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

                                  June 30, 2006
--------------------------------------------------------------------------------

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


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


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

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

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

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

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

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

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

Number of  outstanding  limited  liability  company  shares of the registrant on
August 1, 2006 is 148,862.

<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 June 30, 2006 (Unaudited)
           and December 31, 2005                                                           1

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

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

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

         Notes to Condensed Consolidated Financial Statements (Unaudited)                  7

     Item 2. Manager's Discussion and Analysis of Financial Condition and
              Results of Operations                                                       15

     Item 3. Quantitative and Qualitative Disclosures About Market Risk                   21

     Item 4. Controls and Procedures                                                      22

PART II - OTHER INFORMATION

     Item 1. Legal Proceedings                                                            22

     Item 1A.  Risk Factors                                                               22

     Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds                 23

     Item 3.  Defaults Upon Senior Securities                                             24

     Item 4.  Submission of Matters to a Vote of Security Holders                         24

     Item 5.  Other Information                                                           24

     Item 6.  Exhibits                                                                    24

Signatures                                                                                25

</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


<TABLE>
<CAPTION>


                                                    (Unaudited)
                                                      June  30,          December 31,
                                                        2006                2005
                                                   ---------------      --------------
<S>                                                <C>                  <C>
 Cash and cash equivalents                         $    19,619,597      $   24,178,852
                                                   ---------------      --------------

 Investments in operating leases:
      Equipment, at cost                               143,620,023         138,721,933
      Accumulated depreciation                         (36,109,066)        (25,710,754)
                                                   ---------------      --------------

      Net investments in operating leases              107,510,957         113,011,179
                                                   ---------------      --------------

 Investments in joint ventures                          17,243,228          16,194,641
 Investment in unguaranteed residual values              2,182,881           2,506,935
 Equipment held for sale or lease, net                     458,428           2,323,428
 Prepaid service fees, net                               2,463,997           4,292,093
 Escrow deposits                                         1,464,000           3,747,886
 Interest rate swap contracts                            1,427,452             997,977
 Due from Manager and affiliates                             3,420              12,019
 Other assets, net                                       2,867,071           1,921,084
                                                   ---------------      --------------

         Total assets                              $   155,241,031      $  169,186,094
                                                   ===============      ==============

</TABLE>

See accompanying notes to condensed consolidated financial statements.

                                       1
<PAGE>


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


                         LIABILITIES AND MEMBERS' EQUITY

<TABLE>
<CAPTION>


                                                                                            (Unaudited)
                                                                                              June 30,        December 31,
                                                                                               2006             2005
                                                                                           --------------  ---------------
<S>                                                                                        <C>             <C>
 Notes payable - non-recourse                                                              $  53,220,225   $    60,474,288
 Security deposits and other liabilities                                                         314,187         1,202,270
 Deferred rental income                                                                        1,463,517         1,299,510
 Due to Manager and affiliates                                                                    78,834               -
 Minority interest                                                                               542,036           760,622
                                                                                           -------------   ---------------

      Total liabilities                                                                       55,618,799        63,736,690
                                                                                           -------------   ----------------

 Commitments and Contingencies

 Members' equity:
      Manager (one share outstanding, $1,000 per share original issue price)                    (331,710)         (252,770)
      Additional Members (148,866 and 149,174 shares outstanding,
         $1,000 per share original issue price)                                               97,647,056       105,724,368
      Accumulated other comprehensive income (loss)                                            2,306,886           (22,194)
                                                                                           -------------   ---------------

      Total members' equity                                                                   99,622,232       105,449,404
                                                                                           -------------   ---------------

      Total liabilities and members' equity                                                $ 155,241,031   $   169,186,094
                                                                                           =============   ===============

</TABLE>

See accompanying notes to condensed consolidated financial statements.

                                       2
<PAGE>


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


<TABLE>
<CAPTION>

                                                              Three Months Ended June 30,       Six Months Ended June 30,
                                                              ---------------------------      ---------------------------
                                                                 2006             2005             2006            2005
                                                              -----------     -----------      -----------     -----------

<S>                                                           <C>             <C>              <C>             <C>
 Revenue:
      Rental income                                           $ 6,850,602     $ 6,091,981      $13,402,503     $11,822,317
      Income from investment in joint ventures                    425,955          10,499          702,185          30,960
      Net loss on sales of equipment                               (6,422)              -           (3,696)             -
      Gain on foreign currency transactions                             -               -           26,713              -
      Interest and other income                                   155,197         114,367          315,808         114,367
                                                              -----------      ----------      -----------     -----------

         Total revenue                                          7,425,332       6,216,847       14,443,513      11,967,644
                                                              -----------      ----------      -----------     -----------

