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

                                    FORM 10-Q


[x ] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934 for the

quarterly period ended                    March 31, 2005
                       ---------------------------------------------------------

[ ] 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                               333-103503
                       ---------------------------------------------------------

                            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, New York, New York                 10011-1505
--------------------------------------------------------------------------------
 (Address of principal executive offices)            (Zip code)

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


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

Indicate  by check mark  whether  the  registrant  is an  accelerated  filer (as
defined in Exchange Act Rule 12b-2). [ ] Yes [x] No

<PAGE>


                            ICON Income Fund Ten, LLC
                                      Index


<TABLE>
<CAPTION>

PART I - FINANCIAL INFORMATION

Item 1.  Consolidated Financial Statements

<S>                                                                            <C>
    Consolidated Balance Sheets at March 31, 2005 (Unaudited)

      and December 31, 2004                                                     3-4

    Consolidated Statements of Operations for the three months ended
      March 31, 2005 and 2004 (Unaudited)                                         5

    Consolidated Statement of Changes in Partners' Equity for the three
      months ended March 31, 2005 (Unaudited)                                     6

    Consolidated Statements of Cash Flows for the three months ended March
      31, 2005 and 2004 (Unaudited)                                             7-8

    Notes to Consolidated Financial Statements (Unaudited)                     9-14

Item 2.  Manager's Discussion and Analysis of Financial Condition and
  Results of Operations                                                       15-24

Item 3. Quantitative and Qualitative Disclosures About Market Risk               24

Item 4.  Controls and Procedures                                                 25

PART II - OTHER INFORMATION

Item 1.  Legal Proceedings                                                       26

Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds             26

Item 3.  Defaults Upon Senior Securities                                         26

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

Item 5.  Other Information                                                       26

Item 6.  Exhibits                                                                26

Signatures                                                                       27

    Certifications                                                            28-31

</TABLE>


                                       2
<PAGE>

                         PART I - FINANCIAL INFORMATION

                    Item 1. Consolidated Financial Statements

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

                                     ASSETS


                                               (Unaudited)
                                                 March 31,          December 31,
                                                   2005                2004
                                                   ----                ----

 Cash and cash equivalents                   $    54,701,755    $    25,006,190
                                             ---------------    ---------------

 Investments in operating leases:
    Equipment, at cost                           129,771,508         93,644,312
    Accumulated depreciation                     (11,191,775)        (7,097,993)
                                             ----------------   ----------------

    Net investments in operating leases          118,579,733         86,546,319
                                             ---------------    ---------------

 Escrow deposits                                   7,167,441         19,001,619
 Equipment held for sale or lease, net             1,658,339            477,715
 Prepaid service fees, net                         7,140,008          5,444,167
 Investment in unguaranteed residual values        2,815,084                 -
 Interest rate swap contracts                        663,749                 -
 Due from affiliates                                   2,777            574,725
 Investments in joint ventures                       402,940            382,479
 Other assets, net                                   134,689             85,139
                                             ---------------    ---------------

      Total assets                           $   193,266,515    $   137,518,353
                                             ===============    ===============

See accompanying notes to consolidated financial statements.


                                       3
<PAGE>
                           ICON Income Fund Ten, LLC
                     (A Delaware Limited Liability Company)
                           Consolidated Balance Sheets

                         LIABILITIES AND MEMBERS' EQUITY


<TABLE>
<CAPTION>

                                                                   (Unaudited)
                                                                     March 31,         December 31,
                                                                      2005                2004
                                                                      ----                ----

<S>                                                             <C>                <C>
 Notes payable - non-recourse                                   $     70,998,296   $       47,795,602
 Security deposits and other liabilities                                 269,487              360,802
 Deferred rental income                                                1,483,711            1,248,166
 Additional Member refunds payable                                       100,000                   -
 Due to Manager and affiliates                                           743,683              129,831
 Interest rate swap contracts                                                -               303,619
 Minority interest                                                       967,454            1,075,900
                                                                ----------------   ------------------

    Total liabilities                                                 74,562,631           50,913,920
                                                                ----------------   ------------------

 Commitments and Contingencies

 Members' equity:
    Manager (one share outstanding,
      $1,000 per share original issue price)                            (121,295)             (82,090)
    Additional Members (148,512.433 and 108,861.334
      shares outstanding, $1,000 per share original issue price)     118,161,430           86,990,142
    Accumulated other comprehensive income (loss)                        663,749             (303,619)
                                                                ----------------   ------------------

    Total members' equity                                            118,703,884           86,604,433
                                                                ----------------   ------------------

    Total liabilities and members' equity                       $    193,266,515   $      137,518,353
                                                                ================   ==================

</TABLE>

See accompanying notes to consolidated financial statements.

                                       4
<PAGE>

                           ICON Income Fund Ten, LLC
                     (A Delaware Limited Liability Company)
                      Consolidated Statements of Operations
                          Three Months Ended March 31,


<TABLE>
<CAPTION>



                                                                2005             2004
                                                                ----             ----

 Revenue:
<S>                                                     <C>                <C>
    Rental income                                       $      5,730,336   $      275,871
    Income from investment in joint venture                       20,461               -
                                                        ----------------   --------------

      Total revenue                                            5,750,797          275,871
                                                        ----------------   --------------

 Expenses:
    Depreciation expense                                        4,563,878          205,576
    Amortization of prepaid service fees                         894,570          202,350
    Interest                                                     955,194               -
    Management fees - Manager                                    299,690          122,966
    Administrative expense reimbursements - Manager              357,677          190,574
    General and administrative                                   115,541           19,108
    Minority interest                                             11,094               -
                                                        ----------------   --------------

      Total expenses                                           7,197,644          740,574
                                                        ----------------   --------------

 Net loss                                               $     (1,446,847)  $     (464,703)
                                                        =================  ==============

 Net loss allocable to:
    Additional Members                                  $     (1,432,379)  $     (460,056)
    Manager                                                      (14,468)          (4,647)
                                                        ----------------   --------------

                                                        $     (1,446,847)  $     (464,703)
                                                        ================   ==============

 Weighted average number of additional members
   shares outstanding                                            125,247           31,108
                                                        ================   ==============

 Net loss per weighted average
  additional members share                              $         (11.44)  $       (14.79)
                                                        ================   ==============

</TABLE>

See accompanying notes to consolidated financial statements.

                                       5
<PAGE>
                            ICON Income Fund Ten, LLC
                     (A Delaware Limited Liability Company)
              Consolidated Statement of Changes in Members' Equity
                        Three Months Ended March 31, 2005


<TABLE>
<CAPTION>
                                         Additional Members' Distributions                          Accumulated
                                         (Per weighted average share)                                  Other          Total
                                             Return of  Investment     Additional        Managing  Comprehensive     Members'
                                             Capital    Income          Members           Member    Income (Loss)    Equity
                                             -------    ------          -------           ------    ------------     ------

<S>                                          <C>        <C>          <C>              <C>            <C>           <C>
Balance, January 1, 2005                                             $ 86,990,142     $  (82,090)    $(303,619)    $   86,604,433

Proceeds from issuance of additional
    members shares (39,852.482 shares)                                 39,852,482           -             -            39,852,482
 Sales and offering expenses                                           (4,583,035)          -             -            (4,583,035)
 Additional member shares
   redeemed (201.383 shares)                                             (216,821)          -             -              (216,821)
 Cash distributions to members               $  19.55   $   -          (2,448,959)       (24,737)         -            (2,473,696)
 Unrealized increase in interest rate
     swap contracts                                                            -            -          967,368            967,368
 Net loss                                                              (1,432,379)       (14,468)         -            (1,446,847)
                                                                     ----------------------------    ---------     --------------

Balance, March 31, 2005                                              $118,161,430     $ (121,295)   $  663,749     $ 118,703,884
                                                                     ============     ===========   ==========     ==============

</TABLE>

See accompanying notes to consolidated financial statements.

