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 quarterly period ended
 September
  30, 2013
  or  [  ]         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 incorporation or organization)
 (I.R.S.
  Employer Identification No.)
  3
  Park Avenue, 36th Floor, New York, New York
 10016(Address
  of principal executive offices)
 (Zip
  Code)
  (212)
  418-4700(Registrant's
  telephone number, including area code)
  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. þYesoNo  Indicate by check mark whether the registrant has submitted
electronically and posted on its corporate Web site, if any, every Interactive
Data File required to be submitted and posted pursuant to Rule 405 of
Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or
for such shorter period that the registrant was required to submit and post
such
files). þYesoNo  Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, a non-accelerated filer or a smaller
reporting company. See the definitions of “large accelerated filer,”
“accelerated filer” and “smaller reporting company” in Rule 12b-2 of
the Exchange Act.  Large accelerated filero
 Accelerated fileroNon-accelerated filero(Do not check if a smaller reporting company)
 Smaller reporting companyþ
  Indicate by check mark whether the registrant is a shell
company (as defined in Rule 12b-2 of the Exchange Act). oYesþNo  Number of
outstanding shares of limited liability company interests of the registrant on
November 4, 2013 is 148,211.


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ICON Income Fund Ten, LLC
  Table of ContentsPagePART I - FINANCIAL INFORMATIONItem 1.  Consolidated Financial StatementsConsolidated Balance Sheets
 1Consolidated Statements of Comprehensive Income
 2Consolidated Statements of Changes in Equity
 3Consolidated Statements of Cash Flows
 4Notes to Consolidated Financial Statements
 5Item 2. Manager's Discussion and Analysis of Financial
  Condition and Results of Operations
 8Item 3. Quantitative and Qualitative Disclosures About Market
  Risk
 12Item 4. Controls and Procedures
 12PART II – OTHER INFORMATIONItem 1. Legal Proceedings
 
 13Item 1A. Risk Factors
 
 13Item 2. Unregistered Sales of Equity Securities and Use of
  Proceeds
 13Item 3. Defaults Upon Senior Securities
 13Item 4. Mine Safety Disclosures
 13Item 5. Other Information
 
 13Item 6. Exhibits
 
 14Signatures
 
 15


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Table of contents PART I – FINANCIAL
INFORMATION  Item
1.  Consolidated Financial Statements ICON Income Fund Ten, LLC(A Delaware Limited
  Liability Company)Consolidated Balance
  SheetsSeptember 30,
 
 December 31,2013
 
 2012(unaudited)AssetsCurrent assets:Cash and cash equivalents
 $
 3,444,725
 
 $
 1,805,049Current portion of net investment in finance leases
 
 18,716,346
 
 
 10,304,383Other current assets
 
 4,131
 
 
 92,754Total current assets
 
 22,165,202
 
 
 12,202,186Non-current assets:Net investment in finance leases, less current portion
 
 15,449,383
 
 
 29,726,814Investment in joint ventures
 
 -
 
 
 710,564Other non-current assets
 
 24,800
 
 
 24,800Total non-current assets
 
 15,474,183
 
 
 30,462,178Total assets
 $
 37,639,385
 
 $
 42,664,364Liabilities and EquityCurrent liabilities:Accrued expenses
 $
 236,370
 
 $
 45,885Indemnification liability
 
 371,617
 
 
 372,143Other current liabilities
 
 -
 
 
 13,481Total liabilities
 
 607,987
 
 
 431,509Commitments and contingencies (Note 5)Equity:Members’ equity:Additional members
 
 37,983,600
 
 
 43,138,938Manager
 
 (928,757)
 
 
 (876,685)Accumulated other comprehensive loss
 
 (5,352)
 
 
 (57,405)Total members’ equity
 
 37,049,491
 
 
 42,204,848Noncontrolling interests
 
 (18,093)
 
 
 28,007Total equity
 
 37,031,398
 
 
 42,232,855Total liabilities and equity
 $
 37,639,385
 
 $
 42,664,364See accompanying notes to
  consolidated financial statements.
 1


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Table of contents  ICON Income Fund Ten, LLC(A Delaware Limited
  Liability Company)Consolidated Statements of
  Comprehensive Income(unaudited)Three Months Ended September
  30,
 
 Nine Months Ended
  September 30,2013
 
 2012
 
 2013
 
 2012Revenue and other income:Rental income
 $
 -
 
 $
 -
 
 $
 -
 
 $
 4,944Finance income
 
 1,445,515
 
 
 1,726,497
 
 
 4,584,971
 
 
 5,101,790Loss from investment in joint ventures
 
 (150,702)
 
 
 (343,189)
 
 
 (755,478)
 
