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

                                    FORM 10-Q

[x] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934 for the quarter ended           September 30, 2006
                                 -----------------------------------------------

[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934 for the transition period from to


Commission File Number                               000-50654
                       ---------------------------------------------------------


                           ICON Income Fund Ten, LLC
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)

            Delaware                             35-2193184
--------------------------------------------------------------------------------
(State or other jurisdiction of             (IRS Employer Identification Number)
incorporation or organization)

100 Fifth Avenue, 4th Floor, New York, New York                  10011-1505
--------------------------------------------------------------------------------
(Address of principal executive offices)                          (Zip code)

Registrant's telephone number, including area code            (212) 418-4700
                                                  ------------------------------

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

Indicate by check mark whether the registrant is a large  accelerated  filer, an
accelerated  filer or a  non-accelerated  filer.  See definition of "accelerated
filer and large  accelerated  filer" in Rule 12b-2 of the  Exchange  Act.  Large
accelerated filer [ ] Accelerated filer [ ] Non-accelerated filer [x]

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

Number of  outstanding  limited  liability  company  shares of the registrant on
November 1, 2006 is 148,730.


<PAGE>

                            ICON Income Fund Ten, LLC
                                Table of Contents

<TABLE>
<CAPTION>

<S>                                                                                     <C>

PART I - FINANCIAL INFORMATION                                                          Page

     Item 1.  Condensed Consolidated Financial Statements

         Condensed Consolidated Balance Sheets at September 30, 2006 (Unaudited)
           and December 31, 2005                                                          1

         Condensed Consolidated Statements of Operations for the Three and Nine Months
           Ended September 30, 2006 and 2005 (Unaudited)                                  3

         Condensed Consolidated Statement of Changes in Members' Equity for the
           the Nine Months Ended September  30, 2006 (Unaudited)                          4

         Condensed Consolidated Statements of Cash Flows for the Nine Months
           Ended September 30, 2006 and 2005 (Unaudited)                                  5

         Notes to Condensed Consolidated Financial Statements (Unaudited)                 7

     Item 2. Manager's Discussion and Analysis of Financial Condition and
              Results of Operations                                                      16

     Item 3. Quantitative and Qualitative Disclosures about Market Risk                  23

     Item 4. Controls and Procedures                                                     24

PART II - OTHER INFORMATION

     Item 1. Legal Proceedings                                                           24

     Item 1A.  Risk Factors                                                              24

     Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds                25

     Item 3.  Defaults Upon Senior Securities                                            26

     Item 4.  Submission of Matters to a Vote of Security Holders                        26

     Item 5.  Other Information                                                          26

     Item 6.  Exhibits                                                                   26

     Signatures                                                                          26

</TABLE>

<PAGE>

                         PART I - FINANCIAL INFORMATION

Item 1.  Condensed Consolidated Financial Statements

                            ICON Income Fund Ten, LLC
                     (A Delaware Limited Liability Company)
                      Condensed Consolidated Balance Sheets


                                     ASSETS


                                                 (Unaudited)
                                                 September 30,     December 31,
                                                    2006              2005
                                                 ------------      -----------
 Cash and cash equivalents                       $  6,960,140     $ 24,178,852
                                                 ------------     ------------

 Investments in finance leases:
      Minimum rents receivable                     22,863,669                -
      Estimated unguaranteed residual values        2,065,218                -
      Unearned income                             (11,081,036)               -
      Initial direct costs, net                       185,077                -
                                                 ------------     ------------

      Net investments in finance leases            14,032,928                -
                                                 ------------     ------------

 Investments in operating leases:
      Equipment, at cost                          143,915,886      138,721,933
      Accumulated depreciation                    (39,974,407)     (25,710,754)
                                                 ------------     ------------

      Net investments in operating leases         103,941,479      113,011,179
                                                 ------------     ------------

 Investments in joint ventures                     17,192,976       16,194,641
 Investment in unguaranteed residual values         2,513,579        2,506,935
 Equipment held for sale or lease, net                 17,500        2,323,428
 Prepaid service fees, net                          1,702,594        4,292,093
 Escrow deposits                                    1,464,000        3,747,886
 Interest rate swap contracts                         869,295          997,977
 Due from Manager and affiliates                       15,025           12,019
 Other assets, net                                  2,675,606        1,921,084
                                                 ------------     ------------

         Total assets                            $151,385,122     $169,186,094
                                                 ============     ============
See accompanying notes to condensed consolidated financial statements.

                                       1
<PAGE>

                            ICON Income Fund Ten, LLC
                     (A Delaware Limited Liability Company)
                      Condensed Consolidated Balance Sheets


                         LIABILITIES AND MEMBERS' EQUITY


<TABLE>
<CAPTION>
                                                                     (Unaudited)
                                                                    September 30,    December 31,
                                                                        2006            2005
                                                                    ------------     ------------
<S>                                                                 <C>              <C>
 Notes payable - non-recourse                                       $ 49,519,847     $ 60,474,288
 Security deposits and other liabilities                               2,171,235        1,202,270
 Deferred rental income                                                1,133,894        1,299,510
 Due to Manager and affiliates                                           230,165                -
 Minority interest                                                     2,438,502          760,622
                                                                    ------------     ------------

      Total liabilities                                               55,493,643       63,736,690
                                                                    ------------     ------------



 Members' equity:
      Manager (one share outstanding, $1,000 per share
        original issue price)                                           (368,405)        (252,770)
      Additional Members (148,752 and 149,174 shares outstanding,
         $1,000 per share original issue price)                       93,900,046      105,724,368
      Accumulated other comprehensive income (loss)                    2,359,838          (22,194)
                                                                    ------------     ------------

      Total members' equity                                           95,891,479      105,449,404
                                                                    ------------     ------------

      Total liabilities and members' equity                         $151,385,122     $169,186,094
                                                                    ============     ============

</TABLE>

See accompanying notes to condensed consolidated financial statements.

                                       2
<PAGE>

                            ICON Income Fund Ten, LLC
                     (A Delaware Limited Liability Company)
                 Condensed Consolidated Statements of Operations
                                   (Unaudited)

<TABLE>
<CAPTION>

                                                           Three Months Ended September 30,  Nine Months Ended September 30,
                                                           --------------------------------  -------------------------------
                                                                2006             2005              2006             2005
                                                            -----------       -----------     -----------      -----------
<S>                                                         <C>               <C>             <C>              <C>
 Revenue:
      Rental income                                         $ 6,292,705       $ 6,250,614     $19,695,208      $18,072,931
      Finance income                                            660,761                 -         660,761                -
      Income from investments in joint ventures                 411,571            10,602       1,113,756           41,562
      Net (loss) gain on sales of equipment                     (26,668)            3,682         (30,364)           3,682
      Realized gain on foreign currency transactions                  -                -           26,713               -
      Interest and other income                                 127,139           177,929         442,947          292,296
                                                            -----------         ---------     -----------      -----------

         Total revenue                                        7,465,508         6,442,827      21,909,021       18,410,471
                                                            -----------       -----------     -----------      -----------

 Expenses:
      Depreciation and amortization                           5,944,842         5,805,751      18,541,678       17,067,675
      Interest                                                  688,969           882,206       2,253,406        2,767,166
      Impairment loss                                           440,928                 -         440,928                -
      Management fees - Manager                                 521,492           440,747       1,418,902        1,203,831
      Administrative expense reimbursements - Manager           251,041           175,092         755,802          726,559
      General and administrative                                 45,264            34,065         325,342          299,752
      Minority interest                                          10,254            11,095          31,890           33,283
                                                            -----------       -----------     -----------      -----------

         Total expenses                                       7,902,790         7,348,956      23,767,948       22,098,266
                                                            -----------       -----------     -----------      -----------

 Net loss                                                   $  (437,282)      $  (906,129)    $(1,858,927)     $(3,687,795)
                                                            ===========       ===========     ===========      ===========

 Net loss allocable to:
      Additional Members                                    $  (432,909)      $  (897,068)    $(1,840,338)     $(3,650,917)
      Manager                                                    (4,373)           (9,061)        (18,859)         (36,878)
                                                            -----------       -----------     -----------      -----------

                                                            $  (437,282)      $  (906,129)    $(1,858,927)     $(3,687,795)
                                                            ===========       ===========     ===========      ===========

 Weighted average number of additional
      member shares outstanding                                 148,811           149,358         148,930          141,414
                                                            ===========       ===========     ===========      ===========

 Net loss per weighted average additional
      member share outstanding                              $     (2.91)      $     (6.01)    $    (12.36)     $    (25.82)
                                                            ===========       ===========     ===========      ===========

</TABLE>

See accompanying notes to condensed consolidated financial statements.

                                       3
<PAGE>

                            ICON Income Fund Ten, LLC
                     (A Delaware Limited Liability Company)
         Condensed Consolidated Statement of Changes in Members' Equity
                      Nine Months Ended September 30, 2006
                                   (Unaudited)



<TABLE>
<CAPTION>
                                                                                                 Accumulated
                                                                                                    Other              Total
                                            Additional         Additional                       Comprehensive          Members'
                                           Member Shares        Members           Manager         Income (Loss)        Equity
                                           -------------      -------------     -------------   --------------    --------------


<S>                                        <C>                <C>               <C>              <C>              <C>
 Balance at January 1, 2006                     149,174       $ 105,724,368     $   (252,770)    $    (22,194)    $ 105,449,404
 Additional member shares redeemed                 (422)           (376,417)               -                -          (376,417)
 Cash distributions to members                        -          (9,607,567)         (97,046)               -        (9,704,613)
 Change in valuation of interest rate
      swap contracts                                  -                   -                -         (128,682)         (128,682)
 Change in valuation of warrants held
      by a joint venture                              -                   -                -          543,803           543,803
 Foreign currency translation adjustments             -                   -                -        1,966,911         1,966,911
 Net loss                                             -          (1,840,338)         (18,589)               -        (1,858,927)
                                            -----------       -------------     ------------     ------------     -------------

 Balance, September 30, 2006                    148,752       $  93,900,046     $   (368,405)    $  2,359,838     $  95,891,479
                                            ===========       =============     ============     ============     =============

</TABLE>

See accompanying notes to condensed consolidated financial statements.