 Expenses:
      Depreciation and amortization                             6,294,050       5,803,476       12,596,836      11,261,924
      Interest                                                    730,235         929,766        1,564,437       1,884,960
      Management fees - Manager                                   449,573         463,394          897,410         763,084
      Administrative expense reimbursements - Manager             217,430         193,790          504,761         551,467
      General and administrative                                  105,242         150,146          280,078         265,687
      Minority interest                                            10,542          11,094           21,636          22,188
                                                              -----------      ----------      -----------     -----------

         Total expenses                                         7,807,072       7,551,666       15,865,158      14,749,310
                                                              -----------      ----------      -----------     -----------

 Net loss                                                     $  (381,740)    $(1,334,819)     $(1,421,645)    $(2,781,666)
                                                              ===========     ===========      ===========     ===========

 Net loss allocable to:
      Additional Members                                      $  (377,923)    $(1,321,471)     $(1,407,429)    $(2,753,849)
      Manager                                                      (3,817)        (13,348)         (14,216)        (27,817)
                                                              -----------     -----------      -----------     -----------

                                                              $  (381,740)    $(1,334,819)     $(1,421,645)    $(2,781,666)
                                                              ===========     ===========      ===========     ===========

 Weighted average number of additional
      member shares outstanding                                   148,916         149,372          149,019         137,376
                                                              ===========     ===========      ===========     ===========

 Net loss per weighted average additional
      member share outstanding                                $     (2.54)    $     (8.85)     $     (9.44)    $    (20.05)
                                                              ===========     ===========      ===========     ===========

</TABLE>


See accompanying notes to condensed consolidated financial statements.

                                       3
<PAGE>

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


<TABLE>
<CAPTION>

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


<S>                                          <C>              <C>               <C>            <C>             <C>
 Balance at January 1, 2006                      149,174      $ 105,724,368     $   (252,770)  $   (22,194)    $105,449,404

 Additional member shares redeemed                  (308)          (262,175)              -             -          (262,175)
 Cash distributions to members                        -          (6,407,708)         (64,724)           -        (6,472,432)
 Change in valuation of interest rate
      swap contracts                                  -                  -                -        429,475          429,475
 Change in valuation of warrants held
      by a joint venture                              -                  -                -        640,037          640,037
 Foreign currency translation adjustment              -                  -                -      1,259,568        1,259,568
 Net loss                                             -          (1,407,429)         (14,216)           -        (1,421,645)
                                                --------      -------------     ------------   -----------     ------------

 Balance, June 30, 2006                          148,866      $  97,647,056     $   (331,710)  $ 2,306,886     $ 99,622,232
                                                ========      =============     ============   ===========     ============

</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
                            Six Months Ended June 30,
                                   (Unaudited)

<TABLE>
<CAPTION>

Increase (decrease) in cash and cash equivalents                                        2006             2005
                                                                                    -------------    -------------
<S>                                                                                 <C>              <C>
Cash flows from operating activities:
      Net loss                                                                      $  (1,421,645)   $  (2,781,666)
      Adjustments to reconcile net loss to net cash
          provided by operating activities:
            Rental income paid directly to lenders by lessees                          (8,784,000)      (8,572,533)
            Income from investment in joint ventures                                     (702,185)         (30,960)
            Net loss on sales of equipment                                                  3,696               -
            Gain on foreign currency transactions                                         (26,713)              -
            Depreciation and amortization                                              12,596,836       11,261,924
            Interest expense on non-recourse financing paid directly
               to lenders by lessees                                                    1,529,937        1,887,460
            Minority interest                                                              21,636           22,188
         Changes in operating assets and liabilities:
            Due from/to Manager and affiliates, net                                        (6,668)         127,279
            Other assets                                                                 (783,026)         (60,609)
            Security deposits and other liabilities                                      (920,493)         (35,174)
            Deferred rental income                                                        164,007         (411,577)
                                                                                    -------------    -------------

 Net cash provided by operating activities                                              1,671,382        1,406,332
                                                                                    -------------    -------------

 Cash flows from investing activities:
      Investments in leased assets, net of security deposits assumed                   (3,072,034)      (2,167,116)
      Proceeds from sales of equipment and unguaranteed residual values                 2,405,854               -
      Distributions received from joint ventures                                          772,187               -
      Distributions paid to minority interest holders in joint ventures                  (240,222)        (120,096)
      Cash transferred from escrow account                                                733,792       (7,708,946)
      Due from Manager and affiliates, net                                                     -           574,725
      Prepaid service fees paid                                                                -        (2,666,122)
                                                                                    -------------    -------------

 Net cash provided by (used in) investing activities                                      599,577      (12,087,555)
                                                                                    -------------    -------------