 
 (1,098,877)Interest and other income
 
 (19,902)
 
 
 (13,275)
 
 
 337
 
 
 10,867Total revenue and other income
 
 1,274,911
 
 
 1,370,033
 
 
 3,829,830
 
 
 4,018,724Expenses:Management fees
 
 -
 
 
 -
 
 
 -
 
 
 224,216Administrative expense reimbursements
 
 -
 
 
 -
 
 
 -
 
 
 273,488General and administrative
 
 56,203
 
 
 184,840
 
 
 715,818
 
 
 779,807Depreciation and amortization
 
 -
 
 
 -
 
 
 -
 
 
 590Total expenses
 
 56,203
 
 
 184,840
 
 
 715,818
 
 
 1,278,101Net income
 
 1,218,708
 
 
 1,185,193
 
 
 3,114,012
 
 
 2,740,623Less: net income (loss) attributable to noncontrolling interests
 
 -
 
 
 3,249
 
 
 (37,283)
 
 
 2,759Net income attributable to Fund Ten
 
 1,218,708
 
 
 1,181,944
 
 
 3,151,295
 
 
 2,737,864Other comprehensive income:Change in fair value of derivative financial instruments
 
 13,218
 
 
 20,845
 
 
 52,053
 
 
 67,575Currency translation adjustments
 
 -
 
 
 -
 
 
 -
 
 
 (1,151)Total other comprehensive income
 
 13,218
 
 
 20,845
 
 
 52,053
 
 
 66,424Comprehensive income
 
 1,231,926
 
 
 1,206,038
 
 
 3,166,065
 
 
 2,807,047Less: comprehensive income (loss) attributable tononcontrolling interests
 
 -
 
 
 3,249
 
 
 (37,283)
 
 
 2,759Comprehensive income attributable to Fund Ten
 $
 1,231,926
 
 $
 1,202,789
 
 $
 3,203,348
 
 $
 2,804,288Net income attributable to Fund Ten allocable to:Additional members
 $
 1,206,521
 
 $
 1,170,125
 
 $
 3,119,782
 
 $
 2,710,487Manager
 
 12,187
 
 
 11,819
 
 
 31,513
 
 
 27,377$
 1,218,708
 
 $
 1,181,944
 
 $
 3,151,295
 
 $
 2,737,864Weighted average number of additional shares of limitedliability company interests outstanding
 
 148,211
 
 
 148,211
 
 
 148,211
 
 
 148,211Net income attributable to Fund Ten per weighted averageadditional share of limited liability company interestsoutstanding
 $
 8.14
 
 $
 7.89
 
 $
 21.05
 
 $
 18.29See accompanying notes to
  consolidated financial statements.
 2


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Table of contents  ICON Income Fund Ten, LLC(A Delaware Limited
  Liability Company)Consolidated Statements of
  Changes in EquityMembers' EquityAdditional Shares of
  Limited Liability Company Interests
 
 Additional Members
 
 Manager
 
 Accumulated Other
  Comprehensive (Loss) Income
 
 Total Members' Equity
 
 Noncontrolling Interests
 
 Total EquityBalance, December 31, 2012
 148,211
 
 $
 43,138,938
 
 $
 (876,685)
 
 $
 (57,405)
 
 $
 42,204,848
 
 $
 28,007
 
 $
 42,232,855Net income (loss)
 -
 
 
 996,047
 
 
 10,061
 
 
 -
 
 
 1,006,108
 
 
 (266)
 
 
 1,005,842Change in fair value of derivative financial instruments
 -
 
 
 -
 
 
 -
 
 
 21,664
 
 
 21,664
 
 
 -
 
 
 21,664Cash distributions
 -
 
 
 (2,500,044)
 
 
 (25,253)
 
 
 -
 
 
 (2,525,297)
 
 
 -
 
 
 (2,525,297)Balance, March 31, 2013 (unaudited)
 148,211
 
 
 41,634,941
 
 
 (891,877)
 
 
 (35,741)
 
 
 40,707,323
 
 
 27,741
 
 
 40,735,064Net income (loss)
 -
 
 
 917,214
 
 
 9,265
 
 
 -
 
 
 926,479
 
 
 (37,017)
 
 
 889,462Change in fair value of derivative financial instruments
 -
 
 
 -
 
 
 -
 
 
 17,171
 
 
 17,171
 
 
 -
 
 
 17,171Cash distributions
 -
 
 
 (2,525,044)
 
 
 (25,505)
 
 
 -
 
 
 (2,550,549)
 
 
 -
 
 
 (2,550,549)Balance, June 30, 2013 (unaudited)
 148,211
 
 
 40,027,111
 
 
 (908,117)
 