                                       4
<PAGE>
                            ICON Income Fund Ten, LLC
                     (A Delaware Limited Liability Company)
                 Condensed Consolidated Statements of Cash Flows
                         Nine Months Ended September 30,
                                   (Unaudited)

<TABLE>
<CAPTION>
 Increase (decrease) in cash and cash equivalents                           2006               2005
                                                                        ------------      --------------
 <S>                                                                     <C>                <C>
Cash flows from operating activities:
      Net loss                                                          $ (1,858,927)     $   (3,687,795)
      Adjustments to reconcile net loss to net cash
          provided by operating activities:
            Rental income paid directly to lenders by lessees            (13,176,000)        (12,964,533)
            Income from investment in joint ventures                      (1,113,756)            (41,562)
            Financing income                                                (660,761)                  -
            Net loss (gain) on sales of equipment                             30,364              (3,682)
            Realized gain on foreign currency transactions                   (26,713)                  -
            Impairment loss                                                  440,928
            Depreciation and amortization                                 18,541,678          17,068,769
            Interest expense on non-recourse financing paid directly
               to lenders by lessees                                       2,221,559           2,771,666
            Minority interest                                                 31,890              33,283
         Changes in operating assets and liabilities:
            Collection of principal - non-financed receivables               583,417                   -
            Due from/to Manager and affiliates, net                           95,232             (57,804)
            Other assets                                                    (450,514)           (108,337)
            Security deposits and other liabilities                          920,204             467,000
            Deferred rental income                                          (165,616)           (289,317)
                                                                        ------------      --------------

 Net cash provided by operating activities                                 5,412,985           3,187,688
                                                                        ------------      --------------
 Cash flows from investing activities:
      Investments in leased assets, net of security deposits assumed     (17,894,411)         (6,855,520)
      Investments in unguaranteed residual values                           (782,177)         (2,843,411)
      Proceeds from sales of equipment and unguaranteed residual values    2,580,117              25,584
      Distributions received from joint ventures                           1,324,900                   -
      Distributions paid to minority interest holders in joint ventures     (354,010)           (239,636)
      Escrow deposits made                                                         -            (421,143)
      Cash transferred from escrow account                                   733,792                   -
      Due from Manager and affiliates, net                                         -             574,725
      Prepaid service fees paid                                                    -          (2,666,122)
      Minority interest contribution in joint venture                      2,000,000                   -
                                                                        ------------      --------------

 Net cash used in investing activities                                   (12,391,789)        (12,425,523)
                                                                        ------------      --------------
 Cash flows from financing activities:
      Cash received from issuance of additional members shares,
         net of sales and offering expenses paid                                   -          36,300,274
      Due to Manager and affiliates, net                                           -            (41,826)
      Cash distributions paid to members                                  (9,704,613)         (8,879,290)
      Cash paid for additional member shares redeemed                       (376,417)           (557,227)
      Financing fees paid                                                          -             (26,250)
      Additional member refunds paid                                               -                   -
                                                                        ------------      --------------

 Net cash (used in) provided by financing activities                     (10,081,030)         26,795,681
                                                                        ------------      --------------

 Effects of exchange rates on cash and cash equivalents                     (158,878)           (614,200)
                                                                        ------------      --------------
 Net (decrease) increase in cash and cash equivalents                    (17,218,712)         16,943,646
 Cash and cash equivalents, beginning of the period                       24,178,852          25,006,190
                                                                        ------------      --------------

 Cash and cash equivalents, end of the period                           $  6,960,140      $   41,949,836
                                                                        ============      ==============

</TABLE>
See accompanying notes to condensed consolidated financial statements.

                                       5
<PAGE>
                            ICON Income Fund Ten, LLC
                     (A Delaware Limited Liability Company)
                 Condensed Consolidated Statements of Cash Flows
                         Nine Months Ended September 30,
                                   (Unaudited)



<TABLE>
<CAPTION>
                                                                                         2006             2005
                                                                                     ------------     ------------
<S>                                                                                  <C>              <C>
 Supplemental disclosure of cash flow information:
      Cash paid during the period for interest                                       $          -     $          -
                                                                                     ============     ============

 Supplemental disclosure of non-cash investing and financing activities:
      Non-cash portion of equipment purchased with non-recourse debt                 $          -     $ 26,150,000
                                                                                     ============     ============
      Principal and interest paid on non-recourse notes payable
         paid directly to lenders by lessees                                         $ 13,176,000     $ 12,964,553
                                                                                     ============     ============
      Transfer from escrow deposits to investments in lease assets                   $  1,599,797     $          -
                                                                                     ============     ============
      Transfer from investments in unguaranteed residual values to
         investments in lease assets                                                 $    382,209     $    310,275
                                                                                     ============     ============
      Transfer from investment in operating leases to
         investments in financing leases                                             $ 13,695,359     $          -
                                                                                     ============     ============

</TABLE>

See accompanying notes to condensed consolidated financial statements.

                                       6
<PAGE>
                            ICON Income Fund Ten, LLC
                     (A Delaware Limited Liability Company)
              Notes To Condensed Consolidated Financial Statements
                               September 30, 2006
                                   (Unaudited)

(1)    Basis of Presentation and Consolidation

     The accompanying condensed consolidated financial statements of ICON Income
Fund Ten,  LLC (the "LLC")  have been  prepared in  accordance  with  accounting
principles  generally  accepted  in the  United  States of America  for  interim
financial  information  and  pursuant  to  the  rules  and  regulations  of  the
Securities  and  Exchange   Commission  for  Quarterly  Reports  on  Form  10-Q.
Accordingly,  they do not include all of the information and footnotes  required
by accounting  principles generally accepted in the United States of America for
complete financial  statements.  In the opinion of the Manager,  all adjustments
(consisting only of normal recurring accruals)  considered  necessary for a fair
presentation  have  been  included.   These  condensed   consolidated  financial
statements  should be read together with the consolidated  financial  statements
and notes  included in the LLC's  Annual  Report on Form 10-K for the year ended
December  31,  2005.  The  results for the  interim  period are not  necessarily
indicative of the results for the full year.

     The condensed consolidated financial statements include the accounts of the
LLC  and  its  majority  owned  subsidiaries.   All  intercompany  accounts  and
transactions have been eliminated in consolidation.

     The LLC accounts for its  noncontrolling  interests in joint ventures where
the LLC has influence on financial and operational  matters,  generally  greater
than 5% but less  than 50%  ownership  interest,  under  the  equity  method  of
accounting.  In such cases, the LLC's original  investments are recorded at cost
and  adjusted  for its share of  earnings,  losses  and  distributions.  The LLC
accounts  for  investments  in joint  ventures  where the LLC has  virtually  no
influence  over  financial  and  operational  matters  using the cost  method of
accounting.  In such cases, the LLC's original  investments are recorded at cost
and any  distributions  received  are recorded to  operations.  All of the LLC's
investments in joint ventures are subject to its impairment review policies.

     In joint ventures  where the LLC's  ownership  interest is majority  owned,
minority  interest  represents the minority owner's  proportionate  share of its
equity in the joint venture.  The minority interest is adjusted for the minority
owner's share of the earnings, losses and distributions of the joint venture.

(2)    Organization

     The LLC was  formed on  January  2, 2003 as a  Delaware  limited  liability
company.  The LLC is engaged in one business segment,  the business of acquiring
equipment subject to leases, and to a lesser degree,  acquiring ownership rights
to items of leased  equipment at lease  expiration.  The LLC will continue until
December 31, 2023, unless terminated sooner.

     The Manager of the LLC is ICON Capital Corp. (the "Manager"), a Connecticut
corporation.  The  Manager  manages and  controls  the LLC's  business  affairs,
including,  but not limited to, the equipment leases and financing  transactions
under the terms of the limited  liability company agreement of the LLC (the "LLC
Agreement"). Additionally, the Manager has a 1% interest in the profits, losses,
cash distributions and liquidation proceeds of the LLC.

     The LLC  invested  most of the net  proceeds  from its offering in items of
equipment that are subject to a lease. After the net offering proceeds have been
invested,  it is anticipated  that additional  investments will be made with the
cash generated from the LLC's initial investments to the extent that cash is not
needed for expenses,  reserves and  distributions to members.  The investment in
additional   equipment  in  this  manner  is  called   "reinvestment."  The  LLC
anticipates  purchasing  equipment from time to time for  approximately the next


                                       7
<PAGE>


                            ICON Income Fund Ten, LLC
                     (A Delaware Limited Liability Company)
              Notes To Condensed Consolidated Financial Statements
                               September 30, 2006
                                   (Unaudited)

(2)    Organization - continued

four years. This time frame is called the "operating  period," which the Manager
may extend,  at its  discretion,  up to an  additional  three  years.  After the
operating  period,  the LLC will then sell its assets in the ordinary  course of
business during a time frame called the "liquidation period."

     Members'   capital   accounts  are  increased  for  their  initial  capital
contribution plus their  proportionate  share of earnings and decreased by their
proportionate  share  of  losses  and  distributions.   Profits,   losses,  cash
distributions  and  liquidation  proceeds are  allocated  99% to the  additional
members and 1% to the Manager  until each  additional  member has received  cash
distributions  and  liquidation  proceeds  sufficient  to reduce their  adjusted
capital  contribution  account  to  zero  and  received,   in  addition,   other
distributions  and  allocations  which would provide an 8% per annum  cumulative
return on their outstanding  adjusted capital contribution  account.  After such
time, the distributions  will be allocated 90% to the additional members and 10%
to the Manager.

     Certain  reclassifications  have  been made to the  accompanying  condensed
consolidated  financial  statements  for the three and nine month  periods ended
September 30, 2005 to conform to the current period presentation.