 Cash flows from financing activities:
      Cash received from issuance of additional members shares, net of sales and
         offering expenses paid                                                                -        36,300,274
      Due to Manager and affiliates, net                                                       -           (41,920)
      Cash distributions paid to members                                               (6,472,432)      (5,634,474)
      Cash paid for additional member shares redeemed                                    (262,175)        (436,736)
      Additional member refunds paid                                                           -                79
                                                                                    -------------    -------------

 Net cash (used in) provided by financing activities                                   (6,734,607)      30,187,223
                                                                                    -------------    -------------

 Effects of exchange rates on cash and cash equivalents                                   (95,607)              -
                                                                                    -------------    -------------

 Net (decrease) increase in cash and cash equivalents
                                                                                       (4,559,255)      19,506,000
 Cash and cash equivalents, beginning of the period                                    24,178,852       25,006,190
                                                                                    -------------    -------------

 Cash and cash equivalents, end of the period                                       $  19,619,597    $  44,512,190
                                                                                    =============    =============
</TABLE>

See accompanying notes to condensed consolidated financial statements.

                                       5
<PAGE>

                     (A Delaware Limited Liability Company)
                 Condensed Consolidated Statements of Cash Flows
                            Six Months Ended June 30,
                                   (Unaudited)


<TABLE>
<CAPTION>

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

 Supplemental disclosure of non-cash investing and financing activities:
      Non-cash portion of equipment purchased with non-recourse debt                $          -     $  26,150,000
                                                                                    =============    =============
      Principal and interest paid on non-recourse notes payable
         paid directly to lenders by lessees                                        $   8,784,000    $   8,572,533
                                                                                    =============    =============
      Transfer from escrow deposits to investments in lease assets                  $   1,599,797    $          -
                                                                                    =============    =============
      Transfer from investments in unguaranteed residual values to
         investments in lease assets                                                $     100,433    $     310,275
                                                                                    =============    =============
</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
                                  June 30, 2006
                                   (Unaudited)


(1)    Basis of Presentation and Consolidation

     The accompanying condensed consolidated financial statements of ICON Income
Fund Ten,  LLC (the "LLC")  have been  prepared in  accordance  with  accounting
principles  generally  accepted  in the  United  States of America  for  interim
financial  information  and  pursuant  to  the  rules  and  regulations  of  the
Securities  and  Exchange  Commission  for 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% but less  than 50%  ownership  interest,  under  the  equity  method  of
accounting.  In such cases, the LLC's original  investments are recorded at cost
and  adjusted  for its share of  earnings,  losses  and  distributions.  The LLC
accounts  for  investments  in joint  ventures  where the LLC has  virtually  no
influence  over  financial  and  operational  matters  using the cost  method of
accounting.  In such cases, the LLC's original  investments are recorded at cost
and any  distributions  received  are recorded to  operations.  All of the LLC's
investments in joint ventures are subject to its impairment review policies.

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

(2)    Organization

     The LLC was  formed on  January  2, 2003 as a  Delaware  limited  liability
company.  The LLC is engaged in one business segment,  the business of acquiring
equipment  subject to 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 of the LLC (the "LLC
Agreement"). Additionally, the Manager has a 1% interest in the profits, losses,
cash distributions, and liquidation proceeds of the LLC.

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

                                       7
<PAGE>

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


(2)    Organization - continued

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

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

(3)    Use of Estimates

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

(4)    Investments in Operating Leases

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

<TABLE>
<CAPTION>
                                                               (Unaudited)
                                                                  June 30,       December 31,
                                                                   2006             2005
                                                             --------------     -------------
<S>                                                          <C>                <C>
 Container vessels                                           $   107,219,708    $ 107,219,708
 Digital mini-labs                                                 9,098,024        9,098,024
 Information technology equipment                                  6,219,920        6,162,472
 Telecommunications systems                                        4,193,186        4,193,186
 Refrigeration equipment                                             720,473        1,309,952
 Manufacturing equipment                                           1,472,756          894,047
 Bedside entertainment and communication terminals                14,695,956        9,844,544
                                                             ---------------    -------------

                                                                 143,620,023      138,721,933
 Less: accumulated depreciation                                  (36,109,066)     (25,710,754)
                                                             ---------------    -------------

                                                             $   107,510,957    $ 113,011,179
                                                             ===============    =============
</TABLE>

     On June 29,  2006,  the LLC sold  refrigeration  equipment  with a net book
value of approximately $249,000 which was on lease with PW Supermarkets Inc. for
approximately  $282,000 in cash.  The lease was  scheduled to expire during July
2006.  The LLC  paid an  unrelated  third  party  approximately  $82,000,  which
represented a remarketing fee and was included in the  determination  of the net
loss on the sale of this asset, which was approximately $31,000.

