recognized on a cash basis.~~ costs:

~~Initial~~ 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.

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

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

Recorded values of the Company’s leased asset portfolio are reviewed each quarter to confirm the reasonableness of established residual values and to determine whether there is indication that an asset impairment might have taken place. The Company uses a variety of sources and considers many factors in evaluating whether the respective book values of its assets are appropriate. In addition, the company may direct a residual value review at any time if it becomes aware of issues regarding the ability of a lessee to continue to make payments on its lease contract. An impairment loss is measured and recognized only if the estimated undiscounted future cash flows of the asset are less than their net book value. The estimated undiscounted future cash flows are the sum of the residual value of the asset at the end of the asset’s lease contract and undiscounted future rents from the existing lease contract. The residual value assumes, among other things, that the asset is utilized normally in an open, unrestricted and stable market. Short-term fluctuations in the marketplace are disregarded and it is assumed that there is no necessity either to dispose of a significant number of the assets, if held in quantity, simultaneously or to dispose of the asset quickly. Impairment is measured as the difference between the fair value (as determined by a valuation method using discounted estimated future cash flows, third party appraisals or comparable sales of similar assets as applicable based on asset type) of the asset and its carrying value on the measurement date. Upward adjustments for impairments ~~recognized in prior periods are not made in any circumstances.~~ 21

~~Segment~~ ATEL ~~reporting:~~CAPITAL EQUIPMENT FUND X, LLC

~~The~~ NOTES ~~Company~~TO isFINANCIAL 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. STATEMENTS

~~The~~ Segment 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 becausereporting: 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.

20 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.

~~TABLE~~ The OFCompany’s ~~CONTENTS~~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.

~~ATEL~~ The ~~CAPITAL~~primary ~~EQUIPMENT~~geographic ~~FUND~~region Xin which the Company sought leasing opportunities was North America. The table below summarizes geographic information relating to the sources, ~~LLC~~by ~~NOTES~~nation, TOof ~~FINANCIAL~~the ~~STATEMENTS~~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):


	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	%

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, 2018 and 2017, and long-lived tangible assets as of December 31, 2018 and December 31, 2017 (dollars in thousands):


	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	%

	For the Year ended December 31,
	2018		% of Total			2017		% of Total
Revenue
United States	$	2,773		97	%	$	3,380		98	%
Canada		75		3	%		65		2	%
Total	$	2,848		100	%	$	3,445		100	%

Foreign currency transactions:

	As of December 31,
	2018		% of Total			2017		% of Total
Long-lived assets
United States	$	4,793		98	%	$	6,784		99	%
Canada		91		2	%		91		1	%
Total	$	4,884		100	%	$	6,875		100	%

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.

~~Foreign~~ Investment ~~currency~~in ~~transactions~~securities:

~~Foreign~~ From ~~currency~~time ~~transaction~~to ~~gains and losses are reported in the results of operations as “other income” or “other expense” in the period in which they occur. Currently~~time, the Company ~~does~~may ~~not~~purchase ~~use~~securities ~~derivative~~of ~~instruments to hedge~~ its ~~economic~~borrowers ~~exposure~~or ~~with~~receive ~~respect~~warrants to ~~assets,~~purchase ~~liabilities~~securities ~~and~~in ~~firm~~connection ~~commitments~~with asits ~~the~~lending ~~foreign currency transactions risks to date have not been significant~~arrangements. ~~During the years ended December 31, 2018 and 2017, all foreign currency transaction gains and losses were nominal in value.~~

~~Investment in securities:~~ 22

~~From~~ ATEL ~~time~~CAPITAL toEQUIPMENT ~~time~~FUND X, ~~the Company may purchase securities of its borrowers or receive warrants to purchase securities in connection with its lending arrangements.~~ LLC

~~Purchased~~ NOTES ~~securities~~TO FINANCIAL STATEMENTS

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 issuer’s ability to meet its current obligations and indications of the issuer’s subsequent ability to raise capital. Impairment losses on investment securities totaled $0 and $10 thousand for the respective twelve months ended December 30, 2018 and 2017. There were no investment securities sold or disposed of during the years ended December 31, 2018 and 2017.

~~Warrants~~ 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 issuer’s ability to meet its current obligations and indications of the issuer’s subsequent ability to raise capital. Impairment losses on investment securities totaled $11 thousand for the year ended December 31, 2019. There was no such loss during 2018. Also, there were no investment securities sold or disposed of during the years ended December 31, 2019 and 2018.

Warrants owned by the Company are not registered for public sale, but are considered derivatives and are reflected at an estimated fair value on the balance sheet as determined by the Managing Member. The Company had no warrants during 2018. There were no exercises of warrants, net or otherwise, during 2017.

~~Unearned~~ Warrants ~~operating~~owned ~~lease~~by ~~income:~~the Company are not registered for public sale, but are considered derivatives and are reflected at an estimated fair value on the balance sheet as determined by the Managing Member. The Company had no warrants in 2019 and 2018.

~~The~~ Unearned ~~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.~~ :

21 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.

~~TABLE~~ Income ~~OF CONTENTS~~taxes:

~~ATEL~~ The ~~CAPITAL~~Company ~~EQUIPMENT~~is ~~FUND~~treated Xas a partnership for federal income tax purposes. Pursuant to the provisions of Section 701 of the Internal Revenue Code, ~~LLC~~a ~~NOTES~~partnership TOis ~~FINANCIAL~~not ~~STATEMENTS~~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, the related provision for state income taxes was $34 thousand. For the year ended December 31, 2018, the Company received income tax 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 by U.S. federal (or state and local) income tax authorities for three years from the filing of a tax return.

2. The ~~Summary~~tax bases of ~~significant~~the ~~accounting~~Company’s ~~policies:~~net -assets and liabilities vary from the amounts presented in these financial statements at December 31, 2019 and 2018 (~~continued~~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)

The ~~Company~~primary isdifferences ~~treated~~between asthe ~~a partnership for federal income~~ tax ~~purposes.~~bases ~~Pursuant to the provisions~~ of ~~Section~~net ~~701~~assets ofand the ~~Internal~~amounts ~~Revenue~~recorded ~~Code,~~in ~~a partnership is not subject to federal income taxes. Accordingly,~~ the ~~Company~~financial ~~has~~statements ~~provided~~are ~~current franchise income taxes for only those states which levy income taxes on partnerships. For~~ the ~~years~~result ~~ended~~of ~~December~~differences ~~31,~~in ~~2017,~~accounting ~~the related provision~~ for ~~state~~syndication ~~income~~costs ~~taxes was $236 thousand~~ and ~~during~~differences ~~the~~between ~~year 2018,~~ the ~~fund~~depreciation ~~received~~methods ~~$106~~used ~~thousand income tax credit adjustments. The Company does not have any entity level uncertain tax positions. The Company files income tax returns~~ in the ~~U.S.~~ ~~federal~~financial ~~jurisdiction~~statements 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~~Company’s ~~of a~~ tax ~~return~~returns.