 
 (18,570)
 
 
 39,100,424
 
 
 (9,276)
 
 
 39,091,148Net income
 -
 
 
 1,206,521
 
 
 12,187
 
 
 -
 
 
 1,218,708
 
 
 -
 
 
 1,218,708Change in fair value of derivative financial instruments
 -
 
 
 -
 
 
 -
 
 
 13,218
 
 
 13,218
 
 
 -
 
 
 13,218Cash distributions
 -
 
 
 (3,250,032)
 
 
 (32,827)
 
 
 -
 
 
 (3,282,859)
 
 
 (8,817)
 
 
 (3,291,676)Balance, September 30, 2013 (unaudited)
 148,211
 
 $
 37,983,600
 
 $
 (928,757)
 
 $
 (5,352)
 
 $
 37,049,491
 
 $
 (18,093)
 
 $
 37,031,398See accompanying notes to
  consolidated financial statements.
 3


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Table of contents  ICON Income Fund Ten, LLC(A Delaware Limited
  Liability Company)Consolidated Statements of
  Cash Flows(unaudited)Nine Months Ended
  September 30,2013
 
 
 2012Cash flows from operating activities:Net income
 $
 3,114,012
 
 $
 2,740,623Adjustments to reconcile net income to net cash provided by
  operating activities:Finance income
 
 (4,584,971)
 
 
 (5,101,790)Loss from investment in joint ventures
 
 755,478
 
 
 1,098,877Depreciation and amortization
 
 -
 
 
 590Interest and other income
 
 (526)
 
 
 -Changes in operating assets and liabilities:Collection of finance leases
 
 10,450,439
 
 
 3,250,188Other assets, net
 
 88,623
 
 
 20,376Due to Manager and affiliates, net
 
 -
 
 
 (116,479)Accrued expenses
 
 190,485
 
 
 (87,577)Other current liabilities
 
 (13,481)
 
 
 12,187Net cash provided by operating activities
 
 10,000,059
 
 
 1,816,995Cash flows from investing activities:Investment in joint ventures
 
 -
 
 
 (55,532)Distribution from joint venture
 
 7,139
 
 
 -Principal received on notes receivable
 
 -
 
 
 446,499Net cash provided by investing activities
 
 7,139
 
 
 390,967Cash flows from financing activities:Distributions to noncontrolling interests
 
 (8,817)
 
 
 -Cash distributions to members
 
 (8,358,705)
 
 
 (7,474,818)Net cash used in financing activities
 
 (8,367,522)
 
 
 (7,474,818)Net increase (decrease) in cash and cash equivalents
 
 1,639,676
 
 
 (5,266,856)Cash and cash equivalents, beginning of period
 
 1,805,049
 
 
 6,171,596Cash and cash equivalents, end of period
 $
 3,444,725
 
 $
 904,740See accompanying notes to
  consolidated financial statements.
 4


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Table of contents ICON

Income Fund Ten, LLC (A

Delaware Limited Liability Company) Notes

to Consolidated Financial Statements September

30, 2013 (unaudited)
 (1)        Basis
of Presentation and Consolidation Theaccompanying consolidated financial statements
of ICON Income Fund Ten, LLC (the “LLC”) have been prepared in accordance with
U.S. generally accepted accounting principles for interim financial information
and pursuant to the rules and regulations of the Securities and Exchange
Commission for Quarterly Reports on Form 10-Q.  In the opinion of the
manager of the LLC, ICON Capital, LLC, a Delaware limited liability company
formerly known as ICON Capital Corp. (the “Manager”), all adjustments, which
are of a normal recurring nature, considered necessary for a fair presentation
have been included.  These 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,
2012.  The results for the interim period are not necessarily
indicative of the results for the full year.  Credit Quality of Finance Leases and
Credit Loss Reserve  The Manager weighs
all credit decisions based on a combination of external credit ratings as well
as internal credit evaluations of all borrowers. A borrower’s credit is
analyzed using those credit ratings as well as the borrower’s financial
statements and other financial data deemed relevant.  As the LLC’s finance
leases are limited in number, the Manager is able to estimate the credit loss
reserve based on a detailed analysis of each lease as opposed to using
portfolio-based metrics and credit loss reserve. Leases are analyzed quarterly
and categorized as either performing or non-performing based on payment
history. If a lease becomes non-performing due to a borrower’s missed scheduled
payments or failed financial covenants, the Manager analyzes whether a credit
loss reserve should be established or whether the lease should be restructured.
Material events would be specifically disclosed in the discussion of each lease
held.  Recent Accounting Pronouncements  In February 2013, the
Financial Accounting Standards Board issued Accounting Standards Update (“ASU”)
No. 2013-02,Comprehensive
Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other
Comprehensive Income, which requires an entity to disclose information about the
amounts reclassified out of accumulated other comprehensive income, by
component, on the respective line items of net income. The adoption of ASU
2013-02 became effective for the LLC on January 1, 2013 and did not have a
material effect on the consolidated financial statements.  (2)         Net
Investment in Finance Leases Net investment in finance leases consisted of the following: September
  30,
 
 December
  31,2013
 
 2012Minimum rents receivable
 $
 34,821,964
 
 $
 45,272,403Estimated residual values
 
 7,300,000
 
 
 7,300,000Unearned income
 
 (7,956,235)
 
 
 (12,541,206)Net investment in finance leases
 
 34,165,729
 
 
 40,031,197Less: current portion of net
  investment in finance leases
 
 18,716,346
 
 
 10,304,383Net investment in finance leases, less
  current portion
 $
 15,449,383
 
 $
 29,726,814
  (3)      
 Transactions with Related Parties The LLC paid
distributions to the Manager of $32,827 and $83,585 for the three and nine
months ended September 30, 2013, respectively. The LLC paid distributions to
the Manager of $10,606 and $74,748 for the three and nine months ended
September 30, 2012, respectively. Additionally, the Manager’s interest in the
net income attributable to the LLC was $12,187 and $31,513 for the three and
nine months ended September 30, 2013, respectively. The Manager’s interest in
the net income attributable to the LLC was $11,819 and $27,377 for the three and
nine months ended September 30, 2012, respectively.  5


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Table of contents ICON

Income Fund Ten, LLC (A

Delaware Limited Liability Company) Notes

to Consolidated Financial Statements September

30, 2013 (unaudited)
 During the three months ended September 30, 2013, the Manager suspended
the collection of management fees and administrative expense reimbursements of
approximately $230,000 and $56,000, respectively. During the nine months ended
September 30, 2013, the Manager suspended the collection of management fees and
administrative expense reimbursements of approximately $683,000 and $186,000,
respectively.During the three and
nine months ended September 30, 2012, the Managersuspendedthe collection of management fees and
administrative expense reimbursements of approximately $108,000 and $90,000,
respectively.  Feesand other expenses paid or accrued by the
LLC to the Manager or its affiliates were as follows:  Nine
  Months EndedSeptember
  30,Entity
 
 Capacity
 
 Description
 
 2013
 
 2012ICON Capital, LLC
 
 Manager
 
 Management fees (1)
 
 $
 -
 
 $
 224,216ICON Capital, LLC
 
 Manager
 
 Administrative expense reimbursements (1)
 
 
 -
 
 
 273,488$
 -
 
 $
 497,704(1)  Amount charged directly to
  operations.
  (4)Derivative
Financial Instruments  The LLC may enter
into derivative financial instruments for purposes of hedging specific
financial exposures, including movements in foreign currency exchange rates and
changes in interest rates on its non-recourse long-term debt. The LLC enters
into these instruments only for hedging underlying exposures. The LLC does not
hold or issue derivative financial instruments for purposes other than hedging,
except for warrants, which are not hedges. Certain derivatives may not meet the
established criteria to be designated as qualifying accounting hedges, even
though the LLC believes that these are effective economic hedges.  The LLC recognizes
all derivative financial instruments as either assets or liabilities on the
consolidated balance sheets and measures those instruments at fair value.
Changes in the fair value of such instruments are recognized immediately in
earnings unless certain criteria are met. These criteria demonstrate that the
derivative is expected to be highly effective at offsetting changes in the fair
value or expected cash flows of the underlying exposure at both the inception
of the hedging relationship and on an ongoing basis and include an evaluation
of the counterparty risk and the impact, if any, on the effectiveness of the
derivative. If these criteria are met, which the LLC must document and assess
at inception and on an ongoing basis, the LLC recognizes the changes in fair
value of such instruments in accumulated other comprehensive income (loss)
(“AOCI”), a component of equity on the consolidated balance sheets. Changes in
the fair value of the ineffective portion of all derivatives are recognized
immediately in earnings.  Interest Rate
Risk The LLC’s objectives
in using interest rate derivatives are to add stability to interest expense and
to manage its exposure to interest rate movements on its variable non-recourse
debt. The LLC’s strategy to accomplish these objectives is to match the
projected future cash flows with the underlying debt service. Interest rate
swaps designated as cash flow hedges involve the receipt of floating-rate
interest payments from a counterparty in exchange for the LLC making fixed-rate
interest payments over the life of the agreements without exchange of the
underlying notional amount.  Counterparty Risk The LLC manages
exposure to possible defaults on derivative financial instruments by monitoring
the concentration of risk that the LLC has with any individual bank and through
the use of minimum credit quality standards for all counterparties. The LLC
does not require collateral or other security in relation to derivative
financial instruments. Since it is the LLC’s policy to enter into derivative
contracts only with banks of internationally acknowledged standing, the LLC
considers the counterparty risk to be remote.  Designated
Derivatives 6