(3)    Use of Estimates

     The  preparation  of financial  statements  in conformity  with  accounting
principles  generally  accepted  in the United  States of America  requires  the
Manager to make estimates and  assumptions  that affect the reported  amounts of
assets and liabilities  and the disclosure of contingent  assets and liabilities
as of the  date  of the  condensed  consolidated  financial  statements  and the
reported  amounts  of  revenues  and  expenses  during  the  reporting   period.
Significant  estimates  primarily  include the  determination  of allowance  for
doubtful accounts,  the value of unguaranteed residual values,  depreciation and
amortization  and  impairment  losses.  Actual  results  could differ from those
estimates.

(4)    Investments in Finance Leases

     On January 3, 2006,  ICON  Premier,  LLC  ("Premier  LLC"),  a wholly owned
subsidiary of the LLC purchased  approximately  $1,724,000  ((pound)928,000)  of
bedside entertainment and communication  terminals on lease with Premier Telecom
Contracts Limited ("Premier Telecom"), which is based in the United Kingdom. The
equipment  was  installed in various  hospitals  located  throughout  the United
Kingdom.  The term of the lease,  which  commenced  January 1, 2006, will be for
seven years.

     On  April  4,  2006,   Premier  LLC  purchased   approximately   $2,620,000
((pound)1,442,000)   of  additional  bedside   entertainment  and  communication
terminals on lease with Premier Telecom.  The term of the lease, which commenced
on July 1, 2006, is for seven years.

     During  March  2006,  the  remaining  amount  of  cash  held in  escrow  of
approximately  $734,000   ((pound)414,000)  was  transferred  to  Premier  LLC's
operating cash account.

     The Manager has  determined  that the  interim  rental  period and the base
rental  period are two distinct and separate  aspects of the lease.  The Manager
based this  determination  on the interim  rental  period being in excess of one
fiscal year,  whereas most interim rental periods last several months.  Based on
the unique  nature of this  transaction,  the Premier  Telecom  lease was tested
twice to  determine  whether  it  qualified  as an  operating  lease  or  direct
financing  lease;  once at the  inception  of the interim  rent period and again


                                       8
<PAGE>

                            ICON Income Fund Ten, LLC
                     (A Delaware Limited Liability Company)
              Notes To Condensed Consolidated Financial Statements
                               September 30, 2006
                                   (Unaudited)

(4)    Investments in Financing Leases - continued

before  the  commencement  of the base term.  The first  lease  testing  for the
interim period resulted in the lease being classified as an operating lease. The
second lease test at the  beginning of the base term resulted in the lease being
classified as a direct financing  lease, due to the applicable  bargain purchase
option  available  at the end of the  lease.  As a  result  of the  lease  being
classified for the base term as a direct  financing lease, the net book value of
$13,695,000 was transferred from investment in operating leases to investment in
finance leases on July 1, 2006.

(5)    Investments in Operating Leases

     Investments  in operating  leases consist of the following at September 30,
2006 and December 31, 2005:

                                      (Unaudited)
                                      September 30,      December 31,
                                          2006               2005
                                      -----------       -------------
 Container vessels                    $107,219,708      $ 107,219,708
 Digital mini-labs                       9,098,024          9,098,024
 Information technology equipment        6,335,786          6,162,472
 Telecommunications systems             16,236,979          4,193,186
 Refrigeration equipment                   720,473          1,309,952
 Manufacturing equipment                 4,304,916            894,047
 Bedside entertainment
   and communication terminals                   -          9,844,544
                                      ------------      -------------


                                       143,915,886        138,721,933
 Less: accumulated depreciation        (39,974,407)       (25,710,754)
                                      ------------      -------------

                                      $103,941,479      $ 113,011,179
                                      ============      =============


     On June 29,  2006,  the LLC sold  refrigeration  equipment  with a net book
value of  approximately  $232,000 which was on lease with PW  Supermarkets  Inc.
("PW Supermarkets") for approximately  $283,000 in cash. The lease was scheduled
to expire during July 2006. The LLC paid an unrelated third party  approximately
$82,000,   which   represented  a  remarketing  fee  and  was  included  in  the
determination of the net loss on the sale of this asset, which was approximately
$31,000.

     On September 28, 2006, the LLC along with ICON Income Fund Nine, LLC ("Fund
Nine"), an affiliate of the Manager,  formed ICON Global Crossing II, LLC ("ICON
Global Crossing II"), with original ownership interests of approximately 83% and
17%, respectively.  The total capital contributions made to ICON Global Crossing
II at September 30, 2006, were approximately  $12,044,000 of which our share was
approximately $10,044,000.

     On September 28, 2006, ICON Global  Crossing II purchased  state-of-the-art
telecommunications  equipment for  $12,043,793.  This  equipment is subject to a
lease with Global  Crossing  Telecommunications,  Inc. and Global Crossing North
American Networks, Inc (collectively, "Global Crossing").

     On October 31, 2006,  ICON Leasing Fund Eleven,  LLC ("Fund Eleven") made a
capital  contribution of $1,840,876 to ICON Global Crossing II. The contribution
changed  the  ownership  interests  for Fund Nine,  Fund Ten and Fund  Eleven at
October 31, 2006 to 14.40%,  72.34 % and 13.26%,  respectively.  The  additional
contribution  was  also  used to  purchase  state-of-the-art  telecommunications


                                       9
<PAGE>

                            ICON Income Fund Ten, LLC
                     (A Delaware Limited Liability Company)
              Notes To Condensed Consolidated Financial Statements
                               September 30, 2006
                                   (Unaudited)

(5) Investments in Operating Leases - continued

equipment  subject  to a  lease  with  Global  Crossing.  All of  the  equipment
purchased is subject to a lease term of 48 months beginning on November 1, 2006.

     On July 28,  2006,  the LLC was  assigned and assumed the rights to a lease
from  Varilease  Finance,  Inc.  ("Varilease"),  an unrelated  third party,  for
approximately $2,817,000.  Varilease was party to a lease with Anchor Tool & Die
Co.  ("Anchor")  for steering  column  production  and assembly  equipment.  The
equipment is currently installed and operating at Anchor's production  facility.
Anchor  uses  the  equipment  to  produce   steering   column   components   for
DaimlerChrysler  Corporation's  vehicles. The term of the lease, which commences
October 1, 2006, will be for three years.

(6)    Joint Ventures

     The  three  joint  ventures  described  below  are  minority  owned and not
consolidated by the LLC.

ICON Global Crossing, LLC

     On  November  17,  2005,  the LLC  along  with  ICON  Income  Fund  Eight A
L.P.("Fund  Eight A") and Fund Eleven,  both  affiliates of the Manager,  formed
ICON Global  Crossing,  LLC ("ICON Global  Crossing"),  with original  ownership
interests of  approximately  44%, 12% and 44%,  respectively.  The total capital
contributions made to ICON Global Crossing were $17,397,940,  of which the LLC's
share  was   $7,695,494.   ICON  Global  Crossing   purchased   state-of-the-art
telecommunications  equipment  on lease to Global  Crossing.  On March 31, 2006,
Fund Eleven made an additional  capital  contribution to ICON Global Crossing of
$7,733,176,  which changed the ownership  interests for the LLC, Fund Eleven and
Fund  Eight  A to  30.6%,  8.0%  and  61.4%,  respectively.  The  total  capital
contributions  made to ICON  Global  Crossing  as of  September  30,  2006  were
$25,131,116, of which the LLC's share was $7,695,494.

     During   February   and  March  2006,   ICON  Global   Crossing   purchased
approximately  $22,113,000 of equipment  (including  initial direct costs in the
form of legal fees of  approximately  $157,000) on lease to Global  Crossing and
during April 2006 purchased approximately  $3,165,000 of additional equipment on
lease with Global Crossing. The term of the lease is for 48 months, and began on
April 1, 2006.

ICON AEROTV, LLC

     On December  22,  2005,  the LLC and Fund Eleven  formed ICON  AEROTV,  LLC
("AEROTV LLC") and each contributed approximately $2,776,000 for a 50% ownership
interest.  During February 2006, AEROTV LLC purchased  approximately $794,000 of
equipment on lease to AeroTV Ltd. with a lease term that expires on December 31,
2007.  During  March  2006,  AEROTV  LLC  purchased  approximately  $192,000  of
additional  equipment on lease to AeroTV Ltd.  with a lease term that expires on
June 30, 2008.

     On August 3, 2006, AEROTV LLC agreed to purchase  approximately $844,000 of
additional  equipment on lease to AeroTV Ltd. with a lease term that will expire
on June 30, 2008. On August 17, 2006, AEROTV LLC paid approximately  $371,000 of
the agreed  upon  purchase  price of  $844,000  and agreed to pay the  remaining
$473,000  contingent  on AeroTV  Ltd.  installing  the leased  equipment.  As of
September 30, 2006, the equipment  installation  has not been completed.  AeroTV
Ltd.,  which is based in the United Kingdom,  is a provider of on-board  digital
audio/visual systems for airlines, rail and coach operators.

                                       10
<PAGE>

                            ICON Income Fund Ten, LLC
                     (A Delaware Limited Liability Company)
              Notes To Condensed Consolidated Financial Statements
                               September 30, 2006
                                   (Unaudited)

(6)    Joint Ventures - continued

ICON EAM, LLC

     On November 9, 2005,  the LLC and Fund  Eleven  formed ICON EAM,  LLC ("EAM
LLC") and each contributed  approximately $5,620,000 in cash for a 50% ownership
interest.  EAM LLC will purchase  industrial  gas meters and  accompanying  data
gathering  equipment  that  will be  subject  to a lease  with EAM  Assets  Ltd.
("Assets  Ltd.")  which  expires in 2013.  Assets Ltd. is a meter asset  manager
whose business is maintaining  industrial gas meters in the United  Kingdom.  At
September  30,  2006,  the cash  contributions  were held in an  escrow  account
pending the equipment purchase.