~~The tax bases of the Company’s net assets and liabilities vary from the amounts presented in these financial statements at December 31, 2018 and 2017 (in thousands):~~ 23

	2018			2017
Financial statement basis of net assets	$	6,923		$	9,776
Tax basis of net assets (unaudited)		20,622			21,644
Difference	$	(13,699	)	$	(11,868	)

ATEL CAPITAL EQUIPMENT FUND X, LLC

~~The~~ NOTES ~~primary~~TO ~~differences~~FINANCIAL 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. STATEMENTS

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, ~~2018~~2019 and ~~2017~~2018 (in thousands):

	2018				2017
	2019			2018
Net income per financial statements	$	~~697~~1,462		$	$697	~~781~~
Tax adjustments (unaudited):
Adjustment to depreciation expense		~~(314~~131	)		(314)	~~591~~
Provision for losses and doubtful accounts		~~(85~~89	)		(85)	15
Adjustments to revenues/other expenses		(41	)			8
Adjustments to revenues / other expenses		—			(41)
Adjustments to gain on sales of assets		~~1,013~~674			1,013	~~567~~
Other		~~(459~~292	)		(459)	10
Income per federal tax return (unaudited)	$	~~811~~2,648		$	$811	~~1,972~~

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 ~~November 2018~~February 2016, the Financial Accounting Standards Board, or FASB issued Accounting Standards Update ~~2018-19~~2016‑02, ~~Codification~~Leases. ~~Improvements~~In toJuly ~~Topic 326~~2018, ~~Financial~~the ~~Instruments — Credit~~FASB ~~Losses~~issued (“ASU No. 2018-~~19”).~~10, ~~The~~Codification ~~new~~Improvements ~~standard~~to ~~clarifies~~Topic ~~certain~~842, ~~aspects~~Leases ofand ~~the~~ASU ~~new~~No. ~~current~~2018-11, ~~expected~~Leases ~~credit losses~~ (~~CECL~~Topic 842): ~~impairment~~Targeted ~~model~~Improvements. inIn ~~ASU~~December ~~2016-13.~~2018, ~~The~~the ~~amendment~~FASB ~~clarifies~~issued ~~that~~ASU ~~receivables~~No. ~~arising~~2018-20, ~~from~~Leases ~~operating~~(Topic ~~leases~~842), ~~are~~Narrow-Scope ~~within~~Improvements ~~the~~for ~~scope~~Lessors. ofIn ~~ASC~~March ~~842~~2019, ~~rather~~the ~~than~~FASB ~~ASC~~issued ~~326~~ASU No. ~~The~~2019-01, ~~effective~~Leases: ~~date~~Codification ~~and~~Improvements. ~~transition~~Collectively ~~requirements~~referred into ~~this~~hereafter ~~Update~~as ~~are~~ASU ~~the~~No. ~~same~~2016-02, asthese ~~the~~standards ~~effective~~set ~~dates~~out ~~and~~the ~~transition~~principles ~~requirements~~for inthe ~~Update~~recognition, ~~2016-13~~measurement, aspresentation ~~amended~~and bydisclosure ~~this~~of ~~Update,~~leases ~~which is~~ for ~~fiscal years~~both ~~beginning~~parties ~~after~~to ~~December~~a ~~15,~~contract ~~2019,~~to ~~including~~control ~~interim~~an ~~periods~~asset ~~within~~(i.e., ~~those~~lessees ~~fiscal~~and ~~years~~lessors). ~~Management~~The isCompany ~~currently~~does ~~evaluating~~not ~~the~~have ~~impact~~any ofnon-cancelable ~~the~~leases ~~standard~~where onit ~~the~~is ~~financial~~a ~~statements and related disclosure requirements~~lessee.

In ASU ~~August~~No. ~~2018~~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 ~~FASB~~Company ~~issued~~applied ~~Accounting~~the ~~Standards~~package ~~Update~~of ~~2018-13~~practical expedients that has allowed the Company to not reassess (i) whether any expired or existing contracts are or contain leases, ~~Fair~~(ii) ~~Value~~lease ~~Measurement~~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-~~13”)~~11, which ~~amends~~has allowed the ~~disclosure~~Company ~~requirements~~to oninitially ~~fair~~apply ~~value~~the ~~measurements~~new leases standard at the adoption date and recognize a cumulative effect adjustment to the opening balance of retained earnings in ~~Topic~~the ~~820~~adoption period, ~~Fair~~although ~~Value~~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.

22 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.

~~TABLE OF CONTENTS~~ 24

ATEL CAPITAL EQUIPMENT FUND X, LLC ~~NOTES TO FINANCIAL STATEMENTS~~

2. NOTES ~~Summary~~TO ofFINANCIAL ~~significant accounting policies: - (continued)~~STATEMENTS

~~Measurement.~~ In ~~This~~June 2016, ~~ASU~~the ~~modifies~~FASB ~~disclosure~~issued ~~requirements~~Accounting ~~for~~Standards ~~fair~~Update ~~value~~2016‑13, ~~measurements~~Financial byInstruments — ~~removing,~~Credit ~~modifying~~Losses or(Topic ~~adding~~326) ~~certain~~(“ASU ~~disclosures~~2016‑13”). The ~~amendments~~main inobjective of this Update ~~are~~is ~~effective~~to ~~for~~provide ~~all~~financial ~~entities~~statement ~~for~~users ~~fiscal~~with ~~years,~~more ~~and~~decision-useful ~~interim~~information ~~periods~~about ~~within~~the ~~those~~expected ~~fiscal~~credit ~~years,~~losses ~~beginning~~on ~~after~~financial ~~December~~instruments ~~15,~~and ~~2019.~~other ~~The~~commitments ~~amendments~~to onextend ~~changes~~credit inheld ~~unrealized~~by ~~gains~~a ~~and~~reporting ~~losses,~~entity ~~the~~at ~~range~~each ~~and~~reporting ~~weighted~~date. ~~average~~To ofachieve ~~significant~~this ~~unobservable~~objective, ~~inputs~~the ~~used~~amendments toin ~~develop~~this ~~Level~~Update 3replace ~~fair~~the ~~value~~incurred ~~measurements,~~loss ~~and~~impairment ~~the~~methodology ~~narrative~~in ~~description~~current ofGAAP ~~measurement~~with ~~uncertainty~~a ~~should~~methodology bethat ~~applied~~reflects ~~prospectively~~expected ~~for~~credit ~~only~~losses ~~the~~and ~~most~~requires ~~recent~~consideration ~~interim~~of ora ~~annual~~broader ~~period~~range ~~presented~~of inreasonable ~~the~~and ~~initial fiscal~~supportable ~~year~~information ofto ~~adoption.~~inform ~~All~~credit ~~other~~loss estimates. The amendments ~~should~~affect beentities ~~applied~~holding ~~retrospectively~~financial toassets ~~all~~and ~~periods~~equipment ~~presented~~under ~~upon~~operating ~~their~~leases ~~effective~~that ~~date.~~are ~~Early~~not ~~adoption~~accounted isfor ~~permitted~~at ~~upon~~fair ~~issuance~~value ofthrough ~~this~~net ~~Update~~income. AnThe ~~entity~~amendments isaffect ~~permitted~~loans, todebt ~~early~~securities, ~~adopt~~trade ~~any~~receivables, ~~removed~~equipment orunder ~~modified~~operating ~~disclosures~~lease, ~~upon~~off-balance-sheet ~~issuance~~credit ofexposures, ~~this~~reinsurance ~~Update~~receivables, and ~~delay~~any ~~adoption~~other offinancial assets not excluded from the ~~additional~~scope ~~disclosures~~that ~~until~~have ~~their~~the ~~effective~~contractual ~~date~~right to receive cash. Management is currently evaluating the ~~impact~~standard ofand ~~this~~expects ~~standard~~the onupdate may potentially result in the ~~financial~~increase ~~statements~~in ~~and~~the ~~related~~allowance ~~disclosure~~for ~~requirements.~~credit losses given the change to estimated losses over the contractual life adjusted for expected prepayments.