                                       6
<PAGE>
                           ICON Income Fund Ten, LLC
                     (A Delaware Limited Liability Company)
                      Consolidated Statements of Cash Flows
                          Three Months Ended March 31,

<TABLE>
<CAPTION>
                                                                                      2005               2004
                                                                                      ----               ----

<S>                                                                       <C>                   <C>
Cash flows from operating activities
    Net loss                                                              $        (1,446,847)  $       (464,703)
    Adjustments to reconcile net loss to net cash provided by (used in)
      operating activities:
        Rental income paid directly to lenders by lessees                          (4,180,533)                -
        Interest expense on non-recourse financing paid directly
          to lenders by lessees                                                       956,694                 -
        Amortization of prepaid service fees                                          894,570            202,350
        Depreciation                                                                4,563,878            205,576
        Income from investment in joint venture                                       (20,461)                -
        Minority interest                                                              11,094                 -
      Changes in operating assets and liabilities:
        Due from Manager and affiliates, net                                               -            (194,829)
        Other assets                                                                  (49,550)                -
        Security deposits and other liabilities                                       (45,021)             4,297
        Deferred rental income                                                         24,078                 -
        Due to Manager and affiliates, net                                            236,735            (50,159)
                                                                          -------------------   ----------------

 Net cash provided by (used in) operating activities                                  944,637           (297,468)
                                                                          -------------------   ----------------

 Cash flows from investing activities:
    Investments in operating leases, net of security deposits assumed              (2,167,116)        (3,602,276)
    Due from Manager and affiliates, net                                              571,948                 -
    Investment held in escrow                                                              -         (18,400,000)
    Prepaid service fees paid                                                      (2,590,411)        (1,028,385)
                                                                          -------------------   ----------------

 Net cash used in investing activities                                             (4,185,579)       (23,030,661)
                                                                          -------------------   ----------------

 Cash flows from financing activities:
    Issuance of additional members shares,
       net of sales and offering expenses paid                                     35,269,447         13,704,573
    Due to Manager and affiliates, net                                                377,117                 -
    Cash distributions to members                                                  (2,473,696)          (565,046)
    Member shares redeemed                                                           (216,821)                -
    Minority interest contribution in joint venture                                        -           1,028,910
    Distributions to minority interest holders in joint ventures                     (119,540)                -
    Additional Member refunds payable                                                 100,000           (203,000)
                                                                          -------------------   ----------------

 Net cash provided by financing activities                                         32,936,507         13,965,437
                                                                          -------------------   ----------------

 Net increase (decrease) in cash and cash equivalents                              29,695,565         (9,362,692)

 Cash and cash equivalents, beginning of the period                                25,006,190         15,908,041
                                                                          -------------------   ----------------

 Cash and cash equivalents, end of the period                             $        54,701,755   $      6,545,349
                                                                          ===================   ================

</TABLE>

See accompanying notes to consolidated financial statements.


                                       7
<PAGE>

                            ICON Income Fund Ten, LLC
                     (A Delaware Limited Liability Company)
                      Consolidated Statements of Cash Flows
                          Three Months Ended March 31,

<TABLE>
<CAPTION>


                                                                                           2005         2004
                                                                                           ----         ----

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

 Supplemental disclosure of non-cash investing and financing activities:
    Non-cash portion of equipment purchased through non-recourse debt                 $  26,150,000  $     -
                                                                                      =============  ==========
    Principal and interest paid on non-recourse notes payable
      directly to lenders by lessees                                                  $   4,180,533  $     -
                                                                                      =============  ==========

</TABLE>

See accompanying notes to consolidated financial statements.


                                       8
<PAGE>

                            ICON Income Fund Ten, LLC
                   Notes To Consolidated Financial Statements
                                 March 31, 2005
                                   (Unaudited)

(1)   Basis of Presentation and Consolidation

     The accompanying 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 management,  all  adjustments  (consisting  only of normal  recurring
accruals) considered necessary for a fair presentation have been included. These
consolidated  financial statements should be read together with the consolidated
financial  statements and notes included in the LLC's 2004 Annual Report on Form
10-K. The results for the interim period are not  necessarily  indicative of the
results for the full year.

     The consolidated  financial  statements include the accounts of the LLC and
its majority  owned  subsidiaries.  All  significant  intercompany  accounts and
transactions  have been  eliminated in  consolidation.  The LLC accounts for its
interests  in  minority   owned  joint  ventures  under  the  equity  method  of
accounting. In such cases, the LLC's original investment is recorded at cost and
adjusted for its share of earnings, losses and distributions.  In joint ventures
where  the  LLC's  ownership  interest  is  majority  owned,  minority  interest
represents the minority  venturer's  proportionate  share of their equity in the
joint  venture.  The minority  interest is adjusted for the minority  venturer's
share of the earnings or loss 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 is currently in its "reinvestment"  phase, wherein the LLC seeks to
purchase  equipment  from  time  to time  through  April  30,  2010.  After  the
"reinvestment  period",  the LLC  will  then  begin to sell  its  assets  in the
ordinary course of business during a time frame called the "disposition period".
If the LLC  believes  it would  be  beneficial  to  reinvest  the  cash  flow in
equipment during the disposition period, the LLC may do so, but the Manager will
not receive any additional fees in connection with such reinvestments.

     The  initial  capitalization  of the LLC  was  $1,000  contributed  by ICON
Capital Corp. (the "Manager").  The LLC was offering  membership  interests on a
"best efforts" basis with the intention of raising up to $150,000,000 of capital
from additional members. The LLC had its initial closing on August 22, 2003 when
it admitted  5,065.736  Additional  Members shares,  representing  $5,065,736 in
capital  contributions.  At March 31, 2005 the LLC had  admitted  an  additional
143,763.99  Additional  Members  shares  representing  $143,763,990  in  capital
contributions,  bringing the total capital  contributions  and Additional Member
shares to $148,829,726 and 148,829.726 respectively.  Through March 31, 2005 the
LLC redeemed 317.293 additional member shares,  leaving  148,512.433  Additional
Member  shares  outstanding  at March  31,  2005.  The LLC will  continue  until
December 31, 2023, unless terminated sooner.

     The Manager is a Connecticut corporation.  The Manager manages and controls
the business  affairs of the LLC's equipment  leases and financing  transactions
under  the  terms of a  management  agreement  with the LLC.  Additionally,  the
Manager has a 1% ownership interest in the LLC.

                                       9
<PAGE>
                            ICON Income Fund Ten, LLC
                   Notes To Consolidated Financial Statements
                                 March 31, 2005
                                   (Unaudited)

(2)   Organization - continued

     Profits,  losses, cash distributions and disposition proceeds are allocated
99% to the additional members and 1% to the Manager until each additional member
has received cash  distributions and disposition  proceeds  sufficient to reduce
their adjusted capital  contribution  account to zero and receive,  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.

(3)  Joint Ventures

     The LLC and its  affiliates,  entities also managed by the Manager,  formed
the two joint  ventures,  discussed  below,  for the  purpose of  acquiring  and
managing  various  assets.  The  LLC and  these  affiliates  have  substantially
identical   investment   objectives  and  participate  on  identical  terms  and
conditions.  The LLC and the other affiliated members of the joint ventures have
a right of first refusal to purchase the equipment,  on a pro-rata basis, if any
of the other  members  desire to sell their  interests in the equipment or joint
venture.

     The joint venture  described below is majority owned and consolidated  with
the LLC.

     ICON GeicJV

     On April 30,  2004,  the LLC and ICON Income Fund Nine,  LLC ("Fund  Nine")
formed a joint venture,  ICON GeicJV, for the purpose of purchasing  information
technology  equipment  subject to a three year lease with  Government  Employees
Insurance  Company  ("GEICO").  The LLC  paid  $4,330,626  in  cash  for its 74%
ownership interest in the joint venture.

     The joint venture  described  below is minority  owned and is accounted for
under the equity method.

     ICON Aircraft 46837, LLC

     On March 31, 2004,  the LLC and ICON Income Fund Eight A L.P.  ("Fund Eight
A") formed a joint venture,  ICON Aircraft 46837,  LLC ("ICON Aircraft  46837"),
for the purpose of acquiring a 1979 McDonnell Douglas DC-10-30F aircraft subject
to a lease with Federal Express Corporation ("FedEx").  The lease is for a three
year period and expires on March 31, 2007. At March 31, 2005, the LLC owns a 10%
interest in ICON Aircraft 46837.

     Information  as to the  unaudited  results of  operations  of ICON Aircraft
46837 is summarized below:

                                            Three Months Ended
                                                March 31,
                                          2005              2004
                                      -------------    -------------
         Net income                   $     204,612    $        -
                                      =============    =============
         LLC's share of net income    $      20,461    $           -
                                      =============    =============


                                       10
<PAGE>
                            ICON Income Fund Ten, LLC
                   Notes To Consolidated Financial Statements
                                 March 31, 2005
                                   (Unaudited)

(4)    Related Party Transactions

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

     In accordance with the terms of these agreements,  the LLC pays the Manager
(i)  management  fees ranging from 1% to 7% based on a percentage of the rentals
received 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 from the gross
proceeds  of 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.