     On March 9, 2006, in accordance  with the lease agreement with Assets Ltd.,
the  shareholders  of Energy Asset  Management plc, the parent company of Assets
Ltd.,  approved the issuance of warrants to EAM LLC to acquire  7,403,051 shares
of Energy  Asset  Management  plc's  stock.  On March 9, 2006,  the  Manager had
estimated  the  value of the  warrants  to be zero in part  since  Energy  Asset
Management plc was privately held with no current market for its shares.  Energy
Asset  Management  plc  subsequently  completed a  reverse-merger  with a United
Kingdom  public  company.  The  warrants  are  exercisable  for five years after
issuance and have a strike price of  (pound)1.50.  EAM LLC has classified  these
warrants as available for sale  securities and any  unrealized  gains and losses
during  the period  are  reflected  in other  comprehensive  income,  which is a
component of members'  equity of EAM LLC.  Realized  gains and losses during the
year are reflected in the statement of  operations.  At September 30, 2006,  the
Manager has determined,  based upon the Black-Scholes option pricing model, that
the fair value of these warrants is  approximately  $1,088,000.  The assumptions
used for the  Black-Scholes  option pricing model were as follows:  strike price
(pound)1.50, share price (pound)1.00, estimated holding period of two years from
March 9, 2006, a volatility of 37.5%, and a risk free interest rate of 5.0%.

(7)    Investment in Unguaranteed Residual Values

     On February 28, 2005, the LLC acquired from Summit Asset Management Limited
("SAM"),  an unrelated third party, a 75% interest in the unguaranteed  residual
values of a portfolio of leases  currently in effect and performing with various
lessees in the United  Kingdom.  The LLC does not have an ownership  interest in
the equipment until the expiration of the initial term of the leases, as defined
in the participation agreement. The portfolio is mostly comprised of information
technology  equipment,  including laptops,  desktops and printers and the leases
all  expire in less than  three  years.  The  purchase  price was  approximately
$2,843,000 in cash.

     Under the terms of a participation agreement with SAM, the LLC will receive
75% of the  residual  proceeds.  Residual  proceeds  are defined as either lease
renewals or sales proceeds,  as the equipment comes off lease,  less remarketing
fees payable to SAM. Additionally, the participation agreement allows SAM to act
as the LLC's agent and remarket the leased equipment for sale or lease. For this
service,  SAM receives commissions on transaction and realization  proceeds,  as
defined in the  participation  agreement.  For the three and nine month  periods
ended  September 30, 2006,  the LLC paid SAM  approximately  $1,000 and $18,000,
respectively,  in commissions  and realization  proceeds,  which are included in
general and administrative  expenses in the accompanying  condensed consolidated
statements of operations.

                                       11
<PAGE>
                            ICON Income Fund Ten, LLC
                     (A Delaware Limited Liability Company)
              Notes To Condensed Consolidated Financial Statements
                               September 30, 2006
                                   (Unaudited)

(7)    Investment in Unguaranteed Residual Values - continued

     During the nine months ended September 30, 2006, the LLC remarketed certain
of its  investments  in  unguaranteed  residual  values,  with a cost  basis  of
approximately   $775,000.   Of  this  amount,   the  LLC  realized  proceeds  of
approximately  $382,000,  on sales of its  interests  in  unguaranteed  residual
values  of  approximately   $393,000,   and  transferred  other  investments  in
unguaranteed  residual values,  with a cost basis of  approximately  $382,000 to
investments in operating leases. The lease terms expire at various dates through
October 2006.


     During July 2006,  the LLC entered into a purchase and sale  agreement (the
"Purchase  Agreement")  with Key Finance Group,  Ltd. ("Key  Finance") (a United
Kingdom based company) acquiring an interest in the unguaranteed residual values
of various technology equipment currently on lease to various lessees located in
the United Kingdom for approximately  $782,000  ((pound)422,000)  in cash. These
leases have expiration dates ranging from December 2006 through March 2015.

     Under the terms of the  Purchase  Agreement,  Key  Finance and the LLC will
receive  residual  proceeds up to the bottom  residual  value, as defined in the
remarketing agreement. The LLC will then receive residual proceeds up to certain
thresholds  established  in the  Purchase  Agreement.  Under  the  terms  of the
Purchase  Agreement,  once the  portfolio's  return to the LLC has  exceeded the
expected  residual,  as  established in the Purchase  Agreement,  any additional
residual proceeds will be split equally between the LLC and Key Finance.

(8)    Equipment Held for Sale or Lease, Net

     On March 1,  2006,  the LLC  sold a  portion  of its  Boeing  767  aircraft
rotables and received sales proceeds of $1,865,000, which was equal to the LLC's
net book value of the  equipment.  Accordingly,  no gain or loss was recorded on
the sale.

     At  September  30,  2006,  the  Manager   determined,   based  upon  recent
negotiations with potential buyers,  that the LLC's remaining  aircraft rotables
may  be  impaired.   Accordingly,  the  LLC  recorded  an  impairment  loss  for
approximately  $441,000 to more closely  approximate  the adjusted book value to
the current fair value of the aircraft rotables, net of estimated selling costs.

(9)    Revolving Loan Facility

     On August 31,  2005,  the LLC,  together  with  certain  of its  affiliates
(entities  sponsored  and  organized by the  Manager),  ICON Income Fund Eight B
L.P., Fund Nine, and Fund Eleven (collectively,  the "Borrowers") entered into a
Commercial Loan Agreement (the  "Agreement"),  with California Bank & Trust (the
"Lender").  The  Agreement  provides  for a  revolving  line of  credit of up to
$17,000,000   pursuant  to  a  senior  secured   revolving  loan  facility  (the
"Facility") which is secured by certain collateral of the Borrowers,  as defined
in the Agreement.  Each of the Borrowers is jointly and severally liable for all
amounts borrowed under the Facility.

     In accordance with the terms and conditions of the Agreement, the Borrowers
are required to comply with certain financial  covenants,  including,  a minimum
debt  coverage  ratio,  a tangible net worth  covenant,  a leverage  ratio and a
minimum liquidity covenant. The Borrowers are in compliance with these covenants
at September 30, 2006.  The Agreement  prohibits the Borrowers from declaring or
paying  any  distributions  to  investors  if such a  payment  would  cause  the
Borrowers to become non-compliant with the financial covenants in the Agreement.

                                       12
<PAGE>

                            ICON Income Fund Ten, LLC
                     (A Delaware Limited Liability Company)
              Notes To Condensed Consolidated Financial Statements
                               September 30, 2006
                                   (Unaudited)

(9)    Revolving Loan Facility - continued

     In addition,  on August 31, 2005, the Borrowers entered into a Contribution
Agreement (the "Contribution  Agreement"),  pursuant to which the Borrowers have
agreed to certain  restrictions  on the  amounts  and terms of their  respective
borrowings  under the  Facility  in order to  minimize  the risk that a Borrower
would be unable to repay its portion of the  outstanding  obligations  under the
Facility  at any time.  These  restrictions  include,  but are not  limited  to,
borrowing  in  excess  of the  lesser  of  (a) an  amount  each  Borrower  could
reasonably  expect to repay in one year from its projected cash flow, or (b) the
greater of (i) the borrowing  base, as defined in the  Agreement,  as applied to
such Borrowers and (ii) 50% of the net worth of such Borrower.

     The Contribution Agreement also provides that, in the event a Borrower pays
an amount under the  Contribution  Agreement in excess of its share of the total
obligations  under the  Facility,  whether  by reason of an event of  default or
otherwise,  the other Borrowers will immediately make a contribution  payment to
such Borrower and in such amount that the aggregate amount paid by each Borrower
reflects its allocable  share of the aggregate  obligations  under the Facility.
The Borrowers'  obligations to each other under the  Contribution  Agreement are
collateralized by a subordinate lien on the assets of each Borrower.

     Under the terms of the Agreement,  the Borrowers are required to maintain a
cash reserve with the Lender  representing 20% of all outstanding  advances plus
all pending  advances.  Fund Eleven has  established  an interest  bearing  cash
account with the Lender totaling $468,000 at September 30, 2006, which satisfies
the Lender's cash reserve requirement for all the Borrowers.

     At September 30, 2006,  aggregate  borrowings  by all  Borrowers  under the
Facility amounted to approximately $2,340,000, of which the LLC currently has no
amount outstanding under the Facility.

(10)   Other Comprehensive Loss

           Other comprehensive loss consists of the following:


<TABLE>
<CAPTION>
                                                       Three Months Ended                   Nine Months Ended
                                                         September 30,                       September 30,
                                                 -------------------------------     ------------------------------
                                                   2006                 2005              2006             2005
                                                 -----------       -------------     ------------     ------------
<S>                                              <C>               <C>               <C>              <C>
 Net loss                                        $  (437,282)      $    (906,129)    $ (1,858,927)    $ (3,687,795)

 Other comprehensive income (loss):
      Change in valuation of interest rate
         swap contracts                             (558,157)            654,438         (128,682)       1,107,582
      Change in valuation of warrants held
         by a joint venture                          (96,234)                  -          543,803                -
      Foreign currency translation adjustment        707,343            (207,706)       1,966,911         (614,200)
                                                 -----------       -------------     ------------     ------------

 Comprehensive (loss) income                     $  (384,330)      $    (459,397)    $    523,105     $ (3,194,413)
                                                 ===========       =============     ============     ============

</TABLE>

(11)   Transactions with Related Parties

     The LLC has  entered  into  certain  agreements  with its  Manager and ICON
Securities Corp., a wholly-owned subsidiary of the Manager, whereby the LLC pays
certain fees and reimbursements to

                                       13
<PAGE>

                            ICON Income Fund Ten, LLC
                     (A Delaware Limited Liability Company)
              Notes To Condensed Consolidated Financial Statements
                               September 30, 2006
                                   (Unaudited)

(11)  Transactions with Related Parties - continued

these parties.  ICON Securities  Corp. was entitled to receive a 2% underwriting
fee from the gross proceeds from sales of shares to the additional members.

     In accordance with the terms of these agreements,  the LLC pays or paid the
Manager (i)  management  fees ranging from 1% to 7% based on a percentage of the
rentals  recognized  either  directly by the LLC or through its joint  ventures,
(ii) prepaid service fees of 6.5% based upon the gross proceeds from the sale of
shares to additional  members,  and (iii)  organization  and offering  expenses,
ranging from 1.5% to 3.5%,  from the gross  proceeds  from the sale of shares to
additional  members,  as defined in the agreement.  In addition,  the Manager is
reimbursed for  administrative  expenses  incurred in connection  with the LLC's
operations.