In ~~August~~November ~~2016~~2018, the FASB issued Accounting Standards Update ~~2016~~2018-~~15 — Statement~~19, ofCodification ~~Cash~~Improvements ~~Flows~~to (Topic ~~230):~~326, ~~Classification~~Financial ofInstruments ~~Certain~~— ~~Cash~~Credit ~~Receipts~~Losses ~~and Cash Payments~~ (“ASU ~~2016~~2018-1519”). ~~ASU~~The ~~2016-15~~new ~~addresses~~standard ~~specific~~clarifies ~~cash~~certain ~~flow~~aspects ~~issues~~of ~~with~~ the ~~objective~~new ofcurrent ~~reducing~~expected ~~the~~credit ~~existing~~losses ~~diversity~~(CECL) impairment model in ~~practice~~ASU 2016-13. The ~~amendments~~amendment inclarifies ~~this~~that ~~Update~~receivables ~~are~~arising ~~effective~~from ~~for~~operating ~~fiscal~~leases ~~years~~are ~~beginning~~within ~~after~~the ~~December~~scope ~~15,~~of ~~2017~~ASC 842, ~~and~~rather ~~interim~~than ~~periods~~ASC ~~within those fiscal years~~326. ~~This~~Management ~~guidance~~ is ~~effective~~currently ~~for~~evaluating the ~~Company~~impact ~~beginning on January 1, 2018. The adoption~~ of ~~ASU~~the ~~2016-15~~standard ~~did not have a material impact~~ on ~~its~~the financial statements and ~~disclosures.~~ related disclosure requirements.

In On ~~June~~August ~~2016~~15, 2019, the FASB issued ~~Accounting~~a ~~Standards~~proposed ~~Update 2016-13, Financial Instruments — Credit Losses (Topic 326) (“~~ASU ~~2016-13”).~~that ~~The~~would ~~main~~grant ~~objective~~certain ofcompanies additional ~~this~~time ~~Update is~~ to ~~provide~~implement ~~financial~~FASB ~~statement~~standards ~~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~~(CECL), ~~requires consideration of a broader range of reasonable~~ and ~~supportable information to inform credit loss estimates~~hedging. The ~~amendments~~proposed ~~affect~~ASU ~~entities~~defers ~~holding~~the ~~financial~~effective ~~assets~~date ~~and net investment in leases that are not accounted~~ for atCECL ~~fair~~to ~~value~~fiscal ~~through~~periods ~~net~~beginning ~~income.~~after ~~The~~December ~~amendments affect loans~~15, ~~debt securities~~2022, ~~trade~~including ~~receivables,~~interim ~~net~~periods ~~investments~~within inthose ~~leases,~~fiscal ~~off-balance-sheet~~years; ~~credit exposures, reinsurance receivables,~~ and ~~any~~defers ~~other financial assets not excluded from~~ the ~~scope~~effective ~~that~~dates ~~have~~for ~~the~~hedging ~~contractual right~~ to ~~receive cash. ASU 2016-13 is effective for~~ fiscal ~~years~~periods beginning after December 15, ~~2019~~2020, ~~including~~and interim periods within ~~those~~ fiscal years. ~~Early adoption is permitted for fiscal years~~ beginning after December 15, ~~2018~~2021. ~~Management~~The isASU ~~currently~~was ~~evaluating~~approved ~~the~~on ~~standard~~October ~~and~~16, ~~expects the Update may potentially result in an increase in the allowance for credit losses given the change to estimated losses over the contractual life adjusted for expected prepayments~~2019.

In ~~February~~August ~~2016~~2018, the FASB issued Accounting Standards Update ~~2016~~2018-0213, ~~Leases~~Fair ~~(Topic~~Value ~~842)~~Measurement (“ASU ~~2016~~2018-0213”)., ~~The~~which ~~new~~amends ~~standard~~the ~~will~~disclosure ~~require~~requirements ~~lessees~~on tofair ~~recognize~~value ~~lease~~measurements ~~assets and lease liabilities arising from operating leases with lease terms greater than 12 months~~ in ~~the~~Topic ~~statement~~820, ofFair ~~financial~~Value ~~position~~Measurement. ~~Lessor~~This ~~accounting per~~ ASU ~~2016-02~~modifies isdisclosure ~~mostly~~requirements ~~unchanged~~for ~~from~~fair ~~the~~value ~~previous~~measurements ~~lease~~by ~~accounting~~removing, ~~under~~modifying ~~GAAP.~~or ~~Certain~~adding ~~changes~~certain ~~were~~disclosures. ~~made~~The toamendments ~~the~~in ~~lessor~~this ~~accounting~~Update ~~guidance~~are ineffective ~~order~~for toall ~~align~~entities ~~the~~for ~~lessor~~fiscal ~~accounting~~years, ~~with~~and ~~the~~interim ~~lessee~~periods ~~accounting~~within ~~model~~those ~~and~~fiscal ~~Topic 606~~years, ~~Revenue~~beginning ~~from~~after ~~Contracts~~December ~~with~~15, ~~Customers~~2019. ~~Similar~~The toamendments ~~the~~on ~~previous~~changes ~~guidance, lessors~~in ~~will~~unrealized ~~classify~~gains ~~leases~~and ~~as operating~~losses, ~~direct~~the ~~financing,~~range orand ~~sales-type.~~weighted ~~Lessors~~average inof ~~operating~~significant ~~leases~~unobservable ~~will~~inputs ~~continue~~used to ~~recognize~~develop ~~the~~Level ~~underlying~~3 ~~asset~~fair value measurements, and ~~recognize~~the ~~income~~narrative ondescription aof ~~straight-line~~measurement ~~basis.~~uncertainty ~~Lessors~~should ~~determine~~be ~~whether~~applied aprospectively ~~lease~~for isonly athe ~~sale~~most ofrecent ~~the~~interim ~~underlying~~or ~~asset~~annual ~~based~~period onpresented ~~whether~~in the ~~lessee~~initial ~~effectively~~fiscal ~~obtains~~year ~~control~~ of ~~the~~adoption. ~~underlying~~All ~~assets.~~other ~~ASU~~amendments ~~2016-02~~should isbe ~~effective~~applied ~~for~~retrospectively ~~fiscal~~to ~~years~~all ~~beginning~~periods ~~after~~presented ~~December~~upon ~~15,~~their ~~2018,~~effective ~~including~~date. ~~interim~~Early ~~periods~~adoption ~~within~~is ~~those~~permitted ~~fiscal~~upon ~~years.~~issuance ~~While~~of ~~early~~this ~~adoption~~Update. An entity is permitted, ~~the~~to ~~Company~~early ~~does~~adopt ~~not~~any ~~expect~~removed toor ~~elect~~modified ~~that~~disclosures ~~option.~~upon ~~The~~issuance ~~Company~~of ~~expects~~this toUpdate ~~adopt~~and ~~the~~delay ~~guidance~~adoption inof the ~~first~~additional ~~quarter~~disclosures ~~2019~~until ~~using~~their ~~the~~effective ~~modified retrospective method~~date. Management is currently evaluating the impact of this standard on the financial statements and ~~its operational and~~ related disclosure requirements~~, including the impact on the Company’s current lease portfolio from a lessor perspective~~. ~~As part of the adoption of the standard, the Company has selected and is in the~~ process of implementing new lease accounting software. The Company is in the process of identifying and designing appropriate changes to its business processes, systems and controls to support the new standard. Given the limited changes to lessor accounting, Management does not expect material changes to recognition or measurement.

In July 2018, the FASB issued Accounting Standards Update 2018-11, Leases (Topic 842) Targeted Improvements (“ASU 2018-11”). The new standard provides a new transition method and practical expedient to simplify the application of the new leasing standard. Under the new transition method, comparative periods presented in the financial statements in the period of adoption will not need to be restated. Instead, a Company would initially apply 25

23 ATEL CAPITAL EQUIPMENT FUND X, LLC

~~TABLE~~ NOTES OFTO ~~CONTENTS~~FINANCIAL STATEMENTS

~~ATEL~~ 3. Concentration ~~CAPITAL~~of ~~EQUIPMENT~~credit ~~FUND~~risk X,and ~~LLC~~major ~~NOTES TO FINANCIAL STATEMENTS~~customers:

2 The Company leases equipment to lessees in diversified industries. ~~Summary~~Leases are subject to AFS’s credit committee review. The leases provide for the return of ~~significant~~the ~~accounting~~equipment ~~policies:~~to -the ~~(continued)~~Company upon default.

the new lease requirements at the effective date, and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company would continue to report comparative periods presented in the financial statements in the period of adoption under current GAAP and provide the applicable required disclosures for such periods. The new practical expedient allows lessors to avoid separating lease and associated nonlease components within a contract if certain criteria are met. If elected, lessors will be able to aggregate nonlease components that otherwise would be accounted for under ~~the~~ As ~~new revenue standard with the associated lease component if the following conditions are met (1) the timing and pattern~~ of ~~transfer~~December of the nonlease component and the associated lease component are the same and (2) the stand-alone lease component would be classified as an operating lease if accounted for separately. For entities that have not adopted Topic 842 before the issuance of this Update31, the effective date and transition requirements for the amendments in this Update related to separating components of a contract are the same as the effective date and transition requirements in Update 2016-02. The practical expedient may be elected either in the first reporting period following the issuance of this Update or at the original effective date of Topic 842 for that entity. The practical expedient may be applied either retrospectively or prospectively. Management is currently evaluating the impact of the standard on the financial statements and related disclosure requirements. The Company plans to adopt this guidance on January 12019, ~~2019~~ and ~~will prospectively apply the new lease requirements and recognize a cumulative effect adjustment upon adoption. As part of the adoption~~2018, concentrations ~~the~~(greater ~~Company~~than ~~has~~or ~~elected~~equal to ~~apply~~10% the package of transitional practical expedients under which the Company will not reassess prior conclusions about lease identification, lease classification, and initial direct costs of existing leases as ofa percentage ~~the date~~ of ~~adoption.~~total ~~Under~~equipment ~~Topic~~cost) ~~842, initial direct costs include only those incremental costs~~ of aequipment ~~lease~~leased ~~that~~to ~~would~~lessees ~~not~~in ~~have been incurred if the lease had not been executed. Therefore, only~~ certain ~~costs~~industries ~~that~~were ~~the Company capitalized~~ as ~~initial direct costs under ASC Topic 840~~follows: Leases may be expensed as incurred under Topic 842. The Company expects an immaterial cumulative effect adjustment upon adoption. The Company plans to elect the lessor practical expedient to combine the lease and non-lease components. The Company expects that the lease components are the predominant component in the majority of its leasing arrangements and will account for the combined component as an operating lease under Topic 842. The Company currently does not believe the adoption will significantly affect the timing of the recognition of its combined lease and non-lease components.

In December 2018, the FASB issued Accounting Standards Update 2018-20, Narrow-Scope Improvements for Lessors (“ASU 2018-20”). The new standard includes amendments related to sales taxes and other similar taxes collected from lessees, lessor costs paid by a lessee and recognition of variable payments for contracts with lease and non-lease components. The effective date in this Update is the same as that of ASU 2016-02, which is for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company plans to adopt this guidance on January 1, 2019. The Company expects the adoption of ASU 2018-20 will have an immaterial impact on the Company’s financial statements and disclosures.

In During ~~January~~2019 ~~2016, the FASB issued Accounting Standards Update 2016-01, Financial Instruments — Overall (Subtopic 825-10): Recognition~~ and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”). The new standard provides guidance related to accounting for equity investments and financial liabilities under the fair value option2018, ~~and the presentation and disclosure requirements for financial instruments. ASU 2016-01, among other things, (i) requires equity investments, with~~ certain ~~exceptions,~~lessees togenerated be measured at fair value with changes in fair value recognized in net income, (ii) simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment, (iii) eliminates the requirement for public business entities to disclose the method(s) and significant ~~assumptions~~portions ~~used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet,~~ (~~iv)~~defined ~~requires~~as ~~public~~greater ~~business~~than entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, and (v) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or ~~the~~equal ~~accompanying notes~~ to ~~the~~10%) financial statements. ASU 2016-01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. This guidance is effective for the Company beginning on January 1, 2018. The adoption of ~~ASU~~ 2016-01 did have an impact on its financial statements and disclosures. The Company’s investment securities registered for public sale with readily determinable fair values are measured at fair value with any changes in fair value recognized in the Company’s ~~results~~total ofleasing ~~operations.~~revenues, ~~These~~excluding ~~investments~~gains ~~are~~or ~~valued~~losses ~~based~~ on ~~their~~disposition ~~quoted~~of ~~market prices. The Company elected to record equity investments without readily determinable fair values at cost~~assets, ~~less~~as ~~impairment, and adjusted for changes in observable prices. Any changes in the basis of these equity investments are reported in current earnings.~~ follows:


		Percentage of Total Lease 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%

~~TABLE~~ 4. Equipment OFunder ~~CONTENTS~~operating leases, net:

~~ATEL~~ The ~~CAPITAL~~Company’s ~~EQUIPMENT~~equipment ~~FUND~~under Xoperating leases, ~~LLC~~net ~~NOTES~~consists TOof ~~FINANCIAL~~the ~~STATEMENTS~~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

In During ~~May 2014,~~ the ~~FASB~~respective ~~issued~~years ~~Accounting~~ended ~~Standards~~December ~~Update 2014-09~~31, ~~Revenue~~2019 ~~from~~and ~~Contracts with Customers (“ASU 2014-09”)~~2018, ~~which amends~~ the ~~existing~~Company ~~accounting~~recorded ~~standards~~$281 ~~for~~thousand revenue recognition. ASU 2014-09 is based on principles that govern the recognition of revenue at an amount an entity expects to be entitled when products are transferred to customers. On July 9, 2015, the FASB approved the deferral of the effective date of ASU 2014-09 by one year and in$459 ~~August~~thousand ~~2015, issued Revenue from Contracts with Customers (Topic 606): Deferral~~ of ~~the~~impairment ~~Effective~~losses Date (“ASU 2015-14”). ASU 2015-14 is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 31, 2016, including interim reporting periods within that reporting period. The new revenue standard may be applied retrospectively to ~~each~~reduce ~~prior period presented or retrospectively with~~ the ~~cumulative~~fair ~~effect~~value ~~recognized as~~ of ~~the~~certain ~~date of adoption~~equipment. This guidance was effective for the Company beginning on January 1, 2018. The adoption of ASU 2014-09 did not have a material impact on the Company’s financial statements and disclosures as revenues calculated under the new guidelines were substantially the same as had previously been determined.

3. The ~~Concentration~~Company utilizes a straight line depreciation method for equipment in all of ~~credit~~the ~~risk~~categories currently in its portfolio of operating lease transactions. Depreciation expense on the Company’s equipment was $130 thousand and ~~major~~$522 ~~customers:~~thousand for 2019 and 2018, respectively. IDC amortization expense related to operating leases totaled $3 thousand and $2 thousand for 2019 and 2018, respectively.

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. 26

As ATEL ofCAPITAL ~~December~~EQUIPMENT ~~31,~~FUND ~~2018 and 2017~~X, ~~there were 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:~~ LLC

	Percentage of Total Equipment Cost
Industry	2018			2017
Transportation		35	%		37	%
Wholesale		34	%		21	%
Minerals/Non-metal products		*			13	%

NOTES TO FINANCIAL STATEMENTS

* All ~~Less~~of ~~than~~the ~~10%~~leased property was acquired in the years beginning with 2005 through 2011.

~~During~~ As ~~2018~~of ~~and~~December ~~2017~~31, ~~certain~~2019 ~~lessees~~and ~~generated~~2018, ~~significant~~there ~~portions~~were ~~(defined~~no aslease ~~greater~~contracts ~~than~~placed orin ~~equal~~non-accrual tostatus. ~~10%)~~As of the same dates, the Company’s ~~total~~may ~~leasing~~have ~~revenues,~~had ~~excluding~~certain ~~gains~~other leases that have related accounts receivable aged 90 days or ~~losses~~more that have not been placed on ~~disposition~~non-accrual ofstatus. ~~assets~~In accordance with Company policy, ~~were~~such asreceivables ~~follows:~~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.

			Percentage of Total Lease Revenues
Lessee	Type of Equipment		2018			2017
MRXX-Interstate Commodities		Transportation, rail		16	%		15	%
Interstate Commodities		Transportation, rail		15	%		14	%
Aircraft Service International		Aviation		12	%		14	%
Wal-mart Transportation, LLC		Transportation, other		10	%		10	%

Operating leases:

4. Property ~~Investment~~on inoperating ~~equipment~~leases ~~and~~consisted ~~leases,~~of ~~net~~the following (in thousands):

The Company’s investment in leases consists 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

	BalanceDecember 31,2017		Reclassifications,Additions/Dispositions			Depreciation/AmortizationExpense orAmortizationof Leases			BalanceDecember 31,2018
Net investment in operating leases	$	4,372	$	(161	)	$	(522	)	$	3,689
Assets held for sale or lease, net		2,494		(1,306	)		—			1,188
Initial direct costs, net of accumulated amortization of $3 at December 31, 2018 and $5 at December 31, 2017		9		—			(2	)		7
Total	$	6,875	$	(1,467	)	$	(524	)	$	4,884

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.

25 At December 31, 2019, the aggregate amounts of future minimum lease payments receivable were as follows (in thousands):

TABLE OF CONTENTS


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

~~ATEL CAPITAL EQUIPMENT FUND X, LLC NOTES TO FINANCIAL STATEMENTS~~ 27

4. ATEL ~~Investment~~CAPITAL inEQUIPMENT ~~equipment~~FUND ~~and leases~~X, ~~net: - (continued)~~LLC

~~The~~ NOTES ~~Company~~TO ~~utilizes~~FINANCIAL 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 approximately $522 thousand and $1.0 million for 2018 and 2017, respectively. IDC amortization expense related to operating leases and direct financing leases totaled $2 thousand for both the respective years ended December 31, 2018 and 2017. STATEMENTS

~~All~~ The useful lives for each category of leases is reviewed at a minimum of once per quarter. As of December 31, 2019 and 2018, the ~~leased~~respective ~~property~~useful ~~was~~lives ~~acquired~~of each category of lease assets in the ~~years~~Company’s ~~beginning~~portfolio ~~with~~were ~~2005~~as ~~through~~follows ~~2011.~~ (in years):

As of December 31, 2018 and 2017, 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.


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

~~Operating~~ 5. Allowance ~~leases~~for credit losses:

~~Property~~ The onCompany’s allowance for credit losses totaled $190 thousand and $101 thousand at December 31, 2019 and 2018, respectively. All of such allowance were related to delinquent operating ~~leases~~lease ~~consisted~~receivables. Per ASU 2016-02, the current year credit loss of $89 thousand is netted against operating lease revenues in the ~~following~~statements (of income. The Company had neither financing receivables in ~~thousands):~~non-accrual status nor impaired financing receivables at December 31, 2019 and 2018.

	BalanceDecember 31,2017			Additions			Reclassifications or Dispositions			BalanceDecember 31,2018
Transportation, rail	$	13,719		$	—		$	(1,326	)	$	12,393
Transportation, other		3,491			—			(72	)		3,419
Aircraft		1,988			—			—			1,988
Construction		799			—			(799	)		—
Manufacturing		624			—			—			624
Petro/natural gas		470			—			—			470
Materials handling		402			—			(245	)		157
		21,493			—			(2,442	)		19,051
Less accumulated depreciation		(17,121	)		(522	)		2,281			(15,362	)
Total	$	4,372		$	(522	)	$	(161	)	$	3,689

6. Related party transactions:

The ~~average~~terms ~~estimated~~of ~~residual~~the ~~value~~Operating ~~for~~Agreement ~~assets~~provide onthat ~~operating~~AFS ~~leases~~and/or ~~was~~affiliates ~~21%~~are ~~and~~entitled ~~23%~~to ofreceive ~~the~~certain ~~assets’~~fees ~~original~~for ~~cost~~equipment atmanagement ~~December~~and ~~31,~~resale ~~2018~~ and ~~2017,~~for ~~respectively.~~management of the Company.