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Table of contents ICON

Income Fund Ten, LLC (A

Delaware Limited Liability Company) Notes

to Consolidated Financial Statements September

30, 2013 (unaudited)
  As of September 30,
2013, the LLC has interests through joint ventures in two floating-to-fixed
interest rate swaps relating to ICON Eagle Corona Holdings, LLC and ICON Eagle
Carina Holdings, LLC designated and qualifying as cash flow hedges with an
aggregate notional amount of $6,435,224.  These interest rate swaps were
scheduled to mature on November 14, 2013. Subsequent to September 30, 2013, the
joint venture terminated the interest rate swaps by making a total payment of
approximately $32,000.  For these
derivatives, the joint ventures record their interest in the gain or loss from
the effective portion of changes in the fair value of derivatives designated
and qualifying as cash flow hedges in AOCI and such gain or loss is
subsequently reclassified into earnings in the period that the hedged
forecasted transaction affects earnings and is recorded as a component of loss
from investment in joint ventures. During the three and nine months ended
September 30, 2013 and 2012, the joint ventures recorded no hedge
ineffectiveness in earnings.  During the twelve
months ending September 30, 2014, the LLC estimates that $5,352 will be reclassified
from AOCI to loss from investment in joint ventures.  The
table below presents the effect of the LLC’s share of the joint ventures’
derivative financial instruments designated as cash flow hedging instruments on
the consolidated statements of comprehensive income for the three and nine months
ended September 30, 2013 and 2012:  Period
 
 Derivatives Designated as
  Hedging Instruments
 
 Amount of Gain (Loss)
  Recognized in AOCI on Derivatives (Effective Portion)
 
 Location of Gain (Loss)
  Reclassified from AOCI into Income (Effective Portion)
 
 Amount of Gain (Loss)
  Reclassified from AOCI into Income (Effective Portion)Three Months Ended
  September 30, 2013
 
 Interest rate swaps
 
 $
 (362)
 
 Loss from investment in
  joint ventures
 
 $
 (13,580)Nine Months Ended
  September 30, 2013
 
 Interest rate swaps
 
 $
 (1,930)
 
 Loss from investment in
  joint ventures
 
 $
 (53,983)Three Months Ended
  September 30, 2012
 
 Interest rate swaps
 
 $
 (8,648)
 
 Loss from investment in
  joint ventures
 
 $
 (29,493)Nine Months Ended
  September 30, 2012
 
 Interest rate swaps
 
 $
 (31,441)
 
 Loss from investment in
  joint ventures
 
 $
 (99,016)
  At September 30, 2013
and December 31, 2012, the total unrealized loss recorded to AOCI related to
the joint ventures’ interest in the change in fair value of interest rate swaps
was $5,352 and $57,405, respectively.  (5)         Commitments
and Contingencies At the time the LLC
acquires or divests of its interest in an equipment lease or other financing
transaction, the LLC may, under very limited circumstances, agree to indemnify
the seller or buyer for specific contingent liabilities. The Manager believes
that any liability of the LLC that may arise as a result of any such indemnification
obligations will not have a material adverse effect on the consolidated
financial condition or results of operations of the LLC taken as a whole.   7


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Table of contents
 Item 2.  Manager's Discussion and Analysis of
Financial Condition and Results of Operations The following is a discussion of our current
financial position and results of operations. This discussion should be read
together with our unaudited consolidated financial statements and related notes
included elsewhere in this Quarterly Report on Form 10-Q and the audited
consolidated financial statements and related notes included in our Annual
Report on Form 10-K for the year ended December 31, 2012.  This
discussion should also be read in conjunction with the disclosures below
regarding “Forward-Looking Statements.”  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,” “would,” “could,” “anticipate,”
“believe,” “estimate,” “expect,” “continue,” “further,” “plan,” “seek,”
“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. They 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.  We undertake no
obligation to update publicly or review any forward-looking statement, whether
as a result of new information, future developments or otherwise.  Overview We operated as an
equipment leasing program in which the capital our members invested was pooled
together to make investments, pay fees and establish a small reserve. We
primarily engaged in the business of purchasing equipment and leasing or
servicing it to third parties, equipment financing, 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 were acquired for
cash and were expected to provide current cash flow, which we refer to as
“income” leases. For our other equipment leases, we financed the majority of
the purchase price through borrowings from third parties. We refer to these
leases as “growth” leases. These growth leases generated little or no current
cash flow because substantially all of the rental payments received from the
lessee were used to service the indebtedness associated with acquiring or
financing the lease. For these leases, we anticipated that the future value of
the leased equipment would exceed the cash portion of the purchase price.  Our Manager manages
and controls our business affairs, including, but not limited to, our equipment
leases and other financing transactions.  Effective April 30,
2010, we completed our operating period. On May 1, 2010, we commenced our
liquidation period, during which we have sold and will continue to sell our
assets and/or let our investments mature in the ordinary course of business. If
our Manager believes it would benefit our members to reinvest the proceeds
received from investments in additional investments during the liquidation
period, our Manager may do so. Our Manager will not receive any acquisition
fees on equipment purchased during the liquidation period.  Recent Accounting Pronouncements We do not believe any
recently issued, but not yet effective, accounting pronouncements, if currently
adopted, would have a material effect on our consolidated financial statements.    8