                                       8
<PAGE>

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

(4)    Investments in Operating Leases - continued

     On April 4,  2006,  ICON  Premier,  LLC  ("Premier  LLC"),  a wholly  owned
subsidiary of the LLC, purchased approximately $2,620,000  ((pound)1,442,000) of
additional  bedside  entertainment  and  communication  terminals  on lease with
Premier  Telecom  Contracts  Limited  ("Premier  Telecom") which is based in the
United Kingdom.  The equipment was installed in various  hospitals in the United
Kingdom.  The base term of the lease,  which commences July 1, 2006, will be for
seven years.

     On  January  3,  2006,  Premier  LLC  purchased  approximately   $1,724,000
((pound)928,172) of additional bedside entertainment and communication terminals
on lease  with  Premier  Telecom.  The base term of the lease,  which  commenced
January 1, 2006,  will be for seven  years.  During  March 2006,  the  remaining
amount of cash held in escrow of  approximately  $734,000  ((pound)414,000)  was
transferred to Premier LLC's operating cash account.

(5)    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"),  both affiliates of the Manager,
formed  ICON  Global  Crossing,  LLC ("ICON  Global  Crossing"),  with  original
ownership interests of approximately 44%, 12% and 44%,  respectively.  The total
capital  contributions  made to ICON Global Crossing were $17,397,940,  of which
the LLC's share was $7,695,494.  ICON Global Crossing purchased state-of-the-art
telecommunications  equipment  on lease to Global  Crossing  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.

     During   February   and  March  2006,   ICON  Global   Crossing   purchased
approximately  $22,113,000 of equipment  (including  initial direct costs in the
form of legal fees of  approximately  $157,000) on lease to Global  Crossing and
during April 2006 purchased approximately  $3,165,000 of additional equipment on
lease with Global Crossing. The 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") and each contributed approximately $2,776,000 for a 50% ownership
interest.  During February 2006, AEROTV LLC purchased  approximately $794,000 of
equipment on lease to AeroTV Ltd. with a lease term that expires on December 31,
2007.  During  March  2006,  AEROTV  LLC  purchased  approximately  $192,000  of
additional  equipment on lease to AeroTV Ltd.  with a lease term that expires on
June 30, 2008. AeroTV Ltd., which is based in the United Kingdom,  is a provider
of onboard digital audio/visual systems for airlines, rail and coach operators.

                                       9
<PAGE>

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

(5)    Joint Ventures - continued

ICON EAM, LLC

     On November 9, 2005,  the LLC and Fund  Eleven  formed ICON EAM,  LLC ("EAM
LLC") and each contributed  approximately $5,618,000 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
June 30, 2006, the cash contributions were held in an escrow account pending the
equipment purchase.

     On March 9, 2006, in accordance  with the lease agreement with Assets Ltd.,
the  shareholders of Energy Asset  Management plc., the parent company of Assets
Ltd.,  approved the issuance of warrants to EAM LLC to acquire  7,403,051 shares
of Energy  Asset  Management  plc's  stock.  On March 9, 2006,  the  Manager had
estimated the value of the warrants to be zero since Energy Asset Management plc
was  privately  held  with no  current  market  for  its  shares.  Energy  Asset
Management plc  subsequently  completed a  reverse-merger  with a United Kingdom
public  company.  The warrants are exercisable for five years after issuance and
have a strike price of  (pound)1.50.  EAM LLC has  classified  these warrants as
available for sale  securities  and any  unrealized  gains and losses during the
period are  reflected  in other  comprehensive  income  which is a component  of
members'  equity of EAM LLC.  Realized  gains  and  losses  during  the year are
reflected in the  statement  of  operations.  At June 30, 2006,  the Manager has
determined,  based upon the  Black-Scholes  option  pricing  model that the fair
value of these  warrants is  approximately  $1,280,000.  The inputs used for the
Black-Scholes  option pricing model were as follows:  strike price  (pound)1.50,
share price  (pound)1.00,  estimated  holding  period of two years from March 9,
2006, a volatility of 37.5%, and the risk free interest rate of 5.0%.

(6)    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 and six month  periods
ended  June 30,  2006,  the LLC  paid SAM  approximately  $11,000  and  $17,000,
respectively,  in commissions  and realization  proceeds,  which are included in
general and administrative  expenses in the accompanying  condensed consolidated
statement of operations.

     During the six months ended June 30, 2006,  the LLC  remarketed  certain of
its  investments  in  unguaranteed   residual  values,  with  a  cost  basis  of
approximately   $145,000.   Of  this  amount,   the  LLC  realized  proceeds  of
approximately $36,000, on sales of its interests in unguaranteed residual values
of  approximately  $40,000,  and transferred  other  investments in unguaranteed
residual values,  with a cost basis of approximately  $105,000 to investments in
operating leases. The lease terms expire at various dates through October 2006.

