---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-23-028132"
form_type: "8-K"
ticker: "GYRO"
cik: "0001589061"
company_name: "Gyrodyne, LLC"
filed_at: "2023-10-12T23:59:59+00:00"
generated_at: "2026-06-10T00:42:34.276342+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Gyrodyne reports estimated NAV of $20.14/share, updates on entitlement delays and activist costs

## Summary
- Estimated liquidating value $20.14 per share at Q2 2023, up $4.61 from Dec 2021, driven by $11.1M real estate value increase.
- Cortlandt Manor received medical district designation (150K sq ft office, 4K retail) in March 2023; Smithtown final approvals expected late 2023/early 2024.
- Article 78 proceeding challenging Smithtown subdivision reassigned to second new judge; motion to dismiss filed June 2022 remains undecided.
- Shareholder activist campaign (Star Equity) cumulative cost ~$600K through June 2023; total may reach $1M; D&O insurance coverage being pursued.
- Company seeking supplemental funding before year-end; $9.6M debt at fixed rates 3.75-3.85% unaffected by Fed hikes; annual debt service ~$650K.

## SEC filing metadata
- accession: 0001437749-23-028132
- form_type: 8-K
- ticker: GYRO
- cik: 0001589061
- company_name: Gyrodyne, LLC
- filed_at: 2023-10-12T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1589061/000143774923028132/0001437749-23-028132-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1589061/000143774923028132/gyrllc20231012_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-23-028132
- JSON: https://secwatch.observer/filing/0001437749-23-028132.json
- Plain text: https://secwatch.observer/filing/0001437749-23-028132.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.