     ICON Securities Corp. receives or is entitled to receive, a 2% underwriting
fee from the gross proceeds from sales of shares to the Additional Members.

     The total  compensation  which 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.

         Fees and other expenses paid or accrued by the LLC to the Manager or
its affiliates were as follows:
                                                 Three Months Ended
                                                     March 31,
                                               2005              2004
                                           -------------    -------------
 Prepaid service fees (1)                  $   2,590,411    $   1,028,385
 Organization and offering expenses (2)          597,787          532,689
 Underwriting commissions (2)                    797,050          316,426
 Management fees (3)                             299,690          122,966
 Administrative expense reimbursements (3)       357,677          190,574
                                           -------------    -------------

                                           $   4,642,615    $   2,191,040
                                           =============    =============

 (1) Capitalized and amortized to operations over the estimated
      offering 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  receivable  of $2,777 due from  affiliates  at March 31,
2005 for expense reimbursements.  The LLC also had a net payable of $743,683 due
to the Manager and  affiliates at March 31, 2005 of which  $354,623 was owed the
Manager for administrative expense reimbursements, $271,766 was owed the Manager
for prepaid  service  fees,  $33,582 was owed the Manager for  organization  and
offering  expenses and $83,712 was due ICON  Securities  Corp. for  underwriting
commissions.


                                       11
<PAGE>
                            ICON Income Fund Ten, LLC
                   Notes To Consolidated Financial Statements
                                 March 31, 2005
                                   (Unaudited)

(5)    Notes Payable - Non-Recourse

     Notes payable  non-recourse are comprised  solely of the non-recourse  debt
incurred in  connection  with the  acquisition  of three  containership  vessels
purchased from ZIM Israel Navigation Co., Ltd.  ("ZIM").  The first two Vessels,
ZIM Canada and ZIM Korea,  were acquired during 2004 and the  non-recourse  debt
matures in July 2009. The third Vessel,  ZIM Italia, was acquired during January
2005 and the non recourse debt matures in January 2010. All of the  non-recourse
debt accrues  interest at the London Inter Bank Offer Rate plus 1.50% per annum.
The lender has a security interest in the three vessels and an assignment of the
rental  payments  under the leases with ZIM.  The  balance of the notes  payable
non-recourse debt at March 31, 2005 is $70,998,296.

     Simultaneously  with the acquisitions of the vessels,  the LLC entered into
interest  rate swap  contracts  with  Fortis  Bank in order to fix the  variable
interest rate on the non-recourse  debt and minimize the LLC's risk for interest
rate  fluctuations.  The interest rate swap contracts have a fixed interest rate
of 5.36% per annum for the ZIM Canada and ZIM Korea debt and 5.80% per annum for
the ZIM Italia debt. The LLC accounts for its interest on the non-recourse  debt
swap contracts in accordance  with Statement of Financial  Accounting  Standards
No. 133, as amended,  and recorded an asset and accumulated other  comprehensive
income at March 31, 2005 of $663,749.

(6) Other Comprehensive Income (Loss)

     Other comprehensive income (loss) consists of the following:

                                                    Three Months Ended
                                                         March 31,
                                                         ---------
                                                  2005               2004
                                                  ----               ----

Net loss                                    $   (1,446,847)   $      (464,703)

Other Comprehensive income (loss):
   Change in valuation of interest rate
       swap contracts during the period            967,368                 -
                                           ---------------   ----------------

   Comprehensive income (loss)             $     (479,479)  $      (464,703)
                                           ================  ================


(7)    Escrow Deposits

     During  January 2005, in connection  with the  completion of the ZIM Italia
acquisition,  the LLC released  $9,200,000 in escrow  deposits.  During February
2005,  in  connection  with the  acquisition  of four  Proserv  Cranes,  the LLC
released  $251,589,   previously  held  in  escrow  deposits,  to  complete  the
acquisition.  During  February  2005,  in  connection  with  the  investment  in
unguaranteed  residual values,  the LLC released  $2,815,084 in escrow deposits.
Amounts  held in escrow at March 31, 2005 are deposits on  additional  equipment
purchases.


                                       12
<PAGE>
                            ICON Income Fund Ten, LLC
                   Notes To Consolidated Financial Statements
                                 March 31, 2005
                                   (Unaudited)

(8)    Recent Accounting Pronouncements

     On June 1, 2005 the Financial  Accounting  Standards Board issued Statement
of Financial Accounting Standards ("SFAS") No. 154 "Accounting Changes and Error
Corrections" ("SFAS 154") which replaces Accounting Principles Board Opinion No.
20,  "Accounting  Changes"  ("APB  20") and SFAS No.  3,  "Reporting  Accounting
Changes in Interim  Financial  Statements," and changes the requirements for the
accounting  for and  reporting  of a change in  accounting  principle.  SFAS 154
requires  retrospective  application to prior periods' financial statements of a
voluntary  change in accounting  principle  unless it is  impracticable.  APB 20
previously  required  that most  voluntary  changes in  accounting  principle be
recognized by including in net income of the period of the change the cumulative
effect of changing to the new accounting principle.  The LLC does not expect the
adoption of SFAS 154 to have an impact on its consolidated financial position or
results of operations.

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

(9)    Line of Credit Agreement

     On May 30, 2002,  certain  affiliates of the LLC,  specifically;  ICON Cash
Flow Partners L.P. Seven;  ICON Income Fund Eight A L.P., ICON Income Fund Eight
B L.P. and ICON Income Fund Nine,  LLC,  (collectively,  the  "Initial  Funds"),
entered into a $17,500,000  line of credit  agreement  with Comerica  Bank.  The
Initial Funds accrue interest,  on all outstanding balances, at an interest rate
equal to the  Comerica  Bank base  interest  rate plus 1%  (together is 6.75% at
March 31, 2005).  Under the terms of the line of credit  agreement,  the Initial
Funds may borrow money from Comerica Bank with all  borrowings to be jointly and
severally  collateralized  by (i) cash and (ii) the  present  values of  certain
rents  receivable and equipment owned by the Initial Funds.  Effective August 5,
2004, the line of credit agreement was amended to add the LLC as a borrower.  On
December  6,  2004,  the Loan and  Security  Agreement  with  Comerica  Bank was
extended to December 30, 2005.

     In  connection  with  the  line of  credit  agreement,  the  Initial  Funds
previously  entered into a Contribution  Agreement  dated as of May 30, 2002, as
amended (the "Contribution Agreement").  Pursuant to the Contribution Agreement,
the Initial  Funds agreed to  restrictions  on the amount and the terms of their
respective borrowings under the Loan Agreement in order to minimize the unlikely
risk  that a Fund  would  not be able to  repay  its  allocable  portion  of the
outstanding revolving loan obligation at any time, including restrictions on any
Fund  borrowing  in excess  of the  lesser  of (a) an  amount  each  Fund  could
reasonably  expect to repay in one year out of its projected  free cash flow, or
(b) the  greater  of (i) the  Borrowing  Base (as  defined in the line of credit
agreement) as applied to such Fund,  and (ii) 50% of the net worth of such Fund.
The  Contribution  Agreement  provides  that, in the event a Fund pays an amount
under the agreement in excess of its allocable share of the obligation under the
agreement whether by reason of an Event of Default or otherwise, the other Funds
will promptly make a  contribution  payment to such Fund in such amount that the
aggregate amount paid by each Fund reflects its allocable share of the aggregate
obligations  under the agreement.  The Initial Funds'  obligations to each other
under the Contribution Agreement are collateralized by a subordinate lien on the
assets of each participating  Fund. In order to facilitate the LLC's addition to
the Contribution Agreement, the Funds entered into a Second Amended and Restated
Contribution  Agreement  effective as of August 5, 2004.  The Second Amended and
Restated  Contribution  Agreement  contains  substantially  identical  terms and
limitations as did the original Contribution Agreement.


                                       13
<PAGE>
                            ICON Income Fund Ten, LLC
                   Notes To Consolidated Financial Statements
                                 March 31, 2005
                                   (Unaudited)

(9)    Line of Credit Agreement - continued

     Effective  March 8, 2005,  the  Initial  Funds and the LLC  entered  into a
Seventh  Amendment to the Loan and Security  Agreement with Comerica Bank.  This
Agreement  releases  ICON  Cash  Flow  Partners  L.P.  Seven  from  all  of  its
obligations under the Loan and Security Agreement,  dated as of May 30, 2002. As
such, ICON Cash Flow Partners L.P. Seven is no longer a party to the $17,500,000
line of credit.