At The ~~December~~Operating 31Agreement allows for the reimbursement of costs incurred by AFS in providing administrative services to the Company. Administrative services provided include Company accounting, ~~2018~~finance/treasury, ~~the~~investor ~~aggregate~~relations, ~~amounts~~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 ~~minimum~~costs ~~lease~~to ~~payments~~be ~~receivable~~incurred ~~were~~by asAFS ~~follows~~to ~~(in~~manage ~~thousands):~~the administrative services provided to the Company.

	OperatingLeases
Year Ending December 31, 2019	$	658
2020		350
2021		113
2022		53
2023		12
	$	1,186

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.

26 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.

~~TABLE~~ During OFthe years ~~CONTENTS~~ended December 31, 2019 and 2018, AFS and/or affiliates earned fees and reimbursements, pursuant to the Operating Agreement were as follows (in thousands):

Percentage of Total

Equipment Cost

Transportation


		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

~~4. Investment in equipment and leases, net: - (continued)~~ 28

~~The~~ ATEL ~~useful~~CAPITAL ~~lives~~EQUIPMENT ~~for~~FUND ~~each category of leases is reviewed at a minimum of once per quarter. As of December 31~~X, ~~2018 and 2017, the respective useful lives of each category of lease assets in the Company’s portfolio were as follows (in years):~~ LLC

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

NOTES TO FINANCIAL STATEMENTS

5 The Fund’s Operating Agreement places an annual and cumulative limit for cost reimbursements to AFS and/or its affiliates. ~~Allowance~~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 ~~credit~~the ~~losses:~~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.

~~The Company’s allowance for credit losses totaled $101 thousand and $16 thousand at December 31, 2018 and 2017, respectively~~ 7. All of such allowance were related to delinquent operating lease receivables. The Company had neither financing receivables in non-accrual status nor impaired financing receivables at both December 31, 2018 and 2017. Commitments:

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

~~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~~ 8. Guarantees:

The ~~Operating~~Company ~~Agreement~~enters ~~allows~~into ~~for~~contracts ~~the~~that ~~reimbursement~~contain ofa ~~costs~~variety ~~incurred~~of byindemnifications. ~~AFS~~The ~~in providing administrative services to the~~ Company.’s ~~Administrative~~maximum ~~services~~exposure ~~provided~~under ~~include~~these ~~Company~~arrangements ~~accounting,~~is ~~finance/treasury,~~unknown. ~~investor relations~~However, ~~legal~~the ~~counsel~~Company ~~and~~has ~~lease and equipment documentation. AFS is~~ not ~~reimbursed~~had ~~for~~prior ~~services~~claims ~~whereby~~or itlosses ispursuant ~~entitled~~ to ~~receive~~these acontracts ~~separate~~and ~~fee~~expects asthe ~~compensation~~risk ~~for such services, such as management~~ of ~~equipment.~~loss ~~The Company will be liable for certain future costs~~ to be ~~incurred by AFS to manage the administrative services provided to the Company~~remote.

~~Each~~ The Managing Member knows of ~~ATEL~~no ~~Leasing~~facts ~~Corporation~~or ~~(“ALC”)~~circumstances ~~and~~that ~~AFS~~would ismake athe ~~wholly-owned~~Company’s ~~subsidiary~~contractual ofcommitments ~~ATEL~~outside ~~Capital~~standard ~~Group~~mutual ~~and~~covenants ~~performs~~applicable ~~services~~to ~~for~~commercial transactions between businesses. Accordingly, the Company. ~~Acquisition~~believes ~~services,~~that ~~equipment~~these ~~management,~~indemnification ~~lease~~obligations ~~administration~~are ~~and~~made ~~asset~~in ~~disposition~~the ~~services~~ordinary ~~are~~course ~~performed~~of bybusiness ~~ALC;~~as ~~investor~~part ~~relations,~~of ~~communications~~standard ~~services~~commercial and ~~general~~industry ~~administrative~~practice, ~~services~~and ~~for~~that any potential liability under the Company’s ~~are~~similar ~~performed~~commitments byis ~~AFS~~remote. Should any such indemnification obligation become payable, the Company would separately record and/or disclose such liability in accordance with GAAP.

~~Cost reimbursements to the Managing Member are based on its costs incurred in performing administrative services for the Company~~ 9. Members’ ~~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~~ Units ~~the~~issued ~~years~~and ~~ended~~outstanding were 13,971,486 at both December 31, ~~2018~~2019 and ~~2017,~~2018. ~~AFS~~The ~~and/or~~Company ~~affiliates~~was ~~earned~~authorized ~~fees~~to ~~and~~issue ~~reimbursements~~up to 15,000,000 ~~pursuant~~Units in addition to the ~~Operating~~Units ~~Agreement~~issued ~~were~~to asthe ~~follows~~initial members (in50 ~~thousands~~Units):. The Company ceased offering Units on March 11, 2005.

	2018		2017
Costs reimbursed to Managing Member and/or affiliates	$	396	$	537
Asset management fees to Managing Member and/or affiliates		130		116
	$	526	$	653

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.

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 29

27 ATEL CAPITAL EQUIPMENT FUND X, LLC

~~TABLE~~ NOTES OFTO ~~CONTENTS~~FINANCIAL STATEMENTS

~~ATEL~~ As ~~CAPITAL~~defined ~~EQUIPMENT~~in ~~FUND~~the XOperating Agreement, ~~LLC~~the ~~NOTES~~Company’s TONet ~~FINANCIAL~~Income, ~~STATEMENTS~~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 2019 and 2018. The amounts allocated were determined to bring AFS’s ending capital account balance to zero at the end of each year.

6. Distributions ~~Related~~to ~~party~~the ~~transactions:~~Other -Members were as follows (~~continued~~in thousands, except as to Units and per Unit data):

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, 2018 and 2017, the Company has not exceeded the annual and/or cumulative limitations discussed above.


	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

7 10. Fair ~~Non-recourse~~value ~~debt~~measurements:

At Under ~~December~~applicable ~~31,~~accounting ~~2018~~standards, fair value is defined as the ~~Company’s~~exchange ~~outstanding~~price ~~non-recourse~~that ~~debt~~would ~~had~~be ~~been~~received ~~fully~~for an asset or paid. to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.

