---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-24-030773"
form_type: "8-K"
ticker: "GYRO"
cik: "0001589061"
company_name: "Gyrodyne, LLC"
filed_at: "2024-10-07T23:59:59+00:00"
generated_at: "2026-05-30T19:15:01.045112+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Gyrodyne CEO: $4.4M rights offering, NAV per share $16.09, Flowerfield entitlements expected late 2024

## Summary
- Rights offering oversubscribed 65%, net proceeds $4.4M to defend Article 78 litigation and negotiate from strength.
- Proforma NAV per share $16.09 at June 2024, down from $17.45 at Dec 2022, but total NAV increased ~$5M to $35.4M.
- Occupancy 82% as of June 2024 (down from 85% Dec 2022); annual burn rate ~$1.3M ex-land development and litigation costs.
- Debt of $11.3M fixed at 3.75%-3.85% through 2027/2028, largely unaffected by rate hikes.
- CEO hopeful for final Flowