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   March 31, 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 May
1, 2006 is 148,907.

<PAGE>

                            ICON Income Fund Ten, LLC
                                Table of Contents


<TABLE>
<CAPTION>

PART I - FINANCIAL INFORMATION                                                    Page


<S>                                                                               <C>
     Item 1.  Condensed Consolidated Financial Statements

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

         Condensed Consolidated Statements of Operations for the three months
           ended March 31, 2006 and 2005 (Unaudited)                                3

         Condensed Consolidated Statement of Changes in Members' Equity for the
           the three Months ended March 31, 2006 (Unaudited)                        4

         Condensed Consolidated Statements of Cash Flows for the three months
           ended March 31, 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                                                14

     Item 3. Quantitative and Qualitative Disclosures About Market Risk            19

     Item 4. Controls and Procedures                                               20

PART II - OTHER INFORMATION

     Item 1. Legal Proceedings                                                     20

     Item 1A.  Risk Factors                                                        20

     Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds          21

     Item 3.  Defaults Upon Senior Securities                                      21

     Item 4.  Submission of Matters to a Vote of Security Holders                  21

     Item 5.  Other Information                                                    21

     Item 6.  Exhibits                                                             22

Signatures                                                                         23

</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)
                                                  March 31,        December 31,
                                                    2006              2005
                                                 ------------     ------------

 Cash and cash equivalents                       $ 23,595,881     $ 24,178,852
                                                 ------------     ------------

 Investments in operating leases:
      Equipment, at cost                          141,020,408      138,721,933
      Accumulated depreciation                    (31,024,836)     (25,710,754)
                                                 ------------     ------------

      Net investments in operating leases         109,995,572      113,011,179
                                                 ------------     ------------

 Escrow deposits                                    1,464,000        3,747,886
 Equipment held for sale or lease, net                458,428        2,323,428
 Prepaid service fees, net                          3,324,701        4,292,093
 Investment in unguaranteed residual values         2,375,335        2,506,935
 Interest rate swap contracts                       1,210,892          997,977
 Due from Manager and affiliates                        2,610           12,019
 Investments in joint ventures                     17,632,747       16,194,641
 Other assets, net                                  2,030,900        1,921,084
                                                 ------------     ------------

         Total assets                            $162,091,066     $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


                                                 (Unaudited)
                                                   March 31,       December 31,
                                                    2006              2005
                                                 -------------    ------------

 Notes payable - non-recourse                    $ 56,871,490     $ 60,474,288
 Security deposits and other liabilities              515,682        1,202,270
 Deferred rental income                             1,257,356        1,299,510
 Due to Manager and affiliates                        186,321               -
 Minority interest                                    651,034          760,622
                                                 ------------     ------------

      Total liabilities                            59,481,883       63,736,690
                                                 ------------     ------------

 Commitments and Contingencies

 Members' equity:
    Manager (one share outstanding,
      $1,000 per share original issue price)         (295,551)        (252,770)
    Additional Members (148,974 and 149,174
      shares outstanding, $1,000 per share
       original issue price)                      101,323,727      105,724,368
    Accumulated other comprehensive income (loss)   1,581,007          (22,194)
                                                 ------------     ------------

    Total members' equity                         102,609,183      105,449,404
                                                 ------------     -----------

    Total liabilities and members' equity        $162,091,066     $169,186,094
                                                 ============     ============

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
                          Three Months Ended March 31,
                                   (Unaudited)


                                                     2006            2005
                                                 ------------     ------------
 Revenue:
      Rental income                              $  6,551,901     $  5,730,336
      Income from investment in joint ventures        276,230           20,461
      Net gain on sales of equipment                    2,726                -
      Gain on foreign currency transactions            26,713                -
      Interest and other income                       160,611                 -
                                                 ------------     ------------

         Total revenue                              7,018,181        5,750,797
                                                 ------------     ------------

 Expenses:
      Depreciation and amortization                 6,302,786        5,458,448
      Interest                                        834,202          955,194
      Management fees - Manager                       447,837          299,690
      Administrative expense reimbursements
         - Manager                                    287,331          357,677
      General and administrative                      174,836          115,541
      Minority interest                                11,094           11,094
                                                 ------------     ------------

         Total expenses                             8,058,086        7,197,644
                                                 ------------     ------------

 Net loss                                        $ (1,039,905)    $ (1,446,847)
                                                 ============     ============

 Net loss allocable to:
      Additional Members                         $ (1,029,506)    $ (1,432,379)
      Manager                                         (10,399)         (14,468)
                                                 ------------     ------------

                                                 $ (1,039,905)    $ (1,446,847)
                                                 ============     ============

 Weighted average number of additional
      members shares outstanding                      149,065          125,247
                                                 ============     ============

 Net loss per weighted average
      additional members share                   $      (6.91)    $     (11.44)
                                                 ============     ============


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
                        Three Months Ended March 31, 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                 (200)      (165,527)           -                  -           (165,527)
 Cash distributions to members                       -      (3,205,608)       (32,382)               -         (3,237,990)
 Change in valuation of interest rate
      swap contracts                                 -              -              -           212,915            212,915
 Change in valuation of warrants held
      by investee                                    -              -              -         1,187,520          1,187,520
 Foreign currency translation adjustment             -              -              -           202,766            202,766

 Net loss                                            -      (1,029,506)       (10,399)               -         (1,039,905)
                                          -------------   ------------     ----------     ------------       ------------

 Balance, March 31, 2006                        148,974   $101,323,727     $ (295,551)    $  1,581,007       $102,609,183
                                          =============   ============     ==========     ============       ============

</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
                          Three Months Ended March 31,
                                   (Unaudited)



<TABLE>
<CAPTION>

 Increase (decrease) in cash and cash equivalents                            2006           2005
                                                                          -----------    -----------


<S>                                                                      <C>            <C>
Cash flows from operating activities:
   Net loss                                                               $(1,039,905)   $(1,446,847)
      Adjustments to reconcile net loss to net cash
          provided by operating activities:
            Rental income paid directly to lenders by lessees             (4,392,000)    (4,180,533)
            Income from investment in joint ventures                        (276,230)       (20,461)
            Net gain on sales of equipment                                    (2,726)            -
            Gain on foreign currency transactions                            (26,713)            -
            Depreciation and amortization                                  6,302,786      5,458,448
            Interest expense on non-recourse financing paid directly
               to lenders by lessees                                         834,202        956,694
            Minority interest                                                 11,094         11,094
         Changes in operating assets and liabilities:
            Due from/to Manager and affiliates, net                          195,730        236,735
            Other assets                                                     (75,989)       (49,550)
            Security deposits and other liabilities                         (996,532)       (45,021)
            Deferred rental income                                           (42,154)        24,078
                                                                         -----------    -----------

 Net cash provided by operating activities                                   491,563        944,637
                                                                         -----------    -----------

 Cash flows from investing activities:
      Investments in lease assets, net of security deposits assumed         (253,853)    (2,167,116)
      Proceeds from sales of equipment and investments in unguaranteed
       residual values                                                     1,955,354             -
      Distributions received from joint ventures                             135,079             -
      Distributions paid to minority interest holders in joint ventres      (120,682)      (119,540)
      Minority interest contribution in joint venture                        (35,056)            -
      Cash transferred out of escrow account                                 733,792             -
      Due from Manager and affiliates, net                                         -        571,948
      Prepaid service fees paid                                                    -     (2,590,411)
                                                                         -----------    -----------

 Net cash provided by (used in) investing activities                       2,414,634     (4,305,119)
                                                                         -----------    -----------

 Cash flows from financing activities:
      Cash received from issuance of additional members shares,
         net of sales and offering expenses paid                                   -     35,269,447
      Due to Manager and affiliates, net                                           -        377,117
      Cash distributions paid to members                                  (3,237,990)    (2,473,696)
      Cash paid for additional member shares redeemed                       (165,527)      (216,821)
      Additional member refunds paid                                               -        100,000
                                                                         -----------    -----------

 Net cash (used in) provided by financing activities                      (3,403,517)    33,056,047
                                                                         -----------    -----------

 Effects of exchange rates on cash and cash equivalents                      (85,621)            -
                                                                         -----------    -----------

 Net (decrease) increase in cash and cash equivalents                       (582,971)    29,695,565
 Cash and cash equivalents, beginning of the period                       24,178,852     25,006,190
                                                                         -----------    -----------

 Cash and cash equivalents, end of the period                            $23,595,881    $54,701,755
                                                                         ===========    ===========

</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
                          Three Months Ended March 31,
                                   (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 through non-recourse debt               $       -      $26,150,000
                                                                                      ==========     ===========
      Principal and interest paid on non-recourse notes payable
         directly to lenders by lessees                                               $4,437,000     $ 4,180,533
                                                                                      ==========     ===========

      Transfer from escrow deposits to investments in lease assets                    $1,599,797     $        -
                                                                                      ==========     ===========
      Transfer from investments in unguaranteed residual values to
         investments in lease assets                                                  $   48,286     $        -
                                                                                      ==========     ===========
</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
                                 March 31, 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  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 2005 Annual Report on Form 10-K.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% and 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 reduced for distributions.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 lease.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  with the LLC (the
"LLC  Agreement").Additionally,  the Manager has a 1% ownership  interest in the
LLC.

                                       7
<PAGE>
                            ICON Income Fund Ten, LLC
                     (A Delaware Limited Liability Company)
              Notes To Condensed Consolidated Financial Statements
                                 March 31, 2006
                                   (Unaudited)

(2)    Organization - continued

     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
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 months ended March 31, 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 financial  statements and the reported amounts of revenues
and  expenses  during the  reporting  period.  Significant  estimates  primarily
include  the  allowance  for  doubtful   accounts  and   unguaranteed   residual
values.Actual results could differ from those estimates.

(4)    Joint Ventures

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

ICON Global Crossing, LLC

     On November 17, 2005,  the LLC along with ICON Income Fund Eight A L.P. and
ICON Leasing Fund Eleven,  LLC ("Fund Eleven") formed ICON Global Crossing,  LLC
("ICON Global Crossing"), with original ownership interests of 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 is
purchasing  state-of-the-art  telecommunications  equipment  on lease to  Global
Crossing  Telecommunications,  Inc. ("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 to approximately  30.6%, 8.0 %
and 61.4%, respectively.

                                       8
<PAGE>
                            ICON Income Fund Ten, LLC
                     (A Delaware Limited Liability Company)
              Notes To Condensed Consolidated Financial Statements
                                 March 31, 2006
                                   (Unaudited)

(4)    Joint Ventures - continued

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

ICON AEROTV, LLC

     On December  22,  2005,  the LLC and Fund Eleven  formed ICON  AEROTV,  LLC
("AEROTV LLC"),  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.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.

ICON EAM, LLC

     On November 9, 2005,  the LLC and Fund  Eleven  formed ICON EAM,  LLC ("EAM
LLC"),  each  contributed  approximately  $5,618,000 in cash for a 50% ownership
interest.EAM  LLC will  purchase  industrial  gas meters and  accompanying  data
gathering  equipment,  which 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 March 31,
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 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 U.K.  public
company.  The warrants are  exercisable  for five years after  issuance,  have a
strike price of GBP1.50 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  March 31, 2006, the Manager has  determined,  based
upon The  Black-Scholes  Option  Pricing  Model  that  the  fair  value of these
warrants  is  approximately  $2,375,000.  The inputs  used for The  Black-Sholes
Option  Pricing Model were as follows:  strike price of GBP1.50,  share price of
GBP1.35,  estimated  holding  period of two years, a volatility of 25.0% and the
risk free interest rate of 5.0%.

(5)    Equipment Held for Sale or Lease, Net

     On March 1,  2006,  the LLC  sold a  portion  of the  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.

                                       9
<PAGE>
                            ICON Income Fund Ten, LLC
                     (A Delaware Limited Liability Company)
              Notes To Condensed Consolidated Financial Statements
                                 March 31, 2006
                                   (Unaudited)

(6)    Investments in Operating Leases

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


                                                    March 31,      December 31,
                                                     2006             2005
                                                 ------------     -------------

 Container vessels                               $107,219,708     $107,219,708
 Digital mini-labs                                  9,098,024        9,098,024
 Information technology equipment                   6,191,061        6,162,472
 Telecommunications systems                         4,193,186        4,193,186
 Refrigeration equipment                            1,309,952        1,309,952
 Manufacturing equipment                            1,440,345          894,047
 Bedside entertainment and
       communication terminals                     11,568,132        9,844,544
                                                 ------------     ------------
                                                  141,020,408      138,721,933

 Less: accumulated depreciation                   (31,024,836)     (25,710,754)
                                                 ------------     ------------

                                                 $109,995,572     $113,011,179
                                                 ============     ============


     On January 3, 2006,  ICON  Premier,  LLC  ("Premier  LLC"),  a wholly owned
subsidiary  of the LLC,  purchased  approximately  $1,724,000  (GBP928,172)  of
additional  bedside  entertainment  and  communication  terminals  on lease with
Premier Telecom  Contracts  Limited.The base term of the lease,  which commenced
January 1, 2006, will be for seven years.At March 31, 2006, the remaining amount
of cash held in escrow of approximately  $734,000  (GBP414,000) was transferred
to Premier LLC's operating cash account.

(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  four  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 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  months  ended March 31,
2006,  the LLC paid SAM  approximately  $6,000 in  commissions  and  realization
proceeds,  which are  included  in general  and  administrative  expenses in the
accompanying condensed consolidated statement of operations.

                                      10
<PAGE>
                            ICON Income Fund Ten, LLC
                     (A Delaware Limited Liability Company)
              Notes To Condensed Consolidated Financial Statements
                                 March 31, 2006
                                   (Unaudited)

(7)    Investment in Unguaranteed Residual Values - continued

     During the quarter ended March 31, 2006, SAM renewed  approximately $48,300
of the initial  cost of the  investment  and SAM sold  approximately  $19,700 of
these  leases.As  a  result,  the LLC  reclassified  approximately  $338,600  to
investments  in  operating  leases at March 31,  2006.For the three months ended
March 31, 2006, the LLC recorded  approximately  $91,000 of depreciation expense
relating to these assets.The lease terms expire at various dates through October
2006.

(8)    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.,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.

     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 March 31, 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.

     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  $1,313,185 at March 31, 2006,  which satisfies
the Lender's cash reserve requirement for all the Borrowers.

     At March 31, 2006, aggregate borrowings by all Borrowers under the Facility
amounted to  $6,565,927,  of which the LLC currently  has no amount  outstanding
under the Facility.

                                       11
<PAGE>
                            ICON Income Fund Ten, LLC
                     (A Delaware Limited Liability Company)
              Notes To Condensed Consolidated Financial Statements
                                 March 31, 2006
                                   (Unaudited)

(9)    Other Comprehensive Loss

           Other comprehensive loss consists of the following:

                                                       Three Months Ended
                                                            March 31,
                                                 -----------------------------
                                                      2006            2005
                                                 ------------     ------------
 Net loss                                        $ (1,039,905)    $ (1,446,847)

 Other comprehensive income (loss):
   Change in valuation of interest rate
      swap contracts                                  212,915          967,368
   Change in valuation of warrants
      held by investee                              1,187,520               -
   Foreign currency translation adjustment            202,766               -
                                                 ------------     ------------


 Comprehensive income (loss)                     $    563,296     $   (479,479)
                                                 ============     ============

(10)    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 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 our
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 salary and
related  costs,  travel  expenses  and other  administrative  costs  incurred by
individuals  with a controlling  interest in the Manager.

                                       12
<PAGE>
                            ICON Income Fund Ten, LLC
                     (A Delaware Limited Liability Company)
              Notes To Condensed Consolidated Financial Statements
                                 March 31, 2006
                                   (Unaudited)


(10)    Transactions with Related Parties - continued

     The  Manager  also has a 1%  interest  in the  LLC's  profits,  losses  and
distributions.  The LLC paid  distributions  to the  Manager of $32,382  for the
three months ended March 31,  2006.Additionally,  the Manager's  interest in the
LLC's net loss for the three  months  ended  March 31, 2006 and 2005 was $10,399
and $14,468, respectively.

     Fees and other  expenses  paid or accrued by the LLC to the  Manager or its
affiliates for the three months ended March 31, 2006 and 2005, were as follows:

                                                    2006            2005
                                                 ---------      -----------
 Prepaid service fees (1)                        $       -      $ 2,590,411
 Organization and offering fees (2)                      -          597,787
 Underwriting commissions (2)                            -          797,005
 Management fees (3)                               447,837          299,690
 Administrative expense reimbursements (3)         287,331          357,677
                                                 ---------      -----------

                                                 $ 735,168      $ 4,642,570
                                                 =========      ===========

(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 payable of $186,321  due to the Manager at March 31, 2006 for
administrative  expense  reimbursements accrued and unpaid at March 31, 2006.The
LLC had a receivable of $2,610 due from ICON Global  Crossing for a distribution
underpayment which occurred during the quarter ended March 31, 2006.

(11)   Recent Accounting Pronouncements

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

                                       13
<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  were
invested,  additional  investments  were 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 purchase equipment from time to time until
five years from the date we completed our offering.This time frame is called the
"operating  period."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 March 31, 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:

     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.