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Table of contents
 Results of Operations for the Three Months Ended September
30, 2013 (the “2013 Quarter”) and 2012 (the “2012 Quarter”) Revenue and other income for the 2013 Quarter and the 2012 Quarter
is summarized as follows:  Three Months Ended
  September 30,2013
 
 2012
 
 ChangeFinance income
 $
 1,445,515
 
 $
 1,726,497
 
 $
 (280,982)Loss from investment in joint ventures
 
 (150,702)
 
 
 (343,189)
 
 
 192,487Interest and other income
 
 (19,902)
 
 
 (13,275)
 
 
 (6,627)Total revenue and other income
 $
 1,274,911
 
 $
 1,370,033
 
 $
 (95,122)
  Total revenue and
other income for the 2013 Quarter decreased $95,122, or 6.9%, as compared to
the 2012 Quarter. The decrease in finance income was primarily due to the
normal lifecycle of our bareboat charters with ZIM Israel Navigation Co. Ltd.
This decrease was partially offset by a smaller loss from investment in joint
ventures in the 2013 Quarter as compared to the 2012 Quarter since we are no
longer required to record our share of losses of two joint ventures after the
investments have been reduced to zero during 2013.  Expenses for the 2013 Quarter and the
2012 Quarter are summarized as follows:  Three
  Months Ended September 30,2013
 
 2012
 
 ChangeGeneral and administrative
 $
 56,203
 
 $
 184,840
 
 $
 (128,637)Total expenses
 $
 56,203
 
 $
 184,840
 
 $
 (128,637)
  Total expenses for
the 2013 Quarter decreased $128,637, or 69.6%, as compared to the 2012 Quarter.
The decrease in general and administrative expenses was primarily due to the
continued reduction of expenses as a result of being in our liquidation period.  Net
Income Attributable to Fund Ten As a result of the
foregoing factors, net income attributable to us for the 2013 Quarter and the
2012 Quarter was $1,218,708 and $1,181,944, respectively. Net income
attributable to us per weighted average additional share of limited liability
company interests (“Share”) outstanding for the 2013 Quarter and the 2012
Quarter was $8.14 and $7.89, respectively.  Results of
Operations for the Nine Months Ended September 30, 2013  (the “2013 Period”)
and 2012 (the “2012 Period”) Revenue and other income for the2013 Period and the 2012 Period is summarized as
follows:  Nine
  Months Ended September 30,2013
 
 2012
 
 ChangeRental income
 $
 -
 
 $
 4,944
 
 $
 (4,944)Finance income
 
 4,584,971
 
 
 5,101,790
 
 
 (516,819)Loss from investment in joint ventures
 
 (755,478)
 
 
 (1,098,877)
 
 
 343,399Interest and other income
 
 337
 
 
 10,867
 
 
 (10,530)Total revenue and other income
 $
 3,829,830
 
 $
 4,018,724
 
 $
 (188,894)
  Total revenue and other income for the 2013 Period decreased
$188,894, or 4.7%, as compared to the 2012 Period.Thedecreasewas primarily due to the
normal lifecycle of our bareboat charters with ZIM Israel Navigation Co. Ltd.
This decrease was partially offset by a smaller loss from investment in joint
ventures in the 2013Periodas compared to the 2012Periodsince we are no longer required to record our share of losses of two joint
ventures after the investments have been reduced to zero during 2013.  Expenses
for the 2013 Period and the 2012 Period are summarized as follows:  9


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Table of contents
  Nine
  Months Ended September 30,2013
 