     The total compensation that the Manager and ICON Securities Corp. may earn,
not including  management fees and  administrative  expense  reimbursements,  is
limited to 12% of gross offering  proceeds up to the first  $37,500,000  raised,
11% of gross offering  proceeds from $37,500,001 to $75,000,000 and 10% of gross
offering proceeds from $75,000,001 to $150,000,000.

     The Manager  performs  certain  services  relating to the management of the
LLC's  equipment  leasing  activities.  Such services  include the collection of
lease  payments  from the  lessees  of the  equipment,  re-leasing  services  in
connection  with  equipment  which is off-lease,  inspections  of the equipment,
liaison with and general  supervision of lessees to assure that the equipment is
being properly operated and maintained, monitoring performance by the lessees of
their obligations under the leases and the payment of operating expenses.

     Administrative expense reimbursements are costs incurred by the Manager and
necessary to the LLC's  operations.  These costs  include the  Manager's  legal,
accounting, investor relations and operations personnel, as well as professional
fees and other  costs that are charged to the LLC based upon the  percentage  of
time such  personnel  dedicate to the LLC.  Excluded  are  salaries  and related
costs,  travel expenses and other  administrative  costs incurred by individuals
with a controlling interest in the Manager.

     The  Manager  also has a 1%  interest  in the  LLC's  profits,  losses  and
distributions. The LLC paid distributions to the Manager of $97,046 for the nine
months ended  September 30, 2006.  The Manager's  interest in the LLC's net loss
for the three month  periods  ended  September  30, 2006 and 2005 was $4,373 and
$9,061, respectively.  The Manager's interest in the LLC's net loss for the nine
month  periods  ended  September  30,  2006 and 2005 was  $18,589  and  $36,878,
respectively.

                                       14
<PAGE>

                            ICON Income Fund Ten, LLC
                     (A Delaware Limited Liability Company)
              Notes To Condensed Consolidated Financial Statements
                               September 30, 2006
                                   (Unaudited)

     Fees and other  expenses  paid or accrued by the LLC to the  Manager or its
affiliates  for the three and nine month  periods  ended  September 30, 2006 and
2005, were as follows:

<TABLE>
<CAPTION>
                                                      Three Months Ended                    Nine Months Ended
                                                        September 30,                         September 30,
                                                 -------------------------------     ------------------------------
                                                    2006                 2005            2006             2005
                                                 -----------       -------------     ------------     -----------
<S>                                             <C>               <C>               <C>              <C>
 Prepaid service fees (1)                        $         -       $           -     $          -     $  2,666,122
 Organization and offering fees (2)                        -                   -                -          615,259
 Underwriting commissions (2)                              -                   -                -          820,345
 Management fees (3)                                 521,492             440,747        1,418,902        1,203,831
 Administrative expense reimbursements (3)           251,041             175,092          755,802          726,559
                                                 -----------       -------------     ------------     ------------

                                                 $   772,533       $     615,839     $  2,174,704     $  6,032,116
                                                 ===========       =============     ============     ============

</TABLE>

(1)  Capitalized and amortized to operations  over the estimated  service period
     in accordance with the LLC's accounting policies.
(2)  Charged directly to members' equity.
(3)  Charged directly to operations.

     The LLC had a net payable of $207,000 due to the Manager at  September  30,
2006. The net payable was comprised of a payable due to the Manager for $222,000
relating to manager's fees and administrative expense reimbursements accrued and
unpaid at September  30, 2006,  which was offset by $15,000 due from the Manager
for a security  deposit due to ICON Global  Crossing II. The LLC also had $8,000
due to Fund Eleven for  distributions  that were  intended to be  reinvested  in
shares of Fund Eleven, but were paid to members on or about November 6, 2006.

(12)   Recent Accounting Pronouncements

     In  September  2006,  The  Financial   Accounting  Standards  Board  issued
Statement of Financial  Accounting  Standards  ("SFAS") No. 157  "Accounting for
Fair Value Measurements" ("SFAS 157"). SFAS 157 establishes a separate framework
for determining fair values of assets and liabilities that are required by other
authoritative  GAAP  pronouncements  to be measured at fair value.  In addition,
SFAS 157 incorporates and clarifies the guidance in FASB Concepts  Statement No.
7 regarding the use of present value  techniques in measuring  fair value.  SFAS
157 is effective  for financial  statements  with fiscal years  beginning  after
November  15,  2007.  The  Manager is  currently  evaluating  the impact of this
pronouncement  but does not currently  believe it will have a material impact on
the financial statements.

     The Manager does not believe that any other  recently  issued,  but not yet
effective accounting pronouncements, if currently adopted, would have a material
effect on the accompanying condensed consolidated financial statements.

                                       15
<PAGE>

Item 2. Manager's  Discussion and Analysis of Financial Condition and Results of
Operations

     The  following is a  discussion  of our results of  operations  and current
financial  position.  This  discussion  should be read in  conjunction  with our
unaudited condensed consolidated financial statements and related notes included
elsewhere  in this report,  Item 1A. Risk  Factors and the audited  consolidated
financial  statements  and related  notes  included in our Annual Report on Form
10-K for the year ended December 31, 2005.

     As used in this  Quarterly  Report on Form 10-Q,  references to "we," "us,"
"our" or similar  terms  include ICON Income Fund Ten, LLC and its  consolidated
subsidiaries.

Forward-Looking Statements

     Certain statements within this Quarterly Report on Form 10-Q may constitute
forward-looking   statements  within  the  meaning  of  the  Private  Securities
Litigation  Reform  Act of 1995  ("PSLRA").  These  statements  are  being  made
pursuant to the PSLRA, with the intention of obtaining the benefits of the "safe
harbor"  provisions of the PSLRA,  and, other than as required by law, we assume
no  obligation  to  update  or  supplement  such   statements.   Forward-looking
statements are those that do not relate solely to historical fact. They include,
but are not limited to, any statement  that may predict,  forecast,  indicate or
imply future  results,  performance,  achievements  or events.  You can identify
these   statements  by  the  use  of  words  such  as  "may,"  "will,"  "could,"
"anticipate," "believe," "estimate," "expects," "intend," "predict" or "project"
and variations of these words or comparable words or phrases of similar meaning.
These  forward-looking  statements  reflect our current beliefs and expectations
with respect to future  events and are based on  assumptions  and are subject to
risks and  uncertainties  and other  factors  outside our control that may cause
actual results to differ materially from those projected.

Overview

     We are an equipment  leasing  business  formed on January 2, 2003. We began
active  operations  on August 22, 2003.  We primarily  engage in the business of
acquiring  equipment  subject  to  lease  and,  to a  lesser  degree,  acquiring
ownership rights to items of leased equipment at lease  expiration.  Some of our
equipment  leases are acquired for cash and are expected to provide current cash
flow, which we refer to as "income"  leases.  The majority of the purchase price
of our other equipment leases will be financed,  so these leases generate little
or no  current  cash  flow  because  substantially  all of the  rental  payments
received  from a lessee  is paid to a  lender.  For these  "growth"  leases,  we
anticipate  that the future value of the leased  equipment  will exceed the cash
portion of the purchase price paid for the equipment.

     We  invested  most of the net  proceeds  from  our  offering  in  items  of
equipment that are subject to a lease. After the net offering proceeds have been
invested,  we anticipate that additional  investments will be made with the cash
generated from our initial investments to the extent that cash is not needed for
expenses,  reserves and  distributions to members.  The investment in additional
equipment  in this manner is called  "reinvestment."  We  anticipate  purchasing
equipment  from time to time  during  the next four  years.  This time  frame is
called the "operating  period," which our Manager may extend, at its discretion,
up to an  additional  three years.  After the  operating  period,  we will begin
selling our assets in the ordinary course of business during a time frame called
the "liquidation period."

     At September 30, 2006, our current portfolio, which we hold either directly
or through  joint  venture  investments  with  affiliates  and others,  consists
primarily of the following equipment subject to lease:

                                       16
<PAGE>

Containership Equipment:

o    We have a 100.0% interest in three container  vessels,  on bareboat charter
     lease to ZIM Israel Navigation Co. Ltd.  ("ZIM"),  the 1991 ZIM Korea ("ZIM
     Korea"),  the 1990 ZIM Canada ("ZIM  Canada") and the 1991 ZIM Italia ("ZIM
     Italia").  The ZIM Korea and the ZIM Canada have  bareboat  charter  leases
     that  expire  during  June 2009 and the ZIM Italia  has a bareboat  charter
     lease that expires during December 2009.

Information Technology Equipment:

o    We have a 74.6% ownership  interest in ICON GeicJV,  an entity also managed
     by our Manager, which purchased information  technology equipment,  such as
     Sun  servers,  HP servers,  Dell desktop  computers  and  Panasonic  laptop
     computers,  subject  to  a  three  year  lease  with  Government  Employees
     Insurance Company ("GEICO").  The expiration date of the lease is March 31,
     2007.

o    We have a 75.0% interest in a portfolio of information technology equipment
     leases  currently  in effect and  performing  with  various  lessees in the
     United Kingdom. The portfolio is mostly comprised of information technology
     equipment,  including laptops, desktops and printers. The leases all expire
     in less than three years.

o    We have a 100.0%  interest in two Mitel  Networks 3340 Global Branch Office
     Solution  Phone Systems on lease to CompUSA,  Inc. The two leases expire in
     2008 and 2009, respectively.

o    We have a 100.0%  interest in 101 Noritsu  QSS-3011  digital  mini-labs  on
     lease to the Rite Aid Corporation. The leases expire in 2007 and 2008.

o    We have a 30.6% ownership interest in ICON Global Crossing,  an entity also
     managed   by  our   Manager,   which   purchased   from   various   vendors
     state-of-the-art  telecommunications  equipment  which  was then  leased to
     Global Crossing. The lease expires on April 1, 2010.

o    We currently  have a 72% ownership  interest (83% at September 30, 2006) in
     ICON Global  Crossing  II, an entity  also  managed by our  Manager,  which
     purchased   from  various   vendors   state-of-the-art   telecommunications
     equipment  which was then leased to Global  Crossing.  The lease expires on
     October 31, 2010.