At Fair ~~December~~value ~~31,~~measurements ~~2017,~~and ~~non-recourse~~disclosures ~~debt~~are ~~consisted~~based ofon a ~~note~~fair ~~payable~~value tohierarchy ~~financial~~as ~~institutions.~~determined ~~The~~by ~~note~~significant ~~was~~inputs ~~due~~used into ~~monthly~~measure ~~installments.~~fair ~~Interest on the note was at a fixed rate of 1~~value.~~97%.~~ The ~~note~~three ~~was~~levels ~~secured by assignments~~ of ~~lease~~inputs ~~payments~~within ~~and pledges of assets. At December 31, 2017, gross operating lease rentals totaled approximately $83 thousand over~~ the ~~remaining~~fair ~~lease terms; and the carrying~~ value ofhierarchy ~~the~~are ~~pledged~~defined ~~assets~~as ~~was $417 thousand. The note matured in 2018.~~ follows:

~~The~~ Level 1 – ~~non-recourse~~Quoted ~~debt~~prices ~~did~~in ~~not~~active ~~contain~~markets ~~any~~for ~~material~~identical ~~financial~~assets ~~covenants.~~or ~~The debt was secured by a specific lien granted by the Company to the non-recourse lenders on (and only on) the discounted lease transactions~~liabilities. ~~The~~An ~~lenders~~active ~~had~~market ~~recourse~~for ~~only to~~ the ~~following~~asset ~~collateral:~~or ~~the~~liability leased equipment; the related lease chattel paper; the lease receivables; and proceeds of the foregoing items. The non-recourse obligation was payable solely out of the respective specific security and the Company did not guarantee (nor is ~~the~~a ~~Company~~market ~~otherwise~~in ~~contractually~~which ~~responsible~~transactions for) the ~~payment~~asset ~~of the non-recourse debt as a general obligation~~ or ~~liability~~ ~~of the Company. Although the Company did not have any direct or general~~ liability inoccur ~~connection~~ with ~~the~~sufficient ~~non-recourse~~frequency ~~debt apart from the security granted, the Company was directly~~ and ~~generally~~volume ~~liable and responsible for certain representations, warranties, and covenants made~~ to ~~the~~provide ~~lenders,~~pricing ~~such~~information ason ~~warranties~~an asongoing ~~to genuineness of the transaction parties’ signatures~~basis, asgenerally toon ~~the genuineness of the respective lease chattel paper or the transaction as~~ a ~~whole,~~national or as to the Company’s good title to or perfected interest in the secured collateral, as well as similar representations, warranties and covenants typically provided by non-recourse borrowers and customary in the equipment finance industry, and were viewed by such industry as being consistent with non-recourse discount financing obligationsexchange. ~~Accordingly, as there were no financial covenants or ratios imposed on the Company in connection with the non-recourse debt, the Company had determined that there were no~~ ~~material covenants with respect to the non-recourse debt that warrant footnote disclosure.~~

8. Level 2 – ~~Commitments:~~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.

At Level 3 – ~~December~~Valuation ~~31,~~is ~~2018,~~modeled using significant inputs that are unobservable in the ~~Company~~market. ~~had~~These nounobservable ~~commitments~~inputs toreflect ~~purchase~~the ~~lease~~Company’s ~~assets~~own orestimates ~~fund~~of ~~investments~~assumptions that market participants would use in ~~notes~~pricing ~~receivable.~~the asset or liability.

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

The Company’s ~~enters~~valuation ~~into~~policy ~~contracts~~is ~~that~~determined ~~contain~~by amembers ~~variety~~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 ~~indemnifications~~collateral and/or other valuation techniques. ~~The~~These techniques are significantly affected by certain of the Company’s ~~maximum~~assumptions, ~~exposure~~including ~~under~~discount ~~these~~rates ~~arrangements~~and isestimates ~~unknown~~of future cash flows. ~~However,~~Potential taxes and other transaction costs are not considered in estimating fair values. As the Company ~~has~~is ~~not~~responsible ~~had~~for ~~prior~~determining ~~claims~~fair orvalue, ~~losses~~an ~~pursuant~~analysis tois ~~these~~performed ~~contracts~~on prices obtained from third parties. Such analysis is performed by asset management and ~~expects~~credit department personnel who are familiar with the ~~risk~~Company’s investments in equipment, notes receivable and equity securities of ~~loss~~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 bemultiple ~~remote.~~representative sources.

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. 30

~~10.~~ ATEL ~~Members’~~CAPITAL ~~capital:~~EQUIPMENT FUND X, LLC

~~Units~~ NOTES ~~issued~~TO ~~and~~FINANCIAL outstanding were 13,971,486 at both December 31, 2018 and 2017. 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. STATEMENTS

28 Such fair value adjustments utilized the following methodology:

~~TABLE~~ Investment OFin ~~CONTENTS~~securities (recurring)

~~ATEL~~ The ~~CAPITAL~~Company’s ~~EQUIPMENT~~investment ~~FUND~~in Xsecurities 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, ~~LLC~~2019, ~~NOTES~~the TOcalculated ~~FINANCIAL~~fair ~~STATEMENTS~~value of these investments in securities were deemed nominal.

10 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. ~~Members~~Fair value estimates, methods and assumptions, set forth below for the Company’s ~~capital:~~financial -instruments, ~~(continued)~~are made solely to comply with the requirements of the Financial Instruments Topic and should be read in conjunction with the Company’s financial statements and related notes.

The Company has ~~the~~determined ~~right, exercisable at~~ the ~~Managing~~estimated ~~Member’s~~fair ~~discretion,~~value ~~but~~amounts ~~not~~by ~~the~~using ~~obligation,~~market toinformation 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~~valuation ~~Limited~~methodologies ~~Liability~~that ~~Company Operating Agreement. The repurchase would be at the discretion of the Managing Member’s on terms~~ it ~~determines~~considers ~~to be~~ appropriate ~~under~~and ~~given~~consistent ~~circumstances,~~with in the ~~event~~ ~~that~~fair ~~the~~value ~~Managing~~accounting ~~Member’s~~guidance. ~~deems~~Considerable ~~such~~judgment ~~repurchase to be in the best interest of the Company; provided, the Company~~ is ~~never~~ required to ~~repurchase~~interpret ~~any~~market ~~Units.~~data ~~Upon~~to develop the ~~repurchase~~estimates of ~~any~~fair ~~Units by the Fund, the tendered Units are cancelled~~value. ~~Units~~The ~~repurchased~~use 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~~different ~~preceding~~market ~~quarter,~~assumptions and ~~are not deemed to be outstanding during,~~ /or ~~entitled~~estimation tomethodologies ~~allocations~~may ofhave ~~net~~a ~~income,~~material ~~net~~effect ~~loss~~on ~~or distributions for~~ the ~~quarter~~estimated infair ~~which~~value ~~such repurchase occurs~~amounts.

As Cash ~~defined in the Operating Agreement, the Company’s Net Income, Net Losses,~~ and ~~Distributions~~cash 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 2018 and 2017. The amounts allocated were determined to bring AFS’s ending capital account balance to zero at the end of each year. equivalents

~~Distributions~~ The torecorded amounts of the ~~Other~~Company’s ~~Members~~cash ~~were~~and ascash ~~follows~~equivalents ~~(in~~approximate ~~thousands,~~fair ~~except~~value asbecause toof ~~Units~~the liquidity and ~~per~~short-term ~~Unit~~maturity ~~data):~~of these instruments.

	2018		2017
Distributions declared	$	3,284	$	6,287
Weighted average number of Units outstanding		13,971,486		13,971,486
Weighted average distributions per Unit	$	0.24	$	0.45

Commitments and Contingencies

~~11.~~ Management ~~Fair~~has determined that no recognition for the fair value ~~measurements:~~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.

