Recent news includes investor ownership changes and historical dividend dates, with no material new developments reported in recent years.

• Mfp Investors acquired a 3.70% stake in Gyrodyne as of February 14, 2023 [N1].
• Grantham, Mayo, Van Otterloo & Co. reduced its stake in Gyrodyne as of February 13, 2023 [N2].
• Gyrodyne had ex-dividend dates scheduled on June 16, 2016 [N3], December 17, 2012 [N7], and other historical dates.
• Michael Price purchased shares in related companies including Gyrodyne in December 2015 [N4] and was noted for low P/E stock reviews including Gyrodyne in 2013 [N5].
• Various historical news articles discuss investor activity and dividend schedules dating back to 2012 and earlier [N6, N8].

The company’s strategy to enhance property values through entitlement efforts and to sell assets individually or in groups could unlock significant value for shareholders. Successful resolution of legal challenges and receipt of subdivision and site plan approvals would increase development flexibility and marketability of properties. The company’s focused management of operating cash flow and capital allocation during the liquidation process supports maximizing returns. Retention of key personnel and securing financing to fund operations through liquidation are positive factors supporting execution.

Risks include the uncertainty and timing of legal proceedings related to property entitlements, which could delay or reduce the value of asset sales. There is no assurance that entitlement efforts will increase property values beyond costs incurred. The company’s reliance on a single key executive heightens operational risk, especially given recent departures. Failure to secure adequate financing or to complete sales in a timely manner could impair liquidity and distributions to shareholders. Market conditions and regulatory factors beyond the company’s control may adversely affect asset disposition and ultimate shareholder returns.

Gyrodyne’s moat is primarily based on its ownership and management of specialized medical office and industrial properties in specific New York locations, combined with its strategic pursuit of entitlements to increase development flexibility and property value. The company’s control over these unique real estate assets and its ongoing entitlement efforts create barriers to entry for competitors seeking similar opportunities. However, the moat is limited by the company’s dependence on successful legal and regulatory outcomes, market conditions for real estate sales, and the ability to execute its liquidation strategy effectively.

• Legal and Regulatory Risks: Ongoing legal challenges and appeals related to subdivision and entitlement approvals for the Flowerfield property create uncertainty and potential delays in asset sales and value realization.
• Key Personnel Risk: The company’s CEO is the sole full-time employee responsible for critical operations. Loss or unavailability of this individual could materially impact business continuity and liquidation efforts.
• Liquidity and Financing Risk: Gyrodyne’s ability to fund entitlement efforts and operations through liquidation depends on securing loan modifications or new credit facilities, which is uncertain.
• Market and Execution Risk: The timing, amount, and success of property sales depend on market conditions, regulatory approvals, and other factors beyond the company’s control, affecting distributions to shareholders.

• Gyrodyne, LLC is a limited liability company formed under New York law primarily managing a portfolio of medical office and industrial properties located in Suffolk (Flowerfield) and Westchester (Cortlandt Manor) Counties, New York.
• The company’s business model centers on managing these properties, pursuing entitlements to increase development flexibility, and enhancing lease values to maximize property value.
• Most developed properties are leased with tenants reimbursing Gyrodyne for costs such as utilities, insurance, repairs, maintenance, and real estate taxes; some leases assign certain operating expenses to the company.
• Gyrodyne’s corporate strategy involves pursuing entitlements on its two main properties to increase development flexibility and market value, with the goal of selling these properties to developers.
• The company intends to dissolve after disposing of all real property assets, settling debts and claims, and distributing remaining proceeds to common shareholders.
• The timing and amount of distributions to shareholders are uncertain and depend on asset sales, liabilities, and legal obligations.
• The company’s real estate portfolio includes 13.8 acres in Cortlandt Manor with a 31,000 square foot medical center, and 63 acres in Flowerfield including a 14-acre multi-tenant industrial park with 135,000 rentable square feet.
• Gyrodyne is actively defending legal challenges related to the subdivision and entitlement process for the Flowerfield property, including an Article 78 proceeding and subsequent appeals.
• The company has entered into a Purchase and Sale Agreement for a 49-acre parcel of vacant land at Flowerfield with a purchase price between $24 million and $28.74 million, contingent on subdivision and site plan approvals.
• Gyrodyne engages JLL to market and sell remaining properties individually or combined, and would consider acquisition offers for the company itself if value-maximizing.
• As of June 30, 2026, the company held approximately $3.77 million in cash and cash equivalents.
• The company reported revenue of approximately $1.83 million and a net loss of about $2.5 million for the fiscal year ended August 31, 2015.
• Gyrodyne’s CEO and CFO, Gary Fitlin, is the only remaining full-time employee as of August 2026, with the former COO having separated effective October 2, 2026.
• The company has retention and employment agreements in place to motivate and retain its key executive, but loss of this individual poses a material risk to operations and liquidation efforts.
• Gyrodyne plans to seek loan modifications or new credit facilities to fund operations through the liquidation process, but success is uncertain.
• The company incurred approximately $380,000 in land entitlement costs during 2025 and estimates additional costs of about $1.3 million through 2028 for entitlement efforts.
• The company’s strategy includes balancing working capital and funds available for entitlement processes while managing operating cash flow and market value of properties.
• The company’s consolidated statement of net assets as of December 31, 2025 includes some but not all potential value impacts from entitlement efforts, with no assurance that value enhancement costs will be exceeded by property value increases.