Power consumption of a recirculating diode in a LED driver
Just look at it as a sort of voltage divider.  

0.75 volt is over the diode, the rest of the voltage is over the other components. 

Thus 0.75*10A of energy is consumed by the diode. The other (V-0.75)*10A of energy goes to the other parts of the circuit.

Hopefully most of it goes into your LEDs.