 2012
 
 ChangeManagement fees
 $
 -
 
 $
 224,216
 
 $
 (224,216)Administrative expense reimbursements
 
 -
 
 
 273,488
 
 
 (273,488)General and administrative
 
 715,818
 
 
 779,807
 
 
 (63,989)Depreciation and amortization
 
 -
 
 
 590
 
 
 (590)Total expenses
 $
 715,818
 
 $
 1,278,101
 
 $
 (562,283)
  Total expenses for the 2013 Period decreased $562,283, or
44.0%, as compared to the 2012 Period.The decrease was primarily
due to our Manager’s suspended collection of management fees and administrative
expense reimbursements.  Net Income (Loss) Attributable to Noncontrolling
Interests Net income (loss) attributable to noncontrolling
interests decreased $40,042 from a net income of $2,759 for the 2012 Period to a
net loss of $37,283 for the 2013 Period. The decrease was primarily
attributable to accrued sales taxes for the 2013 Period.  Net Income
Attributable to Fund Ten As a result of the foregoing factors, net income
attributable to us for the 2013 Period and the 2012 Period was$3,151,295and$2,737,864,respectively. Net income attributable to
us per weighted average additional Share outstanding for the2013 Period
and the 2012 Period was $21.05 and $18.29, respectively.  Financial
Condition This section discusses the major balance sheet
variances at September 30, 2013 compared to December 31, 2012.  Total Assets Total assets decreased $5,024,979, from $42,664,364
at December 31, 2012 to $37,639,385 at September 30, 2013.  The
decrease was primarily due to cash distributions made to our members and the
loss from investment in joint ventures during the 2013 Period. The decrease was
partially offset by the recognition of finance income.  Current Assets Current assets
increased $9,963,016, from $12,202,186 at December 31, 2012 to $22,165,202 at
September 30, 2013. The increase was primarily due to the increase in the
current portion of the net investment in finance leases resulting from the
scheduled change in charter payments due pursuant to the bareboat charters on our
two vessels.  Current Liabilities Current liabilities
increased $176,478, from $431,509 at December 31, 2012 to $607,987 at September
30, 2013. The increase was primarily due to accrued sales taxes.  Equity Equity decreased $5,201,457, from $42,232,855 at
December 31, 2012 to $37,031,398 at September 30, 2013.   The
decrease  was primarily the result of cash distributions paid to our members,
which were partially offset by net income in the 2013 Period.  Liquidity
and Capital Resources Summary At September 30, 2013 and December 31, 2012, we
had cash and cash equivalents of $3,444,725 and $1,805,049,
respectively.During our liquidation period, which we commenced on
May 1, 2010, our main sources of cash are the collection of rental payments
from our non-leveraged finance leases and proceeds from sales of equipment and
our main use of cash is distributions to our members.  Cash and
cash equivalents include cash in banks and highly liquid investments with
original maturity dates of three months or less.  Our cash and cash
equivalents are held principally at one financial institution and at times may
exceed insured limits.  We have placed these funds in a high quality
institution in order to minimize risk relating to exceeding insured limits.  10


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Table of contents
 We believe that cash generated from the expected results of our
operations will be sufficient to finance our liquidity requirements for the
foreseeable future, including distributions to our members, general and
administrative expense, management fees and administrative expense
reimbursements. We anticipate that our liquidity requirements for the remaining
life of the fund will be financed by the expected results of our operations, as
well as cash received from our investments at maturity.  We
anticipate being able to meet our liquidity requirements 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 us and our lessees’ and borrowers’ businesses that are beyond our
control.  Cash Flows Operating
Activities Cash provided by operating activities increased
$8,183,064, from $1,816,995 in the 2012 Period to $10,000,059 in the 2013 Period.  The
increase was primarily due to the scheduled increase in bareboat charter receipts
and the continued reduction of expenses paid in the 2013 Period as compared to
the 2012 Period as a result of being in our liquidation period.  Investing Activities Cash provided by investing activities decreased
$383,828, from $390,967 in the 2012 Period to $7,139 in the 2013 Period. The
decrease was primarily due to the absence of principal received on notes
receivable as a result of Northern Capital Associates XIV, L.P. satisfying its
obligations during the 2012 Period.  Financing Activities Cash used in financing activities increased
$892,704, from $7,474,818 in the 2012 Period to $8,367,522 in the 2013 Period.
The increase was due to an increase in the amount of cash distributed to our
members in the 2013 Period as compared to the 2012 Period.  Distributions We, at our Manager’s
discretion, paid monthly distributions to our members starting with the first
month after each additional member’s admission following the commencement of
our operations through the end of our operating period, which was on April 30,
2010. Distributions made during our liquidation period will vary, depending on
the timing of the sale of our assets and/or the maturity of our investments and
our receipt of rental and other income from our investments. We paid
distributions to our Manager and additional members of $83,585 and $8,275,120,
respectively, during the 2013Period.  Commitments and Contingencies and Off-Balance
Sheet Transactions Commitments
and Contingencies At the time we
acquire or divest our interest in an equipment lease or other financing
transaction, we may, under very limited circumstances, agree to indemnify the
seller or buyer for specific contingent liabilities. Our Manager believes that
any liability of ours that may arise as a result of any such indemnification
obligations will not have a material adverse effect on our consolidated
financial condition or results of operations taken as a whole.  Off-Balance
Sheet Transactions None.   11