Other Equipment:

o    We have a  100.0%  interest  in  refrigeration  equipment  on lease to P.W.
     Supermarkets.  The equipment is subject to a three year lease which expires
     during March 2007.

o    We have a 100.0%  interest in automotive  steering  column  production  and
     assembly  equipment on lease to Anchor. The equipment is subject to a three
     year lease which expires during September 2009.

o    We have a  100.0%  ownership  interest  in  Premier  LLC,  which  purchased
     hospital bedside  entertainment and  communication  terminals on lease with
     Premier Telecom.  The equipment was installed in various  hospitals located
     throughout the United Kingdom.  The term of the leases,  which commenced on
     January 1, 2006 and on July 1, 2006, is for seven years.

o    We have a 50.0% ownership interest in AEROTV,  LLC, which purchases digital
     audio/visual  entertainment  systems  which will then be subject to a lease
     with AeroTV Ltd., a provider of on board digital  audio/visual  systems for
     airlines, rail and coach operators in the United Kingdom.

o    We have a 50.0% ownership interest in ICON EAM, which purchases  industrial
     gas meters and  accompanying  data gathering  equipment  which will then be
     subject  to  lease  with  Assets  Ltd.,  a  meter  asset  manager  that  is
     responsible for maintaining industrial gas meters in the United Kingdom.

                                       17
<PAGE>

Lease and Other Significant Transactions

Telecommunications Equipment

     On November  17,  2005,  we along with Fund Eight A and Fund  Eleven,  both
affiliates of the Manager, formed ICON Global Crossing, with ownership interests
of   44%,   12%   and   44%,   respectively,    to   purchase   state-of-the-art
telecommunications  equipment  from various  vendors.  On March 31,  2006,  Fund
Eleven made an additional  capital  contribution of $7,733,176 which changed the
ownership interests at March 31, 2006 to 30.6%, 8.0 % and 61.4%, respectively.

     During February and March 2006, ICON Global  Crossing  purchased,  in cash,
approximately  $22,113,000 of equipment  (including  initial direct costs in the
form of legal fees of  approximately  $157,000) on lease to Global  Crossing and
during April 2006 purchased approximately $3,165,000, of additional equipment on
lease with Global  Crossing.  The lease term is for 48 months beginning April 1,
2006.

     On  September  28,  2006,  we along with Fund  Nine,  an  affiliate  of the
Manager,  formed ICON Global Crossing II, with original  ownership  interests of
approximately 83% and 17%, respectively. The total capital contributions made to
ICON Global  Crossing II were  approximately  $12,044,000 of which our share was
approximately $10,044,000.

     On September 28, 2006, ICON Global  Crossing II purchased  state-of-the-art
telecommunications  equipment for  $12,043,793.  This  equipment is subject to a
lease with Global Crossing.

     On October 31, 2006, Fund Eleven made a capital  contribution of $1,840,876
to ICON Global Crossing II. The contribution changed the ownership interests for
Fund Nine,  Fund Ten and Fund Eleven at October 31, 2006 to 14.40%,  72.34 % and
13.26%, respectively.

     The  additional  contribution  was also used to  purchase  state-of-the-art
telecommunications equipment subject to a lease with Global Crossing. All of the
equipment  purchased  is  subject  to a lease  term of 48  months  beginning  on
November 1, 2006.

     At  September  30,  2006,  our  Manager   determined,   based  upon  recent
negotiations with potential buyers,  that its aircraft rotables may be impaired.
Accordingly,  we recorded an impairment loss for approximately  $441,000 to more
closely  approximate  the  adjusted  book value to the current fair value of the
aircraft rotables, net of estimated selling costs.

Bedside Entertainment and Communication Terminals

     On  April  4,  2006,   Premier  LLC  purchased   approximately   $2,620,000
((pound)1,442,000)   of  additional  bedside   entertainment  and  communication
terminals on lease with Premier Telecom.  The equipment was installed in various
hospitals  throughout the United Kingdom. The term of the lease, which commenced
July 1, 2006, is for seven years.

Automotive Manufacturing Equipment

     On July 28, 2006,  we were  assigned and assumed the rights to a lease from
Varilease, an unrelated third party, for approximately $2,817,000. Varilease was
party to a lease  with  Anchor  for  steering  column  production  and  assembly
equipment.  The  equipment  is  currently  installed  and  operating at Anchor's
production  facility.  Anchor  uses the  equipment  to produce  steering  column
components for DaimlerChrysler  Corporation's  vehicles.  The term of the lease,
which commences October 1, 2006, will be for three years.

                                       18
<PAGE>

New Accounting Pronouncements

     In  September  2006,  The  Financial   Accounting  Standards  Board  issued
Statement of Financial  Accounting  Standards  ("SFAS") No. 157  "Accounting for
Fair Value Measurements" ("SFAS 157"). SFAS 157 establishes a separate framework
for determining fair values of assets and liabilities that are required by other
authoritative  GAAP  pronouncements  to be measured at fair value.  In addition,
SFAS 157 incorporates and clarifies the guidance in FASB Concepts  Statement No.
7 regarding the use of present value  techniques in measuring  fair value.  SFAS
157 is effective  for financial  statements  with fiscal years  beginning  after
November  15,  2007.  The  Manager is  currently  evaluating  the impact of this
pronouncement  but does not currently  believe it will have a material impact on
the financial statements.

     Our Manager does not believe that any other  recently  issued,  but not yet
effective accounting pronouncements, if currently adopted, would have a material
effect on the accompanying condensed consolidated financial statements.

Results of Operations  for the Three Months Ended  September 30, 2006 (the "2006
Quarter") and 2005 (the "2005 Quarter")


     Revenue  for the  2006  Quarter  and the 2005  Quarter  are  summarized  as
follows:

<TABLE>
<CAPTION>
                                                          Three Months Ended September 30,
                                                 ------------------------------------------------
                                                     2006             2005              Change
                                                 -----------       ----------        ------------
<S>                                              <C>               <C>               <C>
 Total revenue                                   $ 7,465,508       $6,442,827        $  1,022,681
                                                 ===========       ==========        ============

 Rental income                                   $ 6,292,705       $6,250,614        $     42,091
 Finance income                                  $   660,761       $        -        $    660,761
 Income from investments in joint ventures       $   411,571       $   10,602        $    400,969
 Net (loss) gain on sales of equipment           $   (26,668)      $    3,682        $    (30,350)
 Interest and other income                       $   127,139       $  177,929        $    (50,790)


</TABLE>

     Total revenue for the 2006 Quarter  increased by $1,022,681,  or 15.9%,  as
compared to the 2005 Quarter. This increase was primarily attributable to rental
and  finance  income  from  our  leased  equipment  and  income  related  to our
investments in joint ventures.  In April 2005, we entered our operating  period,
and rental income  increased  accordingly  as we acquired  additional  equipment
under lease.  During 2005, we purchased various items of leased equipment,  such
as the ZIM Italia, phone systems on lease with CompUSA,  Inc., digital mini-labs
on lease with Rite Aid Corporation,  overhead cranes on lease with WPS, Inc. and
bedside entertainment terminals on lease with Premier. During 2006, we purchased
additional bedside entertainment terminals on lease with Premier.  Additionally,
in December 2005, we invested in three joint  ventures,  ICON AEROTV,  ICON EAM,
and ICON Global Crossing. Currently, the majority of the income from investments
in joint ventures,  that are in the process of acquiring leased assets,  relates
to interest income.

                                       19
<PAGE>

     Expenses  for the 2006  Quarter  and the 2005  Quarter  are  summarized  as
follows:

<TABLE>
<CAPTION>
                                                         Three Months Ended September 30,
                                                 ------------------------------------------------
                                                      2006            2005              Change
                                                 -----------       ----------        ------------
<S>                                              <C>               <C>               <C>
 Total expenses                                  $ 7,902,790       $7,348,956        $    553,834
                                                 ===========       ==========        ============

 Depreciation and amortization                   $ 5,944,842       $5,805,751        $    139,091
 Interest                                        $   688,969       $  882,206        $   (193,237)
 Impairment loss                                 $   440,928       $        -        $    440,928
 Management fees - Manager                       $   521,492       $  440,747        $     80,745
 Administrative expense reimbursements - Manager $   251,041       $  175,092        $     75,949
 General and administrative                      $    45,264       $   34,065        $     11,199
 Minority interest                               $    10,254       $   11,095        $       (841)

</TABLE>

     Total  expenses for the 2006 Quarter  increased  by $553,834,  or 7.5%,  as
compared to the 2005 Quarter,  primarily due to the increased  lease activity as
discussed  above.  The increase in  depreciation  and  amortization  expense was
directly  caused by the increased  lease activity and the increase in additional
members through April 2005 and the resulting amortization of our prepaid service
fees. The increase in impairment  loss is due to our Manager's  decision  during
the  2006  Quarter  that  our  aircraft   rotables  required  an  impairment  of
approximately  $441,000.  The  decrease  in  interest  expense  was  due  to the
continued  reduction of our non-recourse  debt on the three ZIM vessels,  two of
which were  purchased  in July 2004 and the third in January  2005.  The overall
increase  in  administrative  expense   reimbursements-Manager   and  Management
fees-Manager  is a result of more time required by our Manager to administer our
affairs, due to additional leases purchased.

Net Loss

     As a result of the foregoing factors, the net loss for the 2006 Quarter was
$437,282 as compared to the net loss for 2005 Quarter of $906,129.  The net loss
per weighted  average number of additional  members' shares  outstanding for the
2006 Quarter was $2.91 as compared to the net loss per weighted  average  number
of additional members' shares outstanding for the 2005 Quarter of $6.01.

