Financial Projections and Liquidation - Gyrodyne expects to have a cash balance of approximately $30.31 million by December 31, 2024, prior to any future special distributions, equating to estimated distributions of $20.44 per share based on 1,482,680 common shares outstanding [125]. - The Company estimates net assets in liquidation as of March 31, 2023, at $30,309,439, resulting in estimated distributions of approximately $20.44 per common share based on 1,482,680 shares outstanding [178]. - The Company anticipates the completion of the liquidation process by December 31, 2024, although this timeline may be affected by factors beyond its control [170]. - The cash balance at the end of the liquidation period is estimated to be $3.68 million, with adjustments for various costs and revenues expected until December 31, 2024 [179]. - The estimated cash proceeds from rental operations are projected to total $1.98 million, net of commissions and rental costs [183]. - The Company estimates total gross cash proceeds from the sale of its assets to be approximately $53.67 million, with an estimated distributable cash of approximately $30.31 million from the liquidation [191]. - Major vendors have informally agreed to defer payment on 50% of their fees until the first subdivided lot is sold, aiding cash flow during liquidation [190]. - The Company is considering seeking supplemental funding through a new credit facility or pro-rata rights offering to strengthen its cash position during liquidation [190]. - The Company anticipates that cash and cash equivalents, along with proceeds from asset sales, will exceed the costs to complete the liquidation [192]. - The Company has not experienced any significant credit risk on cash as of March 31, 2023, and maintains bank account balances exceeding FDIC insurance limits [193]. - General and administrative expenses, excluding final liquidation costs, are estimated to be $4.26 million [184]. Real Estate Development and Entitlements - The company aims to complete the disposition of its real estate assets and make timely distributions to shareholders, with a focus on enhancing the net value of its properties [112]. - Gyrodyne's remaining real estate investments include 63 acres in Flowerfield and 13.8 acres in Cortlandt Manor, with the latter designated for 154,000 square feet of total density, including 150,000 square feet for medical use [118][122]. - The company is pursuing entitlement opportunities for its properties to increase development flexibility and maximize value for shareholders [114]. - The Flowerfield property has received preliminary approval for subdivision into eight lots, but is currently subject to an Article 78 proceeding that could delay the process [117][121]. - The Company is pursuing entitlements for Flowerfield and Cortlandt Manor properties to enhance development flexibility, with a focus on minimizing risk [129]. - The Town of Cortlandt adopted a SEQRA Findings Statement on March 20, 2023, establishing a MOD designation for the property, allowing for a total density of 154,000 square feet [135]. - The Company has committed resources toward market research and feasibility studies to maximize the value of the Cortlandt Manor property, which includes a proposed medical office campus [131]. - The Company is exploring potential real estate development projects at Flowerfield that fall within "as of right to build" zoning, while seeking additional entitlements from the Town of Smithtown [137]. - The Company filed a pre-subdivision application for the Flowerfield property, which was initially processed as a nine-lot subdivision but ultimately approved as an eight-lot subdivision in 2021 [138]. - The Company is pursuing entitlements and density approvals for the Flowerfield property, which involves extensive analysis and could materially impact property value [163]. - The Town of Smithtown Planning Board granted preliminary approval to divide the Flowerfield property into eight lots on March 30, 2022 [164]. - The Company is addressing technical comments from various agencies regarding the Final Subdivision Plans, with final approval expected in the second half of 2023 [141]. - The Company believes subdivision approval for Flowerfield will be received in the second half of 2023, and for Cortlandt Manor by mid-2023, contingent on contract timing [169]. Operational Challenges and Market Conditions - Risks include ongoing litigation related to the Article 78 proceeding and market conditions affecting the sale of assets [106][120]. - The COVID-19 pandemic has adversely impacted the timeliness of local government approvals, causing delays in securing entitlements [149]. - The Company is facing increased regulatory scrutiny in the healthcare industry, which could impact the marketability of its properties [145]. - The U.S. Federal Reserve raised interest rates a total of seven times in 2022 and three times in 2023, affecting the economic outlook and potentially leading to a recession [152]. - The Company is actively reviewing operating activities for possible cost reductions throughout the liquidation process [192]. - There have been no significant changes in market risk since the last report filed on March 30, 2023 [196]. Financial Performance and Revenue - The Company incurred approximately $253,000 in land entitlement costs during Q1 2023, with an estimated additional $952,000 expected through December 31, 2024 [128]. - The entitlement costs for the three months ended March 31, 2023, associated with the ownership and development of the Cortlandt Manor property were approximately $45,500 [136]. - The entitlement costs for the three months ended March 31, 2023, were approximately $207,400 [142]. - During the three months ended March 31, 2023, the Company executed 5 renewals comprising approximately 6,700 square feet, generating annual revenue of approximately $96,000 and total commitments of approximately $229,000 [156]. - The Company experienced one termination of a tenant resulting in a loss of $6,260 in monthly rent [156]. - The decrease in net assets from January 1 to March 31, 2023, was $58,060, primarily due to additional general and administrative fees [186]. - As of March 31, 2023, the Company had cash and cash equivalents totaling approximately $3.68 million, which is expected to be adequate for funding the liquidation process [191]. - The Company secured a $4.95 million term loan on September 15, 2021, to pay off previous debt, with $1,050,000 outstanding at that time [194].