~~Under~~ The ~~applicable accounting standards,~~ fair value isof ~~defined~~contingent asliabilities ~~the exchange price that would be received for an asset~~ (or ~~paid~~guarantees) tois ~~transfer~~not aconsidered ~~liability~~material ~~(an~~because ~~exit~~management ~~price)~~believes inthere ~~the~~has ~~principal~~been orno ~~most~~event ~~advantageous~~that ~~market~~has ~~for~~occurred ~~the~~wherein ~~asset~~a orguarantee liability inhas anbeen ~~orderly~~incurred ~~transaction~~or ~~between~~will ~~market~~likely ~~participants~~be ~~on the measurement date~~incurred.

~~Fair~~ The ~~value~~following ~~measurements~~tables ~~and~~present ~~disclosures~~a ~~are~~summary ~~based~~of onthe acarrying ~~fair~~ value ~~hierarchy~~and asfair ~~determined~~value by ~~significant~~level ~~inputs~~of ~~used~~financial toinstruments ~~measure~~on ~~fair~~the ~~value.~~Company’s ~~The~~balance ~~three~~sheet ~~levels~~at ofDecember ~~inputs~~31, ~~within~~2019 and ~~the~~2018 ~~fair~~(in ~~value hierarchy are defined as follows~~thousands):

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.


	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

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.


	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

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. 31

~~The~~ ATEL ~~Company~~CAPITAL ~~had~~EQUIPMENT noFUND ~~warrants at December 31~~X, ~~2018. At December 31, 2017, only the Company’s warrants were measured on a recurring basis.~~ LLC

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~~ NOTES ~~rates~~TO ~~and~~FINANCIAL 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 STATEMENTS

29 11. Subsequent Events:

~~TABLE~~ Subsequent OFto ~~CONTENTS~~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.

~~ATEL CAPITAL EQUIPMENT FUND X, LLC NOTES TO FINANCIAL STATEMENTS~~ 32

11 Item 9. CHANGES ~~Fair~~IN ~~value~~AND ~~measurements:~~DISAGREEMENTS -WITH ~~(continued)~~ACCOUNTANTS ON ACCOUNTING AND

~~and~~ FINANCIAL 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. DISCLOSURES

~~Such fair value adjustments utilized the following methodology:~~ None.

~~Warrants~~ Item 9A. ~~(recurring)~~CONTROLS AND PROCEDURES

~~Warrants~~ Evaluation ~~owned by the Company are not registered for public sale, but are considered derivatives and are carried on the balance sheet at an estimated fair value at the end~~ of ~~the~~disclosure ~~period.~~controls ~~The valuation of the warrants was determined using a Black-Scholes formulation of value based upon the stock price(s), the exercise price(s), the volatility of comparable venture companies,~~ and a risk free interest rate for the term(s) of the warrant exercise(s). As of December 31, 2018, the Company had no warrants. As of December 31, 2017, the calculated fair values of the Company's warrant portfolio were deemed nominal. procedures

~~Investment~~ 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 ~~securities~~Exchange Act Rule 13a‑15(~~recurring~~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’s ~~investment~~does innot ~~securities~~control ~~registered~~the ~~for~~financial ~~public~~reporting ~~sale~~process, ~~that~~and ~~have~~is ~~readily~~solely ~~determinable~~dependent ~~fair~~on ~~values~~the ~~are~~Management ~~measured~~of atthe ~~fair~~Managing ~~value~~Member, who is responsible for providing the Company with ~~any~~financial ~~changes~~statements in ~~fair~~accordance ~~value~~with ~~recognized~~generally accepted accounting principles in the ~~Company~~United States. The Managing Member’s ~~results~~disclosure ofcontrols ~~operations.~~and ~~The~~procedures, as they are applicable to the Company’s, ~~investments~~means incontrols ~~publicly~~and ~~traded~~other ~~investment~~procedures ~~securities~~of an issuer that are ~~valued~~designed ~~based~~to onensure ~~their~~that ~~quoted~~information ~~market~~required ~~prices~~to be disclosed by the issuer in the reports that it files or submits under the Act (15 U.S.C. At78a ~~December~~et 31seq.) is recorded, ~~2018~~processed, summarized and reported, within the ~~calculated~~time ~~fair~~periods ~~value~~specified ofin ~~these~~the ~~investments~~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 ~~securities~~the ~~were~~reports ~~deemed~~that ~~nominal.~~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.

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 Management’s ~~financial~~Annual ~~instruments,~~Report ~~are~~on ~~made~~Internal ~~solely~~Control toover ~~comply with the requirements of the~~ Financial ~~Instruments Topic and should be read in conjunction with the Company’s financial statements and related notes.~~ Reporting

The ~~Company~~Management ~~has~~of ~~determined~~ the ~~estimated~~Managing ~~fair~~Member ~~value~~is ~~amounts~~responsible byfor ~~using~~establishing ~~market~~and ~~information~~maintaining ~~and~~adequate ~~valuation~~internal ~~methodologies~~control over financial reporting as that itterm ~~considers~~is ~~appropriate~~defined ~~and~~in ~~consistent~~Exchange ~~with~~Act Rule 13a‑15(f) for the ~~fair~~Company, ~~value~~and ~~accounting~~for ~~guidance.~~performing ~~Considerable~~an ~~judgment~~assessment isof ~~required~~the toeffectiveness ~~interpret~~of ~~market~~internal ~~data~~control toover ~~develop~~financial ~~the~~reporting ~~estimates~~as of ~~fair~~December ~~value~~31, 2019. The ~~use~~internal control process of ~~different~~the ~~market~~Managing ~~assumptions~~Member, ~~and/or~~as ~~estimation~~it ~~methodologies~~is ~~may~~applicable ~~have~~to athe ~~material~~Company, ~~effect~~was ondesigned to provide reasonable assurance to Management regarding the ~~estimated~~preparation and fair ~~value~~presentation ~~amounts.~~of published financial statements, and includes those policies and procedures that:

~~Cash~~(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 ~~cash~~that ~~equivalents~~the Company’s receipts and expenditures are being made only in accordance with authorization of the Management of the Managing Member; and

~~The~~(2) ~~recorded~~Provide ~~amounts~~reasonable ofassurance ~~the~~regarding ~~Company’s~~prevention ~~cash~~or ~~and~~timely ~~cash~~detection ~~equivalents~~of ~~approximate~~unauthorized ~~fair~~acquisition, ~~value~~use ~~because~~or disposition of the ~~liquidity~~Company’s ~~and~~assets ~~short-term~~that ~~maturity~~could ofhave ~~these~~a ~~instruments.~~material effect on the financial statements.

~~Non-recourse~~ All ~~debt~~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.

~~The fair value of the Company’s non-recourse debt is estimated using discounted cash flow analyses, based upon current market borrowing rates for similar types of borrowing arrangements.~~ 33

~~Commitments~~ Management ~~and~~of ~~Contingencies~~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.

~~Management~~ This ~~has~~annual ~~determined~~report ~~that~~does nonot ~~recognition~~include ~~for~~an ~~the~~audit ~~fair~~report ~~value~~ of the Company’s ~~loan~~independent ~~commitments~~registered ispublic ~~necessary~~

Filing Compare · ATEL CAPITAL EQUIPMENT FUND X LLC