Gyrodyne, LLC

Gyrodyne, LLC is a New York-based limited liability company primarily engaged in managing a portfolio of medical office and industrial properties. The company also focuses on obtaining entitlements for these properties, which are located in Suffolk ("Flowerfield") and Westchester ("Cortlandt Manor") Counties, New York. The majority of Gyrodyne's developed properties are leased under agreements where tenants reimburse the company for a portion, all, or substantially all of the costs and/or cost increases related to utilities, insurance, repairs, maintenance, and real estate taxes. However, some leases stipulate that Gyrodyne is responsible for certain operating expenses. Gyrodyne's corporate strategy aims to increase the value of its Flowerfield and Cortlandt Manor properties. This is achieved by pursuing entitlement opportunities to offer purchasers greater development flexibility and by enhancing the value of its existing leases. The real estate value reported in the consolidated statement of net assets as of December 31, 2025, and December 31, 2024, reflects some, but not all, of the potential value impact from these enhancement efforts. Gyrodyne intends to dissolve after selling all its real property assets, using the proceeds to settle any debts and claims, and then distributing the remainder to common shareholders.