Results of  Operations  for the Nine Months Ended  September 30, 2006 (the "2006
Period") and 2005 (the "2005 Period")

     Revenue for the 2006 Period and the 2005 Period are summarized as follows:


<TABLE>
<CAPTION>
                                                       Nine Months Ended September 30, 2006
                                                 ------------------------------------------------
                                                    2006               2005             Change
                                                 -----------       -----------       ------------
<S>                                              <C>               <C>               <C>
 Total revenue                                   $21,909,021       $18,410,471       $  3,498,550
                                                 ===========       ===========       ============

 Rental income                                   $19,695,208       $18,072,931       $  1,622,277
 Finance income                                  $   660,761       $         -       $    660,761
 Income from investments in joint ventures       $ 1,113,756       $    41,562       $  1,072,194
 Net (loss) gain on sales of equipment           $   (30,364)      $     3,682       $    (34,046)
 Realized gain on foreign currency transactions  $    26,713      $         -        $     26,713
 Interest and other income                       $   442,947       $   292,296       $    150,651

</TABLE>

     Total revenue for the 2006 Period  increased by  $3,498,550,  or 19.0%,  as
compared to the 2005 Period. This increase was primarily  attributable to rental
income from our leased  equipment and income related to our investments in joint
ventures.  In April 2005,  we entered our  operating  period,  and rental income
increased  accordingly as we acquired  additional  equipment under lease. During
2005, we purchased  various items of leased  equipment,  such as the ZIM Italia,
phone systems on lease with CompUSA,  Inc., digital mini-labs on lease with Rite
Aid   Corporation,   overhead  cranes  on  lease  with  WPS,  Inc.  and  bedside
entertainment  terminals  on lease  with  Premier.  During  2006,  we  purchased
additional bedside entertainment terminals on lease with Premier.  Additionally,
in December 2005, we invested in three joint  ventures,  ICON AEROTV,  ICON EAM,
and ICON Global Crossing. Currently, the majority of the income from investments
in joint ventures,  that are in the process of acquiring leased assets,  relates
to interest income.

                                       20
<PAGE>

     Expenses for the 2006 Period and the 2005 Period are summarized as follows:

<TABLE>
<CAPTION>
                                                        Nine Months Ended September 30, 2006
                                                 ------------------------------------------------
                                                     2006             2005             Change
                                                 -----------       -----------       ------------
<S>                                              <C>               <C>               <C>
 Total expenses                                  $23,767,948       $22,098,266       $  1,669,682
                                                 ===========       ===========       ============

 Depreciation and amortization                   $18,541,678       $17,067,675       $  1,474,003
 Interest                                        $ 2,253,406       $ 2,767,166       $   (513,760)
 Impairment loss                                 $   440,928       $         -       $    440,928
 Management fees - Manager                       $ 1,418,902       $ 1,203,831       $    215,071
 Administrative expense reimbursements - Manager $   755,802       $   726,559       $     29,243
 General and administrative                      $   325,342       $   299,752       $     25,590
 Minority interest                               $    31,890       $    33,283       $     (1,393)

</TABLE>

     Total  expenses for the 2006 Period  increased by  $1,669,682,  or 7.6%, as
compared to the 2005 Period,  primarily due to the increased  lease  activity as
discussed  above.  The increase in  depreciation  and  amortization  expense was
directly  caused by the increased  lease activity and the increase in additional
members through April 2005 and the resulting amortization of our prepaid service
fees. The increase in impairment  loss is due to our Manager's  decision  during
the  2006  Quarter  that  our  aircraft   rotables  required  an  impairment  of
approximately  $441,000.  The  decrease  in  interest  expense  was  due  to the
continued  reduction of our non-recourse  debt on the three ZIM vessels,  two of
which were  purchased in July 2004 and the third in January  2005. As our leased
equipment  portfolio  has  increased,  the  services  provided  by  our  Manager
increased and the management fees paid to our Manager  increased.  Such services
include the  collection of lease payments from lessees,  re-leasing  services in
connection  with  equipment  which is off-lease,  inspections  of the equipment,
liaison with and general  supervision of lessees to assure that the equipment is
being properly operated and maintained, monitoring performance by the lessees of
their  obligations under the leases and the payment of operating  expenses.  The
overall increase in  administrative  expense  reimbursements is a result of more
time required by our Manager to administer our affairs, due to additional leases
purchased.

Net Loss

     As a result of the foregoing factors,  the net loss for the 2006 Period was
$1,858,927,  as compared to the net loss for 2005 Period of $3,687,795.  The net
loss per weighted average number of additional  members' shares  outstanding for
the 2006 Period was $12.36,  as  compared to the net loss per  weighted  average
number of additional members' shares outstanding for the 2005 Period of $25.82.

Liquidity and Capital Resources

Sources and Uses of Cash

     At September 30, 2006, we had cash and cash equivalents of $6,960,140.  Our
main sources of cash are from  operating  activities.  Our main uses of cash are
for financing activities and investing activities.

                                       21
<PAGE>

     Our main  sources  of cash  during  the 2006  Period  were  primarily  from
operating  activities.  Our  main  source  from  operating  activities  was  the
collection of rental income of approximately $6,519,000,  which provided us with
approximately $5,413,000 of cash from operating activities. Additionally, we had
sources of cash from  investing  activities  during the 2006  Period as follows:
approximately  $2,580,000  in cash from the proceeds on sales of  equipment  and
investments in unguaranteed  residual  values,  approximately  $2,000,000 from a
contribution by a minority holder in a joint venture,  approximately  $1,325,000
from distributions  received from our joint ventures and approximately  $734,000
from cash transfers from escrow deposits.

     Our main uses of cash during the 2006 Period were for financing  activities
and investing activities. Our primary uses of cash for financing activities were
for  distribution  payments to our members of  approximately  $9,705,000 and the
redemption of member shares of approximately $376,000. Our main uses of cash for
investing  activities  during  the 2006  Period  are as  follows:  approximately
$17,894,000  to  acquire  additional  leased  equipment,   $782,000  to  acquire
unguaranteed  residual values and approximately  $354,000 for distributions paid
to minority holders in joint ventures.

Financings and Borrowings

Non-recourse Debt

     We have  non-recourse  debt at  September  30,  2006  of  $49,519,847.  Our
non-recourse  debt  consists of notes payable in which the lender has a security
interest in the equipment and an  assignment  of the rental  payments  under the
leases. The lender is being paid directly by the lessee.

     We have entered into three interest rate swap contracts with Fortis Bank in
order to fix the variable  interest rate on the  non-recourse  debt and minimize
our risk for interest rate fluctuations. The interest rate swap contracts have a
fixed  interest  rate of  5.36%  per  annum  on two of the  interest  rate  swap
contracts and 5.80% per annum on the third interest rate swap contract.  We have
designated  these interest rate swap contacts as cash flow hedges and determined
that they are effective at September 30, 2006.

Revolving Credit Facility

     On August 31, 2005, we together with certain of our affiliates, ICON Income
Fund Eight B L.P.,  ICON Income Fund Nine,  LLC, and Fund Eleven  (collectively,
the  "Borrowers")  entered into a Commercial  Loan Agreement (the  "Agreement"),
with  California  Bank & Trust (the  "Lender").  The  Agreement  provides  for a
revolving  line of  credit of up to  $17,000,000  pursuant  to a senior  secured
revolving loan facility (the "Facility") which is secured by certain  collateral
of the Borrowers, as defined in the Agreement.  Each of the Borrowers is jointly
and  severally  liable for all  amounts  borrowed  under the  Facility.  Amounts
available under the Facility are subject to a borrowing base that is determined,
subject  to  certain  limitations,  based on the  present  value  of the  future
receivables  under  certain  lease  agreements  in which  the  Borrowers  have a
beneficial  interest.  The interest rate on any advances made under the Facility
is the Lender's prime rate plus 0.25% per year (which was 8.50% at September 30,
2006). In accordance  with the Agreement,  the Borrowers may elect to have up to
five separate  advances under the Facility each made at the rate at which United
States  dollar  deposits  can be acquired by the Lender in the London  Interbank
Eurocurrency  Market,  plus 2.75% per year.  The Facility  expires on August 31,
2007,  unless  renewed by the Borrowers for an additional  one year term, in the
sole discretion of the Lender.

     As part of the Agreement, the Borrowers are required to comply with certain
financial  covenants,  including,  a minimum debt coverage ratio, a tangible net
worth covenant, a leverage ratio and a minimum liquidity covenant. The Borrowers
are in  compliance  with these  covenants at September  30, 2006.  The Agreement
prohibits the Borrowers from declaring or paying any  distribution  to investors
if such a payment  would cause the  Borrowers to become  non-compliant  with the
financial covenants in the Agreement.

                                       22
<PAGE>

     In addition,  on August 31, 2005, the Borrowers entered into a Contribution
Agreement (the "Contribution  Agreement"),  pursuant to which the Borrowers have
agreed to certain  restrictions  on the  amounts  and terms of their  respective
borrowings  under the  Facility  in order to  minimize  the risk that a Borrower
would be unable to repay its portion of the  outstanding  obligations  under the
Facility  at any time.  These  restrictions  include,  but are not  limited  to,
borrowing  in  excess  of the  lesser  of  (a) an  amount  each  Borrower  could
reasonably  expect to repay in one year from its projected cash flow, or (b) the
greater of (i) the borrowing  base, as defined in the  Agreement,  as applied to
such Borrower and (ii) 50% of the net worth of such Borrower.  The  Contribution
Agreement  also provides  that, in the event a Borrower pays an amount under the
Contribution Agreement in excess of its share of the total obligations under the
Facility,  whether  by reason of an event of  default  or  otherwise,  the other
Borrowers will immediately  make a contribution  payment to such Borrower and in
such  amount  that the  aggregate  amount  paid by each  Borrower  reflects  its
allocable share of the aggregate obligations under the Facility.  The Borrowers'
obligations to each other under the Contribution Agreement are collateralized by
a subordinate lien on the assets of each Borrower.