     Aggregate  borrowings  by all  funds  under  the line of  credit  agreement
amounted to  $11,830,000  at March 31, 2005. The LLC currently has no borrowings
under this line of credit.


                                       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 together with our unaudited
consolidated  financial  statements and related notes included elsewhere in this
report and the audited  consolidated  financial  statements  and  related  notes
included in our Annual Report on Form 10-K for the year ended December 31, 2004.

     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
subsidiary.

     Forward-Looking  Information - Certain statements within this Form 10-Q may
constitute   forward-looking  statements  within  the  meaning  of  the  Private
Securities  Litigation  Reform Act of 1995.  These  statements are identified by
words  such  as  "anticipate,"   "believe,"   "estimate,"  "expects,"  "intend,"
"predict" or "project" and similar  expressions.  This  information  may involve
risks and  uncertainties  that could cause actual  results to differ  materially
from the forward-looking  statements. We believe that the expectations reflected
in such  forward-looking  statements are based on reasonable  assumptions.  Such
statements  are  subject  to risks and  uncertainties  that could  cause  actual
results to differ  materially  from those  projected.  Any such  forward-looking
statements  are  subject to risks and  uncertainties  and our future  results of
operations   could  differ   materially  from  historical   results  or  current
expectations.  Some of these risks are  discussed in this  report,  and include,
without limitation, fluctuations in oil and gas prices; level of fleet additions
by  competitors  and  industry  overcapacity;   changing  customer  demands  for
aircraft; acts of terrorism;  unsettled political conditions,  war, civil unrest
and governmental  actions,  and environmental and labor laws. Our actual results
could  differ  materially  from  those   anticipated  by  such   forward-looking
statements due to a number of factors,  some of which may be beyond our control,
including, without limitation:

o    changes in our industry, interest rates or the general economy;

o    the degree and nature of our competition;

o    availability of qualified personnel;

o    cash flows from operating  activities may be less than our current level of
     expenses and debt obligations;

o    the financial condition of lessees; and

o    lessee defaults.

     Business 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 will be 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  borrowed,  so these  leases will
generate little or no current cash flow because  substantially all of the rental
payments  received  from a lessee will be 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.


                                       15
<PAGE>

     We expect to invest most of the net proceeds  from our offering in items of
equipment that will be 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 our initial  investments to the extent that cash is not
needed for expenses,  reserves and distributions to investors. The investment in
additional  equipment  in this manner is called  "reinvestment."  We  anticipate
purchasing  equipment from time to time for the next five years. This time frame
is called the  "reinvestment  period," which we may extend at our discretion for
an additional three years.  After the  "reinvestment  period," we will then sell
our assets in the  ordinary  course of business  during a time frame  called the
"liquidation  period." If we believe it would benefit  investors to reinvest our
cash flow in equipment during the liquidation  period, we may do so, but we will
not receive any additional fees in connection with such reinvestments.  Our goal
is to  complete  the  liquidation  period  in three  years  after the end of the
reinvestment  period, but it may take longer to do so. Accordingly,  an investor
should expect to hold his shares for at least 10 years from the time he invests.

     Substantially all of our recurring  operating cash flows are generated from
the operations of the "income"  leases in our portfolio.  On a monthly basis, we
deduct the expenses  related to the recurring  operations of the portfolio  from
such  revenues  and assess the amount of the  remaining  cash flows that will be
required to fund known  re-leasing  costs and equipment  management  costs.  Any
residual  operating cash flows are considered  available for distribution to the
additional members. We anticipate  increases in cash available for distributions
to  the  additional  members  from  the  acquisition  of  more   single-investor
transactions.

     Our current  equipment  portfolio,  which we own directly or through  joint
venture investments with affiliates, consists primarily of the following:

     Containership Industry

     We have a 100% investment in three 3,300 TEU container  vessels on bareboat
charter to ZIM Israel Navigation Co. Ltd. ("ZIM"),  the 1991 ZIM Korea, the 1990
ZIM Canada and the 1991 ZIM  Italia.  The 1991 ZIM Korea and the 1990 ZIM Canada
have a bareboat  charter that expires  during June 2009 and the ZIM Italia has a
bareboat  charter that expires during  December 2009. The purchase price for the
ZIM  Korea  and  ZIM  Canada  was  approximately  $70,700,000  comprised  of (i)
approximately  $18,400,000  in  cash,  and  (ii)  approximately  $52,300,000  of
non-recourse  debt.  The  purchase  price for the ZIM Italia  was  approximately
$35,350,000  comprised  of  (i)  approximately  $9,200,000  in  cash,  and  (ii)
approximately $26,150,000 of non-recourse debt.

     Information Technology Industry

     We have a 74% 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  of the  lease is March 31,  2007.  Our share of the
purchase price was $4,330,626 in cash.

     We have a 75%  interest in a portfolio  of leases  currently  in effect and
performing  with  various U.K.  lessees.  The  portfolio is mostly  comprised of
information technology equipment,  including laptops, desktops and printers. The
leases all expire in less than five years. The purchase price was  approximately
$2,815,000  in cash.  Under the terms of the  Participation  Agreement  with the
seller, we will receive 75% of all residual proceeds, which is defined as either
lease renewals or sales proceeds, as the equipment comes off lease.

     We have a 100%  interest in two Mitel  Networks  3340 Global  Branch Office
Solution  Phone Systems on lease to CompUSA,  Inc. One lease has a lease term of
approximately  48 months while the second has a lease term of  approximately  58
months. The purchase price of the two systems,  respectively,  was approximately
$2,976,000 in cash and approximately $1,174,000 in cash.

     We have a 100% interest in 101 Noritsu QSS-3011 digital  mini-labs on lease
to the Rite Aid  Corporation.  The  lease  expires  during  December  2008.  The
purchase price of the equipment was approximately $9,203,000 in cash.


                                       16
<PAGE>
         2005 Portfolio Activity

         Mitel Networks 3340 Global Branch Office Solution Phone Systems

     During March 2005,  we entered into an  Assignment  Agreement  with The CIT
Group/Equipment Financing, Inc. for the purchase of a second Mitel Networks 3340
Global Branch Office  Solution Phone System subject to lease with CompUSA,  Inc.
The lease  expires  in  December  2009.  The  purchase  price was  approximately
$1,174,000 in cash.

         Four Double Box Girder Cranes

     During  December 2004, we entered into a Purchase  Agreement with Varilease
Finance  Group,  Inc.  for  the  purchase  of  Four  Double  Box  Girder  Cranes
manufactured  by  Proserv  Anchor  Crane  Group on lease  to WPS,  Inc.  with an
expiration date of March 2009. The purchase price was $894,048, of which we paid
$251,589 during  December 2004. The remaining  balance of the purchase price was
paid as follows:  (a) we paid  $27,220 on the date we  received an  installation
certificate for the first shipment;  (b) we paid $511,230 on the due date of the
second installment, as defined in the agreement, and (c) we paid $104,009 on the
date we received an installation  certificate for the second shipment. The lease
will commence on the first day of the calendar quarter  following our receipt of
the second  installation  certificate.  The lease  term is for 48  months.  This
transaction was completed in February 2005.

     United Kingdom Information Technology Equipment Portfolio

     During  December  2004, we entered into a Commitment  Agreement with Summit
Asset  Management,  Ltd.  to purchase a 75%  interest  in a portfolio  of leases
currently in effect and  performing  with various United  Kingdom  lessees.  The
portfolio is mostly  comprised of information  technology  equipment,  including
laptops,  desktops  and  printers.  The leases  expire  within five years of our
acquisition.  The purchase price was approximately $2,815,000 in cash. Under the
terms of a Participation  Agreement with the seller,  we will receive 75% of all
residual proceeds,  which is defined as either lease renewals or sales proceeds,
as the equipment comes off lease. This transaction was completed during February
2005.

     Bedside Entertainment and Communication Terminals

     During  December  2004, we entered into a Commitment  Agreement with Summit
Asset  Management,   Ltd.  for  the  purchase  of  approximately  8,762  bedside
entertainment and communication terminals, subject to lease with Premier Telecom
Contracts  Limited.  The equipment will be installed in several  National Health
Service hospitals in the United Kingdom.  The lessee is one of four companies in
the United  Kingdom to receive the right to install and operate the equipment in
the hospitals,  and the lessee  anticipates it will have the exclusive  right to
install and operate the  equipment in fifteen  hospitals by December  2006.  The
Manager anticipates completing this transaction in July 2005.

     Economic and Industry Factors

     Our  results of  operations  continue to be impacted by a number of factors
influencing  the United  States of  America's  economy as well as the  equipment
leasing industry, some of which are discussed below.