                                       10
<PAGE>

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


(6)    Investment in Unguaranteed Residual Values - continued

     During July 2006,  the LLC entered into a purchase and sale  agreement (the
"Purchase  Agreement")  with Key Finance Group,  Ltd. ("Key  Finance") (a United
Kingdom based company) acquiring an interest in the unguaranteed residual values
of various technology equipment currently on lease to various lessees located in
the United Kingdom for approximately  $743,000  ((pound)409,000)  in cash. These
leases have expiration dates ranging from December 2006 through March 2015.

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

(7)    Equipment Held for Sale or Lease, Net

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

(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 June 30, 2006. The Agreement prohibits the Borrowers from declaring or paying
any  distributions  to investors if such a payment  would cause the Borrowers to
become non-compliant with the financial covenants in the Agreement.

     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.

                                       11
<PAGE>

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

(8)    Revolving Loan Facility - continued

     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  $359,000 at June 30, 2006, which satisfies the
Lender's cash reserve requirement for all the Borrowers.

     At June 30, 2006,  aggregate borrowings by all Borrowers under the Facility
amounted to approximately  $1,795,000,  of which the LLC currently has no amount
outstanding under the Facility.

(9)    Other Comprehensive Loss

           Other comprehensive loss consists of the following:


<TABLE>
<CAPTION>

                                                             Three Months Ended                 Six Months Ended
                                                                  June 30,                           June 30,
                                                   -----------------------------------     -------------------------------
                                                        2006                  2005              2006             2005
                                                   ---------------      --------------     -------------   ---------------
<S>                                                <C>                  <C>                <C>             <C>
 Net loss                                          $      (381,740)     $   (1,334,819)    $  (1,421,645)  $    (2,781,666)

 Other comprehensive income (loss):
      Change in valuation of interest rate
         swap contracts                                    216,560            (514,224)          429,475           453,144
      Change in valuation of warrants held
         by a joint venture                               (547,483)                 -            640,037               -
      Foreign currency translation adjustment            1,056,802            (406,494)        1,259,568          (406,494)
                                                   ---------------      --------------     -------------   ---------------

 Comprehensive income (loss)                       $       344,139      $   (2,255,537)    $     907,435   $    (2,735,016)
                                                   ===============      ==============     =============   ===============

</TABLE>


(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.

                                       12
<PAGE>

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


(10)   Transactions with Related Parties - continued

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

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

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

     The  Manager  also has a 1%  interest  in the  LLC's  profits,  losses  and
distributions.  The LLC paid distributions to the Manager of $64,724 for the six
months ended June 30, 2006. The Manager's interest in the LLC's net loss for the
three  month  periods  ended  June 30,  2006 and 2005 was  $3,817  and  $13,348,
respectively.  The  Manager's  interest  in the LLC's net loss for the six month
periods ended June 30, 2006 and 2005 was $14,216 and $27,817, respectively.

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


<TABLE>
<CAPTION>

                                                          Three Months Ended                      Six Months Ended
                                                                 June 30,                             June 30,
                                                   -----------------------------------     -------------------------------
                                                        2006                  2005             2006             2005
                                                   ---------------      --------------      -------------   --------------
<S>                   <C>                          <C>                  <C>                <C>             <C>
 Prepaid service fees (1)                          $             -      $       75,711     $          -    $     2,666,122
 Organization and offering fees (2)                              -              17,472                -            615,259
 Underwriting commissions (2)                                    -              23,295                -            820,345
 Management fees (3)                                       449,573             463,394           897,410           763,084
 Administrative expense reimbursements (3)                 217,430             193,790           504,761           551,467
                                                   ---------------      --------------     -------------   ---------------

                                                   $       667,003      $      773,662     $   1,402,171   $     5,416,277
                                                   ===============      ==============     =============   ===============

</TABLE>


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

     The LLC had a net  payable of $78,834  due to the  Manager at June 30, 2006
for administrative  expense  reimbursements accrued and unpaid at June 30, 2006.
The LLC had a receivable of $2,500 due from EAM LLC for  professional  fees paid
by  the  LLC  and  $920  due  from  ICON  Global  Crossing  for  a  distribution
underpayment which occurred during the quarter ended June 30, 2006.

                                       13
<PAGE>

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

(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.

                                       14
<PAGE>

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

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

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

Forward-Looking Statements

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

Overview

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

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

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

     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.

                                       15
<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 was then leased to Global Crossing Telecommunications,
          Inc.  The lease expires on April 1, 2010.

     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 which expires during March 2007.