                                       14
<PAGE>

Information Technology Equipment:

     o    We have a 74.6% interest in 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 four 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, LLC ("ICON
          Global  Crossing"),  an entity  also  managed  by our  Manager,  which
          purchased  from various  vendors  state-of-the-art  telecommunications
          equipment which is then leased to Global Crossing  Telecommunications,
          Inc.

Other Equipment:

     o    We have a 100.0% interest in refrigeration  equipment on lease to P.W.
          Supermarkets,  Inc. ("PW Supermarkets").The  equipment is subject to a
          three year  lease.Prior to the lease  expiration,  PW Supermarkets has
          the option to renew the lease for an additional year.

     o    We have a  100.0%  interest  in  hospital  bedside  entertainment  and
          communication  terminals  on  lease  with  Premier  Telecom  Contracts
          Limited  ("Premier").The  equipment is  installed in several  National
          Health Service hospitals in the United  Kingdom.Premier is one of four
          companies  in the United  Kingdom to receive  the right to install and
          operate the  equipment  in the  hospitals.The  base term of the lease,
          which  commenced on January 1, 2006,  will be for seven years.At March
          31,    2006,    we    had    purchased    approximately    $11,569,000
          (GBP6,540,000)  of  equipment  pursuant  to the terms of the sales
          purchase  agreement.We  currently  earn  rental  income on the bedside
          entertainment and communication terminals which are operational.

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

                                       15
<PAGE>

Lease and Other Significant Transactions

Sale of Aircraft Rotables

     On March 1, 2006, we sold a portion of our Boeing 767 aircraft rotables and
received   proceeds   of   $1,865,000,   which  was  equal  to  their  net  book
value.Accordingly, no gain or loss was recorded on this sale.

Telecommunications Equipment

     On November 17, 2005,  we along with ICON Income Fund Eight A L.P. and ICON
Leasing Fund  Eleven,  LLC ("Fund  Eleven")  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,
2005, 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  approximately  $157,000 in
legal  fees) on lease  to  Global  Crossing  Telecommunications,  Inc.  ("Global
Crossing")  and  during  April  2006  purchased  approximately   $3,165,000,  of
additional equipment on lease with Global Crossing.The base lease term is for 48
months beginning April 1, 2006.

New Accounting Pronouncements

     Our  Manager  does  not  believe  that  any  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 March 31, 2006 (the "2006
Quarter") and 2005 (the "2005 Quarter")

     During April 2005, our offering period ended as we had raised approximately
$150,000,000.  We are currently in our operating period, which is anticipated to
last until April 2010, but may be extended for an additional three years, at our
Manager's  discretion.During  the  operating  period,  we expect to acquire both
income leases and growth leases.As our leases expire,  we may sell the equipment
and  reinvest  the  proceeds in  additional  equipment  leases or  re-lease  the
equipment.We  anticipate  incurring  both  gains  and  losses  on the  sales  of
equipment during the operating period.Additionally,  we expect to see our rental
income  and  finance  income  increase,  as well  as  related  expenses  such as
depreciation expense and interest expense.We anticipate that the fees we pay our
Manager to operate and manage our business  portfolio will increase  during this
period as our Manager  will be spending a greater  portion of its time  managing
our portfolio.

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

<TABLE>
<CAPTION>


                                                          Three Months Ended March 31,
                                                 ---------------------------------------------
                                                     2006             2005           Change
                                                 ------------     ------------     ----------
<S>                                              <C>              <C>              <C>
 Total revenue                                   $  7,018,181     $  5,750,797     $1,267,384
                                                 ============     ============     ==========

 Rental income                                   $  6,551,901     $  5,730,336     $  821,565
 Income from investment in joint ventures        $    276,230     $     20,461     $  255,769
 Net gain on sales of equipment                  $      2,726     $         -      $    2,726
 Gain on foreign currency transactions           $     26,713     $         -      $   26,713
 Interest and other income                       $    160,611     $         -      $  160,611

</TABLE>

                                       16
<PAGE>

     Total revenue for the 2006 Quarter  increased by $1,267,384,  or 22.0%,  as
compared to the 2005 Quarter.This increase was primarily  attributable to rental
income from our leased equipment.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 and bedside
entertainment terminals on lease with Premier.