                                       17
<PAGE>
     United States Economy

     The economy of the United States of America  appears to be recovering,  and
the leasing  industry's  outlook for the foreseeable  future is encouraging.  We
foresee an  increase  in capital  spending by  corporations  through  2007 which
should increase the pool of available leases,  and to that end, we believe there
will be more  opportunities  in this market.  Nonetheless,  a key obstacle still
facing the leasing  industry is the  continued  low interest  rate  environment,
which reduces  leasing  volume  inasmuch as customers are more prone to purchase
than lease.  Other factors which may negatively  affect the leasing industry are
the  proposed  legal and  regulatory  changes  that may affect tax  benefits  of
leasing and the  continued  misperception  by potential  lessees,  stemming from
Enron,  WorldCom and others,  that  leasing  should not play a central role as a
financing alternative.  However, as economic growth continues and interest rates
inevitably  begin to rise over time,  we are  optimistic  that more lessees will
return to the marketplace.

     Containership Industry

     The containership  industry  experienced high levels of demand during 2004.
The volume of trade with China and other countries has been the primary catalyst
for this growth.  China has reported  significant  growth  increases in both its
volume of imports and exports in the past two years.  This  increased  volume of
trade has  resulted in  shortages  of  containerships  and  container  capacity.
Shipping  lines report that freight rates have increased in line with the strong
demand. Although, favorable market conditions currently exist there are possible
problems on the horizon;  sharply rising oil prices, the increased freight rates
and increased port congestion all negatively affect the containership industry.

     Information Technology Industry

     As a result of the computer  hardware  market's  cyclical  behavior and its
focus on the consumer,  all hardware manufacturers are vulnerable to market down
turns.  Regardless of the product being offered,  the intrinsic boom-bust nature
of the  technology  sector  challenges  hardware  companies to constantly try to
improve and/or create innovative  hardware,  aggressively  pushing the incumbent
equipment  into  obsolescence.  There  is no  assurance  that we will be able to
locate a willing buyer or lessee for our assets, or if one is located,  that the
buyer or lessee will pay a price for the asset at least  equal to the  appraised
value.

     Inability to Remarket Assets

     The market for some of our assets is not very liquid.  If current equipment
lessees  choose  not to renew  their  leases  or  purchase  the  equipment  upon
expiration  of the lease,  we will need to remarket the  equipment.  There is no
assurance  that we will be able to  locate a  willing  buyer or  lessee  for our
assets, or if one is located,  that the buyer or lessee will pay a price for the
asset at least equal to the appraised value.

     Critical Accounting Policies

     An  appreciation  of our  critical  accounting  policies  is  necessary  to
understand our financial results. These policies may require the Manager to make
difficult and subjective  judgments  regarding  uncertainties,  and as a result,
such estimates may significantly  impact our financial results. The precision of
these  estimates  and the  likelihood  of future  changes  depend on a number of
underlying  variables and a range of possible outcomes.  We applied our critical
accounting   policies  and  estimation  methods   consistently  in  all  periods
presented.  We consider the following  accounting policies to be critical to our
business:

o        Lease classification and revenue recognition
o        Asset impairments
o        Depreciation

                                       18
<PAGE>
     Lease Classification and Revenue Recognition

     The equipment we lease to third  parties is classified  either as a finance
lease, a leveraged lease, or an operating lease,  which is determined based upon
the terms of each lease. Initial direct costs are capitalized and amortized over
the term of the related  lease for both a finance  lease and a leveraged  lease.
For an operating  lease, the initial direct costs are included as a component of
the cost of the equipment and  depreciated.  For finance leases,  we record,  at
lease  inception,  the total minimum lease payments  receivable from the lessee,
the estimated unguaranteed residual value of the equipment at lease termination,
the initial direct costs related to the lease and the related  unearned  income.
Unearned income  represents the difference  between the sum of the minimum lease
payments receivable plus the estimated  unguaranteed  residual minus the cost of
the leased  equipment.  Unearned  income is recognized as finance income ratably
over the term of the lease.

     For leveraged leases, we record, at lease inception,  our net investment in
the equipment  which  consists of the minimum  lease  payments  receivable,  the
estimated  unguaranteed residual value of the equipment at lease termination and
the initial  direct costs related to the lease,  net of the unearned  income and
principal  and interest on the related  non-recourse  debt.  Unearned  income is
recognized  as income over the life of the lease at a constant rate of return on
the positive net investment.

     For operating leases, income is recorded as rental income and is recognized
on the straight line method over the lease term.

     Our Manager has an  Investment  Committee  that approves each new equipment
acquisition.  As part of the  Committee's  process,  it determines  the residual
value to be used once the acquisition has been approved.  The factors considered
in  determining  the  residual  value  include,  but are  not  limited  to,  the
creditworthiness   of  the  potential  lessee,   the  type  of  equipment  being
considered, how the equipment is integrated into the potential lessees business,
the length of the lease and  industry in which the  potential  lessee  operates.
Residual  values are reviewed for potential  impairment  in accordance  with our
policy to review all significant assets in our portfolio.

     Asset Impairments

     The significant assets in our portfolio are periodically reviewed, at least
annually, by management, to determine whether events or changes in circumstances
indicate that the carrying value of an asset may not be recoverable.  Management
uses  qualified  third  party  appraisers  to assist in the review  process.  An
impairment  loss will be recognized  only if the carrying amount of a long-lived
asset is not recoverable and exceeds its fair value. In such  circumstances,  we
will estimate the future cash flows  (undiscounted and without interest charges)
expected  to  result  from the use of the asset  and its  eventual  disposition.
Future cash flows are the cash inflows expected to be generated by an asset less
the future  outflows  expected  to be  necessary  to obtain  those  inflows.  An
impairment loss will be measured as the amount by which the carrying amount of a
long-lived asset exceeds its fair value.

     The events or changes in  circumstances  which  generally  indicate that an
asset  may be  impaired  are (i) the  estimated  fair  value  of the  underlying
equipment  is less than our  carrying  value or (ii) the lessee is  experiencing
financial difficulties and it does not appear likely that the estimated proceeds
from the  disposition  of the asset will be  sufficient to satisfy the remaining
obligation to the  non-recourse  lender and our residual  position in the asset.
Generally,  in the latter situation,  the residual position relates to equipment
subject to third party notes payable  non-recourse where the lessee remits their
rental  payments  directly  to the lender  and we do not  recover  our  residual
position until the note payable non-recourse is repaid in full.


                                       19
<PAGE>
     Depreciation

     We record  depreciation  expense on  equipment  classified  as an operating
lease.  In order to calculate  depreciation,  we first determine the depreciable
equipment cost,  which is the cost less estimated  residual value. The estimated
residual  value  is  our  estimate  of  the  value  of the  equipment  at  lease
termination.  The estimated residual value is reviewed annually,  by management,
to  determine  whether an  impairment  charge may be required.  Management  uses
qualified third party  appraisers to assist in the review process.  Depreciation
expense is recorded ratably over the term of the related lease.

     New Accounting Pronouncements

     On June 1, 2005 the Financial  Accounting  Standards Board issued Statement
of Financial Accounting Standards ("SFAS") No. 154 "Accounting Changes and Error
Corrections" ("SFAS 154") which replaces Accounting Principles Board Opinion No.
20,  "Accounting  Changes"  ("APB  20") and SFAS No.  3,  "Reporting  Accounting
Changes in Interim  Financial  Statements," and changes the requirements for the
accounting  for and  reporting  of a change in  accounting  principle.  SFAS 154
requires  retrospective  application to prior periods' financial statements of a
voluntary  change in accounting  principle  unless it is  impracticable.  APB 20
previously  required  that most  voluntary  changes in  accounting  principle be
recognized by including in net income of the period of the change the cumulative
effect of changing to the new accounting principle.

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

     Results of Operations for the Three Months Ended March 31, 2005 (the "2005
Quarter") and 2004 (the "2004 Quarter")

     During April 2005 our offering period closed as we had raised approximately
$150,000,000.  We are currently in our reinvestment period, which is anticipated
to last until April 2010,  but may be extended  for an  additional  three years.
During this 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. We will incur both gains and losses on the sales of
equipment  during the reinvestment  period.  During this period we expect to see
our rental income and finance income increase,  as well as related expenses such
as depreciation and interest.  We anticipate that the fees we pay to our Manager
to operate and manage our business  affairs will increase  during this period as
our  Manager  will be  spending a greater  portion of their  time  managing  our
affairs.