     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 leases,
          which  commenced  on January 1, 2006 and on July 1, 2006,  will be for
          seven  years.  At  June  30,  2006,  we  had  purchased  approximately
          $14,696,000  ((pound)8,091,000)  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 ("ICON AEROTV"),
          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 ("ICON EAM"), 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.

                                       16
<PAGE>

Lease and Other Significant Transactions

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,
2006, Fund Eleven made an additional  capital  contribution of $7,733,176  which
changed the  ownership  interests  at March 31, 2006 to 30.6%,  8.0 % and 61.4%,
respectively.

     During February and March 2006, ICON Global  Crossing  purchased,  in cash,
approximately  $22,113,000 of equipment  (including  initial direct costs in the
form of legal  fees of  approximately  $157,000)  on lease  to  Global  Crossing
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.

Bedside Entertainment and Communication Terminals

     On April 4,  2006,  ICON  Premier,  LLC  ("Premier  LLC"),  a wholly  owned
subsidiary of ours, purchased  approximately  $2,620,000  ((pound)1,442,000)  of
additional  bedside  entertainment  and  communication  terminals  on lease with
Premier  Telecom  Contracts  Limited.  The  equipment  was  installed in various
hospitals in the United  Kingdom.  The base term of the lease,  which  commences
July 1, 2006, will be for seven years.

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  June 30,  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 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 June 30,
                                                   -----------------------------------------------------
                                                          2006                2005            Change
                                                   ---------------      --------------     -------------

<S>                                                <C>                  <C>                <C>
 Total revenue                                     $     7,425,332      $    6,216,847     $   1,208,485
                                                   ===============      ==============     =============


 Rental income                                     $     6,850,602      $    6,091,981     $     758,621
 Income from investment in joint ventures          $       425,955      $       10,499     $     415,456
 Net loss on sales of equipment                    $        (6,422)     $           -      $      (6,422)
 Gain on foreign currency transactions             $            -       $           -      $          -
 Interest and other income                         $       155,197      $      114,367     $      40,830

</TABLE>

                                       17
<PAGE>

     Total revenue for the 2006 Quarter  increased by $1,208,485,  or 19.4%,  as
compared to the 2005 Quarter. This increase was primarily attributable to rental
income from our leased  equipment and income related to our investments in joint
ventures.  In April 2005,  we entered our  operating  period,  and rental income
increased  accordingly as we acquired  additional  equipment under lease. During
2005, we purchased  various items of leased  equipment,  such as the ZIM Italia,
phone systems on lease with CompUSA,  Inc., digital mini-labs on lease with Rite
Aid  Corporation,  overhead  cranes on lease with WPS and bedside  entertainment
terminals on lease with Premier.  Additionally  in December 2005, we invested in
three joint ventures, ICON AEROTV, ICON EAM, and ICON Global Crossing. Currently
the majority of the income from  investments  in joint ventures is from interest
income.

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

<TABLE>
<CAPTION>

                                                              Three Months Ended June 30,
                                                   -----------------------------------------------------
                                                         2006                2005              Change
                                                   ---------------      --------------     -------------
<S>                                                <C>                  <C>                <C>
 Total expenses                                    $     7,807,072      $    7,551,666     $     255,406
                                                   ===============      ==============     =============


 Depreciation and amortization                     $     6,294,050      $    5,803,476     $     490,574
 Interest                                          $       730,235      $      929,766     $    (199,531)
 Management fees - Manager                         $       449,573      $      463,394     $     (13,821)
 Administrative expense reimbursements - Manager   $       217,430      $      193,790     $      23,640
 General and administrative                        $       105,242      $      150,146     $     (44,904)
 Minority interest                                 $        10,542      $       11,094     $        (552)

</TABLE>


     Total  expenses for the 2006 Quarter  increased  by $255,406,  or 3.4%,  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.

Net Loss

     As a result of the foregoing factors, the net loss for the 2006 Quarter was
$381,740  as compared to the net loss for 2005  Quarter of  $1,334,819.  The net
loss per weighted average number of additional  members' shares  outstanding for
the 2006  Quarter  was $2.54 as compared  to the net loss per  weighted  average
number of additional members' shares outstanding for the 2005 Quarter of $8.85.

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

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

<TABLE>
<CAPTION>

                                                             Six Months Ended June 30, 2006
                                                   -----------------------------------------------------
                                                          2006                2005             Change
                                                   ---------------      --------------     -------------
<S>                                                <C>                  <C>                <C>
 Total revenue                                     $    14,443,513      $   11,967,644     $   2,475,869
                                                   ===============      ===============    =============


 Rental income                                     $    13,402,503      $   11,822,317     $   1,580,186
 Income from investment in joint ventures          $       702,185      $       30,960     $     671,225
 Net loss on sales of equipment                    $        (3,696)     $           -      $      (3,696)
 Gain on foreign currency transactions             $        26,713      $           -      $      26,713
 Interest and other income                         $       315,808      $      114,367     $     201,441

</TABLE>

                                       18
<PAGE>

     Total revenue for the 2006 Period  increased by  $2,475,869,  or 20.7%,  as
compared to the 2005 Period. This increase was primarily  attributable to rental
income from our leased  equipment and income related to our investments in joint
ventures.  In April 2005,  we entered our  operating  period,  and rental income
increased  accordingly as we acquired  additional  equipment under lease. During
2005, we purchased  various items of leased  equipment,  such as the ZIM Italia,
phone systems on lease with CompUSA,  Inc., digital mini-labs on lease with Rite
Aid  Corporation,  overhead  cranes on lease with WPS and bedside  entertainment
terminals on lease with Premier.  Additionally  in December 2005, we invested in
three  joint  ventures,  ICON  AEROTV,  ICON  EAM,  and  ICON  Global  Crossing.
Currently, the majority of the income from investments in joint ventures is from
interest income.


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

<TABLE>
<CAPTION>
                                                               Six Months Ended June 30, 2006
                                                   -----------------------------------------------------
                                                         2006                2005            Change
                                                   ---------------      --------------     -------------

<S>                                                <C>                   <C>               <C>
 Total expenses                                    $    15,865,158       $  14,749,310     $   1,115,848
                                                   ===============      ==============     =============

 Depreciation and amortization                     $    12,596,836      $   11,261,924     $   1,334,912
 Interest                                          $     1,564,437      $    1,884,960     $    (320,523)
 Management fees - Manager                         $       897,410      $      763,084     $     134,326
 Administrative expense reimbursements - Manager   $       504,761      $      551,467     $     (46,706)
 General and administrative                        $       280,078      $      265,687     $      14,391
 Minority interest                                 $        21,636      $       22,188     $        (552)

</TABLE>

     Total  expenses for the 2006 Period  increased by  $1,115,848,  or 7.6%, as
compared to the 2005 Period,  primarily due to the increased  lease  activity as
discussed  above.  The increase in  depreciation  and  amortization  expense was
directly  caused by the increased  lease activity and the increase in additional
members through April 2005 and the resulting amortization of our prepaid service
fees. The decrease in interest expense was due to the continued reduction of our
non-recourse debt on the three ZIM vessels,  two of which were purchased in July
2004 and the  third in  January  2005.  As we  increased  our  leased  equipment
portfolio,  the services  provided by our Manager  increased and the  management
fees paid to our Manager  increased.  Such  services  include the  collection of
lease payments from lessees,  re-leasing  services in connection  with equipment
which is  off-lease,  inspections  of the  equipment,  liaison  with and general
supervision of lessees to assure that the equipment is being  properly  operated
and maintained, monitoring performance by the lessees of their obligations under
the leases and the  payment of  operating  expenses.  The  overall  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 Period was
$1,421,645,  as compared to the net loss for 2005 Period of $2,781,666.  The net
loss per weighted average number of additional  members' shares  outstanding for
the 2006  Period was $9.44,  as compared  to the net loss per  weighted  average
number of additional members' shares outstanding for the 2005 Period of $20.05.

Liquidity and Capital Resources

Sources and Uses of Cash

     At June 30, 2006, we had cash and cash equivalents of $19,619,597. Our main
sources of cash are from operating activities and investing activities. Our main
uses of cash are for financing activities and investing activities.

                                       19
<PAGE>

     Our main  sources  of cash  during  the 2006  Period  were  primarily  from
investing  activities.   During  the  2006  Period,  we  received  approximately
$2,406,000  in cash from the proceeds on sales of equipment and  investments  in
unguaranteed residual values.  Additionally,  we received approximately $772,000
from distributions  received from our joint ventures and approximately  $734,000
from cash  transfers from escrow  deposits.  We received net cash from operating
activities of  approximately  $1,671,000  which was primarily from cash received
from rental income of approximately $4,618,000.

     Our main uses of cash during the 2006 Period were for financing  activities
and investing activities. Our primary uses of cash for financing activities were
for  distribution  payments to our members of  approximately  $6,472,000 and the
redemption of member shares of approximately $262,000. Our main uses of cash for
investing  activities  during  the 2006  Period  are as  follows:  approximately
$3,072,000 to acquire  additional leased equipment,  approximately  $240,000 for
distributions  paid to  minority  holders in joint  ventures  and  approximately
$7,500 paid to acquire an additional interest in a joint venture.

Financings and Borrowings

Non-recourse Debt

     We have non-recourse debt at June 30, 2006 of $53,220,225. 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 June 30, 2006.