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

<TABLE>
<CAPTION>


                                                       Three Months Ended March 31, 2006
                                                 ---------------------------------------------
                                                     2006             2005           Change
                                                 ------------     ------------     ----------
<S>                                              <C>              <C>              <C>
 Total expenses                                  $  8,058,086     $  7,197,644     $  860,442
                                                 ============     ============     ==========

 Depreciation and amortization                   $  6,302,786     $  5,458,448     $  844,338
 Interest                                        $    834,202     $    955,194     $ (120,992)
 Management fees - Manager                       $    447,837     $    299,690     $  148,147
 Administrative expense reimbursements - Manager $    287,331     $    357,677     $  (70,346)
 General and administrative                      $    174,836     $    115,541     $   59,295
 Minority interest                               $     11,094     $     11,094     $       -

</TABLE>


     Total  expenses for the 2006 Quarter  increased by $860,442,  or 12.0%,  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 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 increase in management fees - Manager was
a result of our increased  rental income during the 2006  Quarter.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.As we
increased our leased  equipment  portfolio,  management fees paid to our Manager
increased.The  decrease in administrative  expense reimbursements is a result of
less time required by our Manager to administer our affairs.

Net Loss

     As a result of the foregoing factors, the net loss for the 2006 Quarter was
$1,039,905  as compared to the net loss for 2005 Quarter of  $1,446,847.The  net
loss per weighted average number of additional  members' shares  outstanding for
the 2006  Quarter  was $6.91 as compared  to the net loss per  weighted  average
number of additional members' shares outstanding for the 2005 Quarter of $11.44.

Liquidity and Capital Resources

Sources and Uses of Cash

     At March 31, 2006, we had cash and cash equivalents of $23,595,881.Our main
source of cash is from operating and investing  activities.Our  main use of cash
is for financing activities and cash distributions to our members.

     Our main  sources  of cash  during the 2006  Quarter  were  primarily  from
investing   activities.During  the  2006  Quarter,  we  received   approximately
$1,955,000  in cash from the  proceeds  on sales of  equipment,  investments  in
unguaranteed residual values and equipment held for sale or  lease.Additionally,
we received  approximately  $135,000 from distributions  received from our joint
ventures.Additionally  operating activities provided  approximately  $492,000 in
cash during the 2006 Quarter.

                                       17
<PAGE>

     Our  main  use  of  cash  during  the  2006  Quarter  was  from   financing
activities.Our  primary use of cash from financing  activities was  distribution
payments to our members of approximately $3,238,000 and the redemption of member
shares  of  approximately  $166,000.Additionally,  we  used  cash  in  investing
activities during the 2006 Quarter as follows:approximately  $254,000 to acquire
additional leased equipment,  approximately  $121,000 for distributions  paid to
minority  interest holders in joint ventures and  approximately  $35,000 paid to
acquire an additional interest in a joint venture.

Financings and Borrowings

     Non-recourse Debt

     We have non-recourse debt at March 31, 2006 of $56,871,490.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 5.8% 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 March 31, 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 is 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% at March 31,  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 March 31, 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.

                                       18
<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 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  $1,313,185 at March 31, 2006,  which satisfies
the Lender's cash reserve requirement for all the Borrowers.

     At March 31, 2006, aggregate borrowings by all Borrowers under the Facility
amounted  to  $6,565,927,  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 Quarter of $3,205,608.We  paid distributions to
our Manager for the 2006 Quarter of $32,382.

     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
includes 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.

                                       19
<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 March 31, 2006, as well as the financial statements on Form
10-Q for the period ended March 31, 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
who are certified  public  accountants  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,  including  recourse  debt,
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.

                                       20
<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.

     Additionally,  while  we  expect  the  majority  of  our  borrowings  to be
non-recourse,  some of our borrowings  may be recourse debt,  whereby the lender
can look to our general assets or the general assets of other equipment  leasing
funds our Manager operates in the case of nonpayment. Recourse debt may increase
our risk of loss because we must meet our loan payment obligations regardless of
the rental revenue we receive from the equipment.  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 200 additional  member shares during
the 2006 Quarter. 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:

                                             Total Number of
                                             Additional Member   Price Paid Per
                                                  Shares       Additional Member
                                                 Redeemed           Shares
                                                 --------           ------

 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
                                                 --------           -------

                                                      200           $911.81
                                                 ========           =======

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


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
first quarter 2006.

Item 5. Other Information

         Not applicable.

                                       21
<PAGE>

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.

                                       22
<PAGE>

                                   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: May 16, 2006

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

Date: May 16, 2006

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

                                       23