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Table of contents
 Item 3. Quantitative and Qualitative
Disclosures About Market Risk Smaller reporting companies are not required to
provide the information required by this item.  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 three months ended September 30, 2013, our Manager
carried out an evaluation, under the supervision and with the participation of
the management of our Manager, including its Co-Chief Executive Officers 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, as amended. Based on the foregoing evaluation, the
Co-Chief Executive Officers and the Principal Financial and Accounting Officer
concluded that our Manager’s disclosure controls and procedures were effective.  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.  Evaluation of internal control over financial
reporting There have been no changes in our internal control
over financial reporting during the three months ended September 30, 2013 that have
materially affected, or are reasonably likely to materially affect, our
internal control over financial reporting.   12


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Table of contents
 PART II - OTHER INFORMATION   Item 1. Legal Proceedings In the ordinary course of conducting our business, we
may be subject to certain claims, suits, and complaints filed against us.  In
ourManager’s opinion, the outcome of
such matters, if any, will not have a material impact on our consolidated
financial position or results of operations.  We are not aware of any material
legal proceedings that are currently pending against us or against any of our
assets.  Item
1A. Risk Factors Smaller reporting companies are not required to
provide the information required by this item.  Item
2.  Unregistered Sales of Equity Securities and Use of Proceeds We did not sell or redeem any Shares during the
three months ended September 30, 2013.  Item 3. Defaults
Upon Senior Securities Not
applicable.  Item 4. Mine
Safety Disclosures Not
applicable.  Item 5. Other
Information Not
applicable.   13


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Table of contents
  Item 6.  Exhibits 3.1      Certificate
of Formation of Registrant (Incorporated by reference to Exhibit 3.1 to
Registrant’s Registration Statement on Form S-1 filed with the SEC on February
28, 2003 (File No. 333-103503)).  4.1      Amended and
Restated Operating Agreement of Registrant (Incorporated by reference to
Exhibit 4.1 to Pre-Effective Amendment No. 3 to Registrant’s Registration
Statement on Form S-1 filed with the SEC on June 2, 2003 (File No. 333-103503)).  31.1    Rule
13a-14(a)/15d-14(a) Certification of Co-Chief Executive Officer.  31.2    Rule
13a-14(a)/15d-14(a) Certification of Co-Chief Executive Officer.  31.3    Rule
13a-14(a)/15d-14(a) Certification of Principal Financial and Accounting
Officer.  32.1    Certification
of Co-Chief Executive Officer pursuant to 18 U.S.C. §1350, as adopted pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002.  32.2    Certification
of Co-Chief Executive Officer pursuant to 18 U.S.C. §1350, as adopted pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002.  32.3    Certification
of Principal Financial and Accounting Officer pursuant to 18 U.S.C. §1350, as
adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.  101.INS*
      XBRL Instance Document.  101.SCH*
    XBRL Taxonomy Extension Schema Document.  101.CAL*
    XBRL Taxonomy Extension Calculation Linkbase Document.  101.DEF*
     XBRL Taxonomy Extension Definition Linkbase Document.  101.LAB*
    XBRL Taxonomy Extension Labels Linkbase Document.  101.PRE*
     XBRL Taxonomy Extension Presentation Linkbase Document. 
 *
XBRL (eXtensible Business Reporting Language) information is furnished and not
filed or a part of a registration statement or prospectus for purposes of Sections
11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for
purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and
otherwise is not subject to liability under these sections.   14


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Table of contents
 SIGNATURES  Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned thereunto duly authorized.  ICON Income Fund Ten, LLC (Registrant)  By: ICON Capital, LLC (Manager of
the Registrant)  November 5, 2013  By:/s/ Michael
  A. ReisnerMichael
  A. ReisnerCo-Chief
  Executive Officer and Co-President
  (Co-Principal Executive Officer)
  By:/s/ Mark
  GattoMark GattoCo-Chief
  Executive Officer and Co-President
  (Co-Principal
  Executive Officer)
  By:/s/ Nicholas
  A. SinigagliaNicholas
  A. SinigagliaManaging
  Director
  (Principal Financial and Accounting Officer)
    15


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