Financial Projections and Distributions - As of December 31, 2022, Gyrodyne expects a cash balance of approximately $30.37 million by December 31, 2024, which would equate to future distributions of $20.48 per share based on 1,482,680 common shares outstanding[32]. - The estimated distributions to shareholders are based on values as of December 31, 2022, and include some but not all potential value from entitlement efforts[32]. - The company acknowledges that distributions to shareholders may be delayed or reduced due to various uncertainties, including market conditions and legal challenges[121]. - Future special distribution declarations will depend on actual cash flow and proceeds from property sales[208]. Property Development and Entitlements - Gyrodyne's strategy includes pursuing entitlements for Flowerfield and Cortlandt Manor to enhance property values and maximize shareholder returns[23]. - The Flowerfield property subdivision received preliminary approval on March 30, 2022, but is currently subject to an Article 78 Proceeding that could delay final approvals[26][27]. - The Company anticipates that the process of negotiating purchase agreements and securing final approvals will culminate by year-end 2024[31]. - The Company is focusing on positioning properties for sale with all entitlements to achieve increased development flexibility with minimal risk[40]. - The Company is exploring potential real estate development projects in Flowerfield that fall within "as of right to build" zoning[49]. - The Company anticipates that subdivision and site plan approval for the Cortlandt Manor property could be received by mid-2024[47]. - The Company has been in discussions with the Town of Smithtown regarding entitlements and special permits for the Flowerfield property[49]. - The Company intends to enhance property values through entitlement opportunities and strategic sales of properties[207]. Financial Position and Liabilities - The Company incurred approximately $315,500 in land entitlement costs during the year ended December 31, 2022, with an estimated additional $1.2 million in costs expected through December 31, 2024[39]. - The total liability for estimated costs during liquidation is $14,758,728, which includes costs associated with the sale of real estate and litigation[125]. - The Company has an outstanding principal balance of $2,075,005 on a non-revolving credit line as of December 31, 2022, with a fixed interest rate of 3.85%[84]. - The Company has a second loan with an outstanding balance of $2,838,477 as of December 31, 2022, also at a fixed interest rate of 3.85%[85]. - The Company secured a loan for $4.95 million on September 15, 2021, part of which was used to pay off existing working capital loans[70]. - The Company secured a $4.95 million term loan with Signature Bank, bearing an interest rate of 3.75% for five years, with an option to extend for an additional five years[87]. - As of December 31, 2022, the outstanding balance of the Mortgage Loan was $4,846,601[88]. - The Company is considering seeking supplemental funding to strengthen its cash position during the liquidation process[33]. Rental Income and Occupancy - As of December 31, 2022, the annual base rent at Flowerfield is approximately $1,706,000 with an occupancy rate of 83%[60]. - The annual base rent at Cortlandt Manor is approximately $908,000 with an occupancy rate of 92% as of December 31, 2022[61]. - Rental income from the Company's three largest tenants represented approximately 23%, 21%, and 9% of total rental income for the year ended December 31, 2022[97]. - The company's projected annual rental revenues for 2023 from not-for-profit corporations and tenants not affiliated with SBU or SBU Hospital are expected to be approximately $1,020,000, accounting for 39% of total revenues[145]. - The existing leases with Stony Brook University Hospital and affiliates represent approximately 27% of the company's annual rental revenue for 2023[146]. - The largest medical tenant in the Cortlandt Manor Medical Center accounts for 28% of the company's annual rental revenue for 2023[147]. - The total annual rent for all locations is $2,613,700, with an overall occupancy rate of 85%[192]. Risks and Challenges - The company is facing community opposition that could delay the process of obtaining necessary entitlements and approvals for property value enhancement[117]. - The company is defending against an Article 78 proceeding that could extend the timeline for securing entitlements and selling properties[119]. - The company faces risks associated with tenant defaults, which could adversely affect cash flow and distributions to shareholders[143]. - Increased operating costs due to inflation could reduce the estimated net assets and sales prices of properties[156]. - The company may incur costs to comply with environmental laws, which could increase operating expenses[150]. - The ongoing impact of the COVID-19 pandemic may continue to affect the company's operations and timelines for property sales and distributions[152]. - The company's common shares are thinly traded, leading to potential volatility and limited liquidity in the market[158]. - A sustained increase in interest rates could negatively impact property valuations and lower sales proceeds from future dispositions[156]. - The company has a history of operating losses and anticipates future operating losses, with no guarantee of income to distribute other than proceeds from property sales[160]. Company Operations and Compliance - The Company operates in one segment: the ownership and management of industrial and medical office buildings[111]. - The Company believes all properties are in compliance with environmental regulations and is not aware of any contamination requiring material capital expenditure[93]. - The Company carries comprehensive insurance coverage on all properties, including liability, property, and business interruption insurance[95]. - The Company has four employees as of December 31, 2022 and 2021[109]. - The average age of buildings at Flowerfield is approximately 62 years, and 32 years at Cortlandt Manor[189]. - The Company has committed resources to market research and feasibility studies to maximize property value in Cortlandt Manor[42]. - The Company is in compliance with loan covenants as of December 31, 2022[86].

FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ 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 001-37547 Gyrodyne, LLC (Exact name of registrant as specified in its charter) New York 46-3838291 (State or other j ...

FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 OR ☐ 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 001-37547 Gyrodyne, LLC (Exact name of registrant as specified in its charter) New York 46-3838291 (State or other juris ...

FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 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. Yes ☒ No ☐ Indicate by check mark whether the registrant has submitted every Interactive Data File ...