Revolving Credit Facility

     On August 31, 2005, we together with certain of our affiliates, ICON Income
Fund Eight B L.P.,  ICON Income Fund Nine,  LLC, and Fund Eleven  (collectively,
the  "Borrowers")  entered into a Commercial  Loan Agreement (the  "Agreement"),
with  California  Bank & Trust (the  "Lender").  The  Agreement  provides  for a
revolving  line of  credit of up to  $17,000,000  pursuant  to a senior  secured
revolving loan facility (the "Facility") which is secured by certain  collateral
of the Borrowers, as defined in the Agreement.  Each of the Borrowers is jointly
and  severally  liable for all  amounts  borrowed  under the  Facility.  Amounts
available under the Facility are subject to a borrowing base that is determined,
subject  to  certain  limitations,  based on the  present  value  of the  future
receivables  under  certain  lease  agreements  in which  the  Borrowers  have a
beneficial  interest.  The interest rate on any advances made under the Facility
is the  Lender's  prime  rate plus  0.25% per year  (which  was 8.5% at June 30,
2006). In accordance  with the Agreement,  the Borrowers may elect to have up to
five separate  advances under the Facility each made at the rate at which United
States  dollar  deposits  can be acquired by the Lender in the London  Interbank
Eurocurrency  Market,  plus 2.75% per year.  The Facility  expires on August 31,
2007,  unless  renewed by the Borrowers for an additional  one year term, in the
sole discretion of the Lender.

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

                                       20
<PAGE>

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

     Under the terms of the Agreement,  the Borrowers are required to maintain a
cash reserve with the Lender  representing 20% of all outstanding  advances plus
all pending  advances.  Fund Eleven has  established  an interest  bearing  cash
account with the Lender totaling  $359,000 at June 30, 2006, which satisfies the
Lender's cash reserve requirement for all the Borrowers.

     At June 30, 2006,  aggregate borrowings by all Borrowers under the Facility
amounted  to  $1,795,000,  of which  we  currently  do not have any  outstanding
amounts under the Facility.

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

Distributions

     We pay monthly  distributions to our members beginning with the first month
after the additional members' admission through the termination of the operating
period,  which we anticipate will be in April 2010. We paid distributions to our
additional  members for the 2006 Period of $6,407,708.  We paid distributions to
our Manager for the 2006 Period of $64,724.

Contractual Obligations and Commitments and Off Balance Sheet Transactions

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

Item 3. Quantitative and Qualitative Disclosures About Market Risk

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

                                       21
<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 June 30, 2006, as well as the financial  statements on Form
10-Q for the period ended June 30, 2006 for our Manager and our affiliates,  our
Manager  carried  out  an  evaluation,   under  the  supervision  and  with  the
participation  of the management of our Manager,  including its Chief  Executive
Officer and the Principal Financial and Accounting Officer, of the effectiveness
of the design and operation of our Manager's  disclosure controls and procedures
as of the end of the period  covered by this report  pursuant to the  Securities
Exchange Act of 1934. Based on the foregoing evaluation,  except as noted below,
the Chief Executive Officer and the Principal  Financial and Accounting  Officer
concluded that our Manager's disclosure controls and procedures were effective.

     While  evaluating our Manager's  disclosure  controls and  procedures,  our
Manager  recognized that greater internal  controls were needed to aid in a more
efficient closing of our financial statements,  thereby requiring our Manager to
hire additional skilled accounting staff to support the senior vice president of
accounting  hired by our  Manager at the end of the third  quarter  of 2004.  In
addition,  our Manager hired two additional accounting staff members during 2005
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.

                                       22
<PAGE>

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

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

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

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

     Our Manager  consented to us redeeming 308 additional  member shares during
the 2006 Period. The redemption amounts are calculated  according to a specified
redemption formula in accordance with the LLC agreement. Redeemed shares have no
voting rights and do not share in  distributions.  The LLC agreement  limits the
number of shares which can be redeemed in any one year and  redeemed  shares may
not be reissued. The following table details our additional member redemptions:


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

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

 February 1, 2006 through February 28, 2006           42                 896.44

 March 1, 2006 through March 31, 2006                 65                 916.72

 April 1, 2006 through April 30, 2006                 50                 885.76

 May 1, 2006 through May 31, 2006                     18                 848.11

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

                                                     308          $      905.88
                                                    ====          =============
</TABLE>


 *    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.

                                       23
<PAGE>

Item 3.  Defaults Upon Senior Securities

         Not applicable.

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

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

Item 5.  Other Information

         Not applicable.

Item 6. Exhibits

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

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

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

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

                                       24
<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: August 14, 2006

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


Date: August 14, 2006

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

                                       25