     Under the terms of the Agreement,  the Borrowers are required to maintain a
cash reserve with the Lender  representing 20% of all outstanding  advances plus
all pending  advances.  Fund Eleven has  established  an interest  bearing  cash
account with the Lender totaling $468,000 at September 30, 2006, which satisfies
the Lender's cash reserve requirement for all the Borrowers.

     At September 30, 2006,  aggregate  borrowings  by all  Borrowers  under the
Facility  amounted  to  $2,340,000,  of  which  we  currently  do not  have  any
outstanding amounts under the Facility.

     Our Manager believes that with the cash we have currently  available,  cash
being generated from our leases,  cash distributions from our joint ventures and
proceeds  from  equipment  sales,  we  have  sufficient  cash  to  continue  our
operations into the foreseeable future. However, our ability to generate cash in
the future is subject to general economic,  financial,  competitive,  regulatory
and other  factors  that  affect  our  lessees'  businesses  that are beyond our
control.

Distributions

     We pay monthly  distributions to our members beginning with the first month
after the additional members' admission through the termination of the operating
period,  which we anticipate will be in April 2010. We paid distributions to our
additional  members for the 2006 Period of $9,607,567.  We paid distributions to
our Manager for the 2006 Period of $97,046.

Contractual Obligations and Commitments and Off Balance Sheet Transactions

     Our contractual  obligations and  commitments  have not changed  materially
from the amounts  disclosed in our Annual Report on Form 10-K for the year ended
December 31, 2005. We do not have any off balance sheet transactions.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

     We, like most other companies,  are exposed to certain market risks,  which
include  changes in interest rates and the demand for equipment (and the related
residuals)  owned by us. We believe  that our  exposure to other  market  risks,
including foreign currency  exchange rate risk,  commodity risk and equity price
risk, are  insignificant,  at this time, to both our financial  position and our
results of operations.  There were no other  material  changes to the disclosure
related to these  items  since the filing of our Annual  Report on Form 10-K for
the year ended December 31, 2005.

                                       23
<PAGE>

Item 4. Controls and Procedures

Evaluation of disclosure controls and procedures

     In connection  with the  preparation of this Quarterly  Report on Form 10-Q
for the period ended September 30, 2006, as well as the financial  statements on
Form 10-Q for the  period  ended  September  30,  2006 for our  Manager  and our
affiliates,  our Manager  carried out an evaluation,  under the  supervision and
with the  participation  of the  management of our Manager,  including its Chief
Executive  Officer and the Principal  Financial and Accounting  Officer,  of the
effectiveness of the design and operation of our Manager's  disclosure  controls
and  procedures as of the end of the period  covered by this report  pursuant to
the Securities Exchange Act of 1934. Based on the foregoing  evaluation,  except
as noted below,  the Chief  Executive  Officer and the  Principal  Financial and
Accounting  Officer  concluded  that  our  Manager's   disclosure  controls  and
procedures were effective.

     While  evaluating our Manager's  disclosure  controls and  procedures,  our
Manager  recognized that greater internal  controls were needed to aid in a more
efficient closing of our financial statements,  thereby requiring our Manager to
hire additional skilled accounting staff to support the senior vice president of
accounting  hired by our  Manager at the end of the third  quarter  of 2004.  In
addition,  our Manager hired two additional accounting staff members during 2005
that are certified  public  accountants  and experienced  with public  reporting
entities.  Subsequently,  in 2006,  our Manager hired another  accounting  staff
member  who  is a  certified  public  accountant  and  experienced  with  public
reporting  entities.  Our  Manager  will  continue to  evaluate  its  disclosure
controls and procedures to determine their  effectiveness  and adequacy and will
take the steps necessary,  in our Manager's  opinion,  to ensure the adequacy of
our Manager's disclosure controls and procedures.

     In  designing  and  evaluating  our  Manager's   disclosure   controls  and
procedures,  our Manager recognized that disclosure controls and procedures,  no
matter how well  conceived  and  operated,  can  provide  only  reasonable,  not
absolute,   assurance  that  the  objectives  of  the  disclosure  controls  and
procedures are met. Our Manager's  disclosure  controls and procedures have been
designed  to  meet  reasonable  assurance  standards.  Disclosure  controls  and
procedures  cannot  detect  or  prevent  all  error  and  fraud.  Some  inherent
limitations   in   disclosure   controls  and   procedures   include   costs  of
implementation, faulty decision-making,  simple error and mistake. Additionally,
controls  can be  circumvented  by the  individual  acts  of  some  persons,  by
collusion of two or more people, or by management override of the controls.  The
design of any system of controls is based,  in part,  upon  certain  assumptions
about the  likelihood of future  events,  and there can be no assurance that any
design will succeed in  achieving  its stated  goals under all  anticipated  and
unanticipated  future  conditions.  Over time,  controls  may become  inadequate
because of changes in conditions,  or the degree of compliance with  established
policies or procedures.

     Our  Manager's  Chief  Executive   Officer  and  Principal   Financial  and
Accounting  Officer have determined that no weakness in disclosure  controls and
procedures  had any  material  effect on the accuracy  and  completeness  of our
financial reporting and disclosure included in this report.

                           PART II - OTHER INFORMATION

Item 1.  Legal Proceedings

     In the ordinary  course of conducting  our  business,  there may be certain
claims, suits and complaints filed against us. In the opinion of management, the
outcome  of such  matters,  if any,  will  not  have a  material  impact  on our
consolidated  financial  position or results of  operations.  No material  legal
proceedings are currently pending or threatened, to our knowledge, against us or
against any of our assets.

Item 1A. Risk Factors

     Other  than with  respect  to the risk  factor  below,  there  have been no
material  changes from the risk factors  disclosed in "Item 1A. Risk Factors" of
our Annual  Report on Form 10-K for the year ended  December 31, 2005.  The risk
factor  presented below should be read in conjunction  with the risk factors and
information disclosed in our Annual Report on Form 10-K.

Because  we will  borrow  to  purchase  equipment,  losses as a result of lessee
defaults may be greater than if debt were not incurred.  Restrictions imposed by
the terms of our indebtedness may limit our financial flexibility.

                                       24
<PAGE>

     Although  we expect to acquire  some of our  investments  for cash,  we are
likely to borrow a  substantial  portion of the purchase  price of our equipment
investments  and there is no limit to the  amount  of debt that may be  incurred
when purchasing  equipment.  While we believe the use of leverage will result in
us being  able to make more  acquisitions  and that each  acquisition  will have
fewer  dollars  at risk  than if  leverage  were not  utilized,  there can be no
assurance that the benefits of greater size and diversification of the portfolio
will offset the heightened risk of loss in an individual lease transaction using
leverage. With respect to non-recourse  borrowings, a lessee default could force
us to make debt service  payments so as to protect our  investment  in equipment
and prevent us from being subject to repossession.

     We  together  with  certain  of  our  affiliates  (entities  sponsored  and
organized by our Manager),  ICON Income Fund Eight B L.P., ICON Income Fund Nine
and Fund Eleven are party to an  Agreement  with  California  Bank & Trust.  The
terms of our Agreement could restrict us from paying  distributions to investors
if such  payments  would  cause us not to be in  compliance  with our  financial
covenants. See "Item 2. Manager's Discussion and Analysis of Financial Condition
and Results of Operations - Liquidity and Capital Resources."

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

     Our Manager  consented to us redeeming 422 additional  member shares during
the 2006 Period. The redemption amounts are calculated  according to a specified
redemption formula in accordance with the LLC agreement. Redeemed shares have no
voting rights and do not share in  distributions.  The LLC agreement  limits the
number of shares which can be redeemed in any one year and  redeemed  shares may
not be reissued. The following table details our additional member redemptions:

<TABLE>
<CAPTION>
                                                 Total Number of
                                                 Additional Member       Price Paid Per
                                                      Shares           Additional Member
                                                     Redeemed               Shares
                                                 -----------------     ------------------

<S>                                                     <C>              <C>
 January 1, 2006 through January 31, 2006 *               93               $ 915.31

 February 1, 2006 through February 28, 2006               42               $ 896.44

 March 1, 2006 through March 31, 2006                     65               $ 916.72

 April 1, 2006 through April 30, 2006                     50               $ 885.76

 May 1, 2006 through May 31, 2006                         18               $ 848.11

 June 1, 2006 through June 30, 2006                       40               $ 927.38

 July 1, 2006 through July 31, 2006                        4               $ 881.14

 August 1, 2006 through August 31, 2006                   99               $ 919.84

 September 1, 2006 through September 30, 2006             11               $ 843.51

</TABLE>

*    Includes the  redemption  of 18 limited  liability  company  shares that we
     purchased  during  December  2005 for  $16,835  but were not  recorded as a
     reduction of total limited liability company shares until January 2006.

                                       25
<PAGE>

Item 3.  Defaults Upon Senior Securities

         Not applicable.

Item 4.  Submission of Matters to a Vote of Security Holders

          No matters  were  submitted to a vote of security  holders  during the
          2006 Quarter.

Item 5.  Other Information

         Not applicable.

Item 6. Exhibits

          31.1 Rule 13a-14(a)/15d-14(a) certifications.

          31.2 Rule 13a-14(a)/15d-14(a) certifications.

          32.1 Certification  pursuant to 18 U.S.C. ss.1350, as adopted pursuant
               to Section 906 of the Sarbanes-Oxley Act of 2002.

          32.2 Certification  pursuant to 18 U.S.C. ss.1350, as adopted pursuant
               to Section 906 of the Sarbanes-Oxley Act of 2002.


                                   SIGNATURES

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

ICON Income Fund Ten, LLC File No. 000-50654  (Registrant) by its Manager,  ICON
Capital Corp.

Date: November 14, 2006

/s/ Beaufort J.B. Clarke
---------------------------------
Beaufort J.B. Clarke
Chairman, Chief Executive Officer and Director
(Principal Executive Officer)


Date: November 14, 2006

/s/ Thomas W. Martin
---------------------------------
Thomas W. Martin
Chief Operating Officer and Chief Financial Officer
(Principal Financial and Accounting Officer)

                                       26