     Revenue  for the  2005  Quarter  and the 2004  Quarter  are  summarized  as
follows:


<TABLE>
<CAPTION>
                                                   Three Months Ended March 31,
                                                      2005             2004           Change
                                                      ----             ---            ------

<S>                                         <C>                <C>               <C>
Total revenue                               $      5,750,797   $       275,871   $      5,474,926
                                            ================   ===============   ================
Rental income                               $      5,730,336   $       275,871   $      5,454,465
Income from investments in joint ventures   $         20,461   $            -    $         20,461

</TABLE>


     Revenues for the 2005  Quarter  increased by  $5,474,926,  or 1,984.6%,  as
compared to the 2004  Quarter.  The increase in revenue is due  primarily to the
leases we entered into in 2004,  particularly at the end of the year. During the
2004  Quarter  we only had one lease:  Air  Atlanta  Icelandic.  During the 2005
Quarter we had several  more leases that  contributed  to the increase in rental
income. We anticipate  rental income increasing  substantially in 2005 due to an
increased level of lease transactions.

                                       20
<PAGE>

Expenses for the 2005 Quarter and the 2004 Quarter are summarized as follows:


<TABLE>
<CAPTION>
                                                      Three Months Ended March 31,
                                                         2005                2004         Change
                                                         ----                ----         -----
<S>                                               <C>                 <C>            <C>
 Total expenses                                   $       7,197,644   $    740,574   $  6,457,070
                                                  =================   ============   =============
 Depreciation                                     $       4,563,878   $    205,576   $  4,358,302
 Amortization of prepaid service fees             $         894,570   $    202,350   $    692,220
 Interest                                         $         955,194   $         -    $    955,194
 Management fees - Manager                        $         299,690   $    122,966   $    176,724
 Administrative expense reimburesement - Manager  $         357,677   $    190,574   $    167,103
 General and administrative                       $         115,541   $     19,108   $     96,433
 Minority interest                                $          11,094   $         -    $     11,094

</TABLE>


     Expenses for the 2005 Quarter increased by $6,457,070,  or 871.9%, over the
2004  Quarter.  The overall  increase in expenses is due  primarily to increased
lease  activity.  As discussed  above,  we had one lease in the 2004 Quarter and
several  more in the 2005  Quarter.  The  leases  we  entered  into had  greater
equipment cost, which accounts for the increase in depreciation. The increase in
amortization  of  prepaid  service  fees is due to our  continued  admission  of
additional members and the resulting amortization of these fees. The increase in
interest  expense  is due  solely  to the  acquisition  of the ZIM  vessels.  We
financed a large portion of these acquisitions.  The increase in management fees
-  Manager  is a direct  result  of  continued  acquisitions.  The  increase  in
administrative  expense  reimbursements  -  Manager  is due  to  the  additional
services provided by the Manager as we acquire additional leased equipment.  The
Manager performs certain functions  relating to the management of our equipment.
Such services  include the  collection of lease  payments from the lessee 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.

     Net Loss

     As a result of the foregoing factors,  net loss in the 2005 Quarter and the
2004  Quarter  was  $1,446,847  and  $464,703,  respectively.  The net  loss per
weighted  average  additional  member  shares was $11.44 and $14.79 for the 2005
Quarter and 2004 Quarter, respectively.

     Liquidity and Capital Resources

     Sources of Cash

     We believe that with the cash we have currently  available,  the additional
cash we received  through the closing of our  offering  period,  which  occurred
during  April  2005,  and from cash being  generated  from our  leases,  we have
sufficient cash to continue our operations into the  foreseeable  future.  We do
not anticipate the need to borrow from our line of credit.

     Our main source of cash flow for the three  months ended March 31, 2005 and
2004  was  from  financing  activities,  principally  through  the  issuance  of
additional members' shares totaling  approximately  $35,269,000 and $13,705,000,
respectively,  net of sales and  offering  expenses.  For the three months ended
March  31,  2005 and 2004,  we  admitted  39,852.482  and  15,821.31  additional
members' shares, respectively.

                                       21
<PAGE>

     Our primary  cash  outflows  for the 2005 Quarter and the 2004 Quarter were
for prepaid  service  fees,  distributions  to members and for  acquisitions  of
equipment subject to lease. We paid  approximately  $2,590,000 and $1,028,000 in
prepaid  service fees for the 2005 Quarter and the 2004  Quarter,  respectively.
For the 2005 Quarter and the 2004 Quarter we paid  distributions  to our members
of approximately  $2,474,000 and $565,000,  respectively.  We paid approximately
$2,167,000  for our  investments  in  equipment  during  the  2005  Quarter  and
approximately  $22,002,000,  including escrow deposits, for the 2004 Quarter. We
expect to continue  acquiring  equipment  subject to lease,  and also make other
types of related investments during 2005.

     We have amounts available to borrow, if necessary, under our line of credit
agreement with Comerica Bank.

     Financings and Borrowings

     We have non-recourse debt at March 31, 2005. 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.  The outstanding  balance of our non-recourse notes
payable at March 31, 2005 was $70,998,296.

     Certain  of our  affiliates,  specifically;  ICON Cash Flow  Partners  L.P.
Seven,  ICON  Income Fund Eight A L.P.;  ICON Income Fund Eight B L.P.  and ICON
Income Fund Nine,  LLC  (collectively,  the  "Initial  Funds"),  entered  into a
$17,500,000  line of credit  agreement with Comerica Bank as of May 30, 2002, as
amended. Interest accrues on all outstanding balances, at an interest rate equal
to the Comerica  Bank base interest rate plus 1% (together is 6.75% at March 31,
2005).  Under the terms of the line of credit  agreement,  the Initial Funds may
borrow money from Comerica Bank with all  borrowings to be jointly and severally
collateralized  by (i)  cash,  and (ii) the  present  values  of  certain  rents
receivable and equipment owned by the Initial Funds.  Effective  August 5, 2004,
the line of credit  agreement  was amended to add us as a borrower.  The Initial
Funds and us are collectively  referred to as the Borrowers.  The line of credit
agreement expires on December 30, 2005.

     The Initial  Funds  entered into a  Contribution  Agreement,  dated May 30,
2002,  as  subsequently  amended to include us,  pursuant to which the Borrowers
have agreed to certain restrictions on the amounts and terms of their respective
borrowings under the line of credit agreement in order to minimize the risk that
a Borrower would be unable to repay its allocable portion of outstanding line of
credit obligations at any time. These  restrictions  include 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 line of credit  agreement,  as applied to such and (ii)
50% of the net worth of such Borrower. The Contribution Agreement provides that,
in the event a Borrower  pays an amount  under this  agreement  in excess of its
allocable  share of the total  obligations  under the line of credit  agreement,
whether by reason of an event or 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  line of  credit  agreement.  The  Borrowers'
obligations to each other under the Contribution Agreement are collateralized by
a subordinate lien on the assets of each participating Borrower.

     Effective March 8, 2005, the Borrowers  entered into a Seventh Amendment to
the Loan and Security Agreement with Comerica Bank. This Agreement releases ICON
Cash Flow Partners  L.P.  Seven from all of its  obligations  under the Loan and
Security  Agreement  dated as of May 30, 2002. As such,  ICON Cash Flow Partners
L.P. Seven is no longer a party to the $17,500,000 line of credit.

     Aggregate  borrowings  by all  Funds  under  the line of  credit  agreement
amounted to $11,830,000 at March 31, 2005. We currently have no borrowings under
this line.

                                       22
<PAGE>

   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 during  April 2010.  For the three months
ended March 31, 2005, we paid  distributions of $2,448,959 to additional members
and $24,737 to the Manager.

     Commitments

     At March 31, 2005 we are party to non-recourse loan agreements.  The lender
has security  interests in equipment  relating to the  non-recourse  debt and an
assignment  of the rental  payments  under the  leases.  If the  lessee  were to
default on the  non-recourse  debt the equipment would be returned to the lender
in extinguishment of the non-recourse debt.

     At March 31, 2005 we had a material  commitment  to purchase  8,762 bedside
entertainment  communication  terminals  subject to lease with  Premier  Telecom
Contracts  Limited  for  approximately  $24,000,000.  The  lessee is one of four
companies in the United  Kingdom to receive the right to install and operate the
equipment  in the  hospitals,  and  the  lessee  anticipates  it will  have  the
exclusive  right to install and operate the  equipment  in fifteen  hospitals by
December 2006.

     Risks and Uncertainties

     At March 31, 2005,  except as noted above in the Business  Overview section
and listed below, we believe there were no known trends or demands, commitments,
events or  uncertainties  which  are  likely  to have a  material  effect on our
liquidity.

     Set forth below and elsewhere in this report and in other documents we file
with the Securities and Exchange  Commission  are risks and  uncertainties  that
could  cause  our  actual  results  to  differ   materially   from  the  results
contemplated  by the  forward-looking  statements  contained  in this report and
other periodic statements we make, including, but not limited to, the following:

o    Some  states and  countries  require  relatively  burdensome  processes  to
     repossess  and sell  equipment  subject to a defaulted  debt.  In the event
     repossession  is required,  there is no  assurance  that we will be able to
     quickly repossess the asset and remarket it.

o    The current market is improving for wide-body freighters,  such as our 1979
     McDonnell Douglas  DC-10-30F,  but the market is still soft. It is expected
     that there may be a gradual  improvement  during 2005 and full recovery for
     freighter  aircraft  by lease  termination.  While  the  market  for  these
     aircraft is  cyclical,  there can be no  assurance  that it will recover by
     lease  termination.  Failure  of the market to  recover  significantly  may
     result in our  inability to realize our  investment in the residuals of the
     1979 McDonnell Douglas DC-10-30F aircraft currently on lease to FedEx.

o    As a result of the computer  hardware  market's  cyclical  behavior and its
     focus on the consumer,  all hardware manufacturers are vulnerable to market
     down  turns.  Regardless  of  the  product  being  offered,  the  intrinsic
     boom-bust nature of the technology sector challenges  hardware companies to
     constantly try to improve and/or create innovative  hardware,  aggressively
     pushing the incumbent  equipment into  obsolescence.  There is no assurance
     that we will be able to locate a willing buyer or lessee for our assets, or
     if one is located,  that the buyer or lessee will pay a price for the asset
     at least equal to the appraised value.

                                       23
<PAGE>

o    Our  operations  are  subject  to the  jurisdiction  of a number of federal
     agencies,  including the Federal  Aviation  Administration.  New regulatory
     rulings may negatively  impact our financial results and the economic value
     of our assets.

o    Our results are exposed to foreign exchange rate fluctuations as the rental
     payments are converted from the local currency into United States currency.
     As  exchange  rates  vary,  revenue  and  other  operating  results,   when
     converted, may differ materially from expectations.  We are also subject to
     gains and losses on foreign currency  transactions,  which could vary based
     on  fluctuations in exchange rates and the timing of the  transactions  and
     their settlement.

o    The equipment leasing industry is highly competitive.  When seeking leasing
     transactions   for   acquisition,   we  compete  with  leasing   companies,
     manufacturers  that lease their products  directly,  equipment  brokers and
     dealers  and  financial   institutions,   including  commercial  banks  and
     insurance  companies.  Many competitors are larger than us and have greater
     financial resources than we do.

     Inflation and Interest Rates

     The potential  effects of inflation on us are difficult to predict.  If the
general economy  experiences  significant rates of inflation;  however, it could
affect us in a number of ways. We do not  currently  have or expect to have rent
escalation  clauses tied to inflation in our leases.  The  anticipated  residual
values  to be  realized  upon the  sale or  re-lease  of  equipment  upon  lease
terminations (and thus the overall cash flow from our leases) may be expected to
increase with inflation as the cost of similar new and used equipment increases.

     If  interest  rates  increase  significantly,  the lease  rates that we can
obtain on future  leases may be expected to increase as the cost of capital is a
significant  factor in the pricing of lease financing.  Leases already in place,
for the most part, would not be affected by changes in interest rates.

Item 3. Qualitative and Quantitative Disclosures About Market Risk

     We, like most other companies,  are exposed to certain market risks,  which
includes changes in interest rates and the demand for equipment (and the related
residuals)  owned by us. We believe  that our  exposure to other  market  risks,
including foreign currency  exchange rate risk,  commodity risk and equity price
risk, are  insignificant,  at this time, to both our financial  position and our
results of operations.

     In general, we manage our exposure to interest rate risk by obtaining fixed
rate  debt.  The fixed  rate debt is  structured  so as to match the cash  flows
required  to service  the debt to the  payment  streams  under  fixed rate lease
receivables.  The  payments  under the leases  are  assigned  to the  lenders in
satisfaction  of the debt. We may finance  leases with a floating  interest rate
and we are therefore exposed to interest rate risk until fixed rate financing is
arranged or we enter into interest rate swaps.

     To hedge our interest  rate risk on our floating rate debt, we entered into
three  interest rate swap  contracts  that  effectively  convert the  underlying
floating  interest  rates to a fixed  interest  rate.  In  general,  these  swap
agreements  eliminate our interest rate risk associated  with variable  interest
rate  borrowings.  However,  we are exposed to and manage credit risk associated
with the counterparty to the swap agreement by dealing only with institutions we
consider financially sound.

                                       24
<PAGE>

Item 4. Controls and Procedures

     Evaluation of disclosure controls and procedures

     We  carried  out  an  evaluation,   under  the  supervision  and  with  the
participation  of management of ICON Capital Corp.,  our Manager,  including the
Chief Executive Officer and the Principal  Financial and Accounting  Officer, of
the  effectiveness  of the design and operation of our  disclosure  controls and
procedures  as of the end of the period  covered by this report  pursuant to the
Securities  Exchange  Act of 1934.  Based upon the  evaluation,  except as noted
below,  the Chief Executive  Officer and the Principal  Financial and Accounting
Officer concluded that our disclosure controls and procedures were effective.

     While evaluating our disclosure  controls and procedures we recognized that
greater internal  controls were needed to aid in a more efficient closing of our
financial  statements,  thereby requiring  additional  skilled accounting staff.
Towards the end of the third  quarter of 2004,  the  Company  hired a new senior
vice  president  of  accounting  and the  Company  is in the  process of seeking
additional accounting staff in order to better effectuate the Company's internal
controls. We will continue to evaluate our disclosure controls and procedures to
determine their effectiveness and adequacy and will take the steps necessary, in
our opinion,  to ensure the adequacy of the  Company's  disclosure  controls and
procedures.

     In designing and  evaluating  our disclosure  controls and  procedures,  we
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 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 the
Company's financial reporting and disclosure included in this report.

                                       25
<PAGE>

                           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 against us or against any of our assets.

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

         Not applicable.

Item 3.  Defaults Upon Senior Securities

         Not applicable.

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

         No matters were submitted to a vote of security holders during the
first quarter 2005.

Item 5.  Other Information

         Not applicable.

Item 6. Exhibits

31.1 Certification of Chairman and Chief Executive Officer.

31.2 Certification  of Executive  Vice  President  and  Principal  Financial and
     Accounting Officer.

32.1 Certification of Chairman and Chief Executive Officer pursuant to 18 U.S.C.
     Section 1350, as adopted pursuant to Section 906 of the  Sarbanes-Oxley Act
     of 2002.

32.2 Certification  of Executive  Vice  President  and  Principal  Financial and
     Accounting Officer pursuant to 18 U.S.C.  Section 1350, as adopted pursuant
     to Section 906 of the Sarbanes-Oxley Act of 2002.

                                       26
<PAGE>

                                   SIGNATURES

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized. ICON Income Fund Ten, LLC (Registrant) By
its Manager, ICON Capital Corp.

Date: June 30, 2005            /s/ Beaufort J.B. Clarke
                               ---------------------------------------------
                               Beaufort J.B. Clarke
                               Chairman, Chief Executive Officer and Director

Date: June 30, 2005            /s/ Thomas W. Martin
                               ----------------------------------------------
                               Thomas W. Martin
                               Executive Vice President and Director
                              (Principal Financial and Accounting Officer)


                                       27
<PAGE>
Exhibit 31.1

Principal  Executive  Officer  Certification  Pursuant  to  Section  302  of the
Sarbanes-Oxley Act of 2002 (18 U.S.C. ss.1350)

I, Beaufort J.B. Clarke, certify that:

1.   I have reviewed this quarterly report on Form 10-Q of ICON Income Fund Ten,
     LLC;

2.   Based on my knowledge,  this  quarterly  report does not contain any untrue
     statement of a material fact or omit to state a material fact  necessary to
     make the statements  made, in light of the  circumstances  under which such
     statements  were made, not misleading with respect to the period covered by
     this report;

3.   Based  on my  knowledge,  the  financial  statements  and  other  financial
     information  included  in  this  report,  fairly  present  in all  material
     respects the financial  condition,  results of operations and cash flows of
     the registrant as of, and for, the periods presented in this report;

4.   The  registrant's  other  certifying  officer  and  I are  responsible  for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules  13a-15(e) and  15d-15(e))  for the registrant and we
     have:

     a)   designed  such  disclosure  controls  and  procedures,  or caused such
          disclosure   controls  and   procedures  to  be  designed   under  our
          supervision,  to ensure  that  material  information  relating  to the
          registrant,  including its consolidated subsidiaries, is made known to
          us by others within those entities,  particularly during the period in
          which this quarterly report is being prepared;

     b)   evaluated the  effectiveness of the registrant's  disclosure  controls
          and procedures and presented in this quarterly  report our conclusions
          about the  effectiveness of the disclosure  controls and procedures as
          of the end of the period  covered by this  quarterly  report  based on
          such evaluation; and

     c)   disclosed  in this  report  any  change in the  registrant's  internal
          control over financial reporting that occurred during the registrant's
          most recent fiscal quarter (the registrant's  fourth fiscal quarter in
          the case of an annual  report)  that has  materially  affected,  or is
          reasonably  likely to materially  affect,  the  registrant's  internal
          control over financial reporting; and

5.   The registrant's  other certifying  officer and I have disclosed,  based on
     our most recent evaluation of internal control over financial reporting, to
     the  registrant's  auditors  and the board of  directors of the Manager (or
     persons performing the equivalent function):

     a)   all significant  deficiencies and material weaknesses in the design or
          operation  of  internal   control  which  are  reasonably   likely  to
          materially  affect  the  registrant's  ability  to  record,   process,
          summarize and report financial information; and

     b)   any fraud, whether or not material,  that involves management or other
          employees who have a  significant  role in the  registrant's  internal
          control over financial reporting.

Date: June 30, 2005

/s/ Beaufort J.B. Clarke
----------------------------------
Chairman, Chief Executive Officer and Director
ICON Capital Corp.
Manager of ICON Income Fund Ten, LLC

                                       28
<PAGE>

Exhibit 31.2

Principal  Executive  Officer  Certification  Pursuant  to  Section  302  of the
Sarbanes-Oxley Act of 2002 (18 U.S.C. ss.1350)

I,   Thomas W. Martin, certify that:

1.   I have reviewed this quarterly report on Form 10-Q of ICON Income Fund Ten,
     LLC;

2.   Based on my knowledge,  this  quarterly  report does not contain any untrue
     statement of a material fact or omit to state a material fact  necessary to
     make the statements  made, in light of the  circumstances  under which such
     statements  were made, not misleading with respect to the period covered by
     this report;

3.   Based  on my  knowledge,  the  financial  statements  and  other  financial
     information  included  in  this  report,  fairly  present  in all  material
     respects the financial  condition,  results of operations and cash flows of
     the registrant as of, and for, the periods presented in this report;

4.   The  registrant's  other  certifying  officer  and  I are  responsible  for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules  13a-15(e) and  15d-15(e))  for the registrant and we
     have:

     a)   designed  such  disclosure  controls  and  procedures,  or caused such
          disclosure   controls  and   procedures  to  be  designed   under  our
          supervision,  to ensure  that  material  information  relating  to the
          registrant,  including its consolidated subsidiaries, is made known to
          us by others within those entities,  particularly during the period in
          which this quarterly report is being prepared;

     b)   evaluated the  effectiveness of the registrant's  disclosure  controls
          and procedures and presented in this quarterly  report our conclusions
          about the  effectiveness of the disclosure  controls and procedures as
          of the  end of the  period  covered  by  this  report  based  on  such
          evaluation; and

     c)   disclosed  in this  report  any  change in the  registrant's  internal
          control over financial reporting that occurred during the registrant's
          most recent fiscal quarter (the registrant's  fourth fiscal quarter in
          the case of an annual  report)  that has  materially  affected,  or is
          reasonably  likely to materially  affect,  the  registrant's  internal
          control over financial reporting; and

5.   The registrant's  other certifying  officer and I have disclosed,  based on
     our most recent evaluation of internal control over financial reporting, to
     the  registrant's  auditors  and the board of  directors of the Manager (or
     persons performing the equivalent function):

     a)   all significant  deficiencies and material weaknesses in the design or
          operation  of  internal   control  which  are  reasonably   likely  to
          materially  affect  the  registrant's  ability  to  record,   process,
          summarize and report financial information; and

     b)   any fraud, whether or not material,  that involves management or other
          employees who have a  significant  role in the  registrant's  internal
          control over financial reporting.

Date: June 30, 2005

/s/ Thomas W. Martin
-----------------------------------
Executive Vice President and Director
(Principal Financial and Accounting Officer)
ICON Capital Corp.
Manager of ICON Income Fund Ten, LLC

                                       29
<PAGE>

Exhibit 32.1

Principal  Executive  Officer  Certification  Pursuant  to  Section  906  of the
Sarbanes-Oxley Act of 2002 (18 U.S.C. ss.1350)

I, Beaufort J.B.  Clarke,  Chairman and Chief Executive  Officer of ICON Capital
Corp.,  the Manager of ICON Income Fund Ten, LLC,  certify,  pursuant to Section
906 of the Sarbanes-Oxley Act of 2002, (18 U.S.C. 1350), that, to the best of my
knowledge:

     (1)  the Quarterly  Report on Form 10-Q for the period ended March 31, 2005
          (the  "Periodic  Report")  which  this  statement   accompanies  fully
          complies  with  the  requirements  of  Section  13(a)  or 15(d) of the
          Securities Exchange Act of 1934; and

     (2)  the information  contained in the Periodic Report fairly presents,  in
          all  material  respects,   the  financial  condition  and  results  of
          operations of ICON Income Fund Ten, LLC.

Date: June 30, 2005

/s/ Beaufort J.B. Clarke
-------------------------------------
Chairman, Chief Executive Officer and Director
ICON Capital Corp.
Manager of ICON Income Fund Ten, LLC

A signed  original of this  written  statement  required by Section 906 has been
provided to the Company and will be retained by the Company and furnished to the
Securities and Exchange Commission or its staff upon request.

The information  contained in this Exhibit 32.1 is being furnished and shall not
be deemed "filed" for the purposes of Section 18 of the Securities  Exchange Act
of 1934, as amended,  or otherwise  subject to the  liabilities of that section.
The  information  contained in this Exhibit  32.1 shall not be  incorporated  by
reference  into any  registration  statement or other  document  pursuant to the
Securities  Exchange Act of 1934, as amended,  or the Securities Act of 1933, as
amended,  except as shall be expressly  set forth by specific  reference to this
Exhibit 32.1 in such filing.

                                       30
<PAGE>

Exhibit 32.2

Principal  Executive  Officer  Certification  Pursuant  to  Section  906  of the
Sarbanes-Oxley Act of 2002 (18 U.S.C. ss.1350)

I,  Thomas  W.  Martin,   Executive  Vice  President  (Principal  Financial  and
Accounting  Officer) of ICON Capital Corp., the Manager of ICON Income Fund Ten,
LLC,  certify,  pursuant to Section 906 of the  Sarbanes-Oxley  Act of 2002, (18
U.S.C. 1350), that, to the best of my knowledge:

     (1)  the Quarterly  Report on Form 10-Q for the period ended March 31, 2005
          (the  "Periodic  Report")  which  this  statement   accompanies  fully
          complies  with  the  requirements  of  Section  13(a)  or 15(d) of the
          Securities Exchange Act of 1934; and

     (2)  the information  contained in the Periodic Report fairly presents,  in
          all  material  respects,   the  financial  condition  and  results  of
          operations of ICON Income Fund Ten, LLC.

Date: June 30, 2005

/s/ Thomas W. Martin
------------------------------------
Executive Vice President and Director
(Principal Financial and Accounting Officer)
ICON Capital Corp.
Manager of ICON Income Fund Ten, LLC

A signed  original of this  written  statement  required by Section 906 has been
provided to the Company and will be retained by the Company and furnished to the
Securities and Exchange Commission or its staff upon request.

The information  contained in this Exhibit 32.2 is being furnished and shall not
be deemed "filed" for the purposes of Section 18 of the Securities  Exchange Act
of 1934, as amended,  or otherwise  subject to the  liabilities of that section.
The  information  contained in this Exhibit  32.2 shall not be  incorporated  by
reference  into any  registration  statement or other  document  pursuant to the
Securities  Exchange Act of 1934, as amended,  or the Securities Act of 1933, as
amended,  except as shall be expressly  set forth by specific  reference to this
Exhibit 32.2 in such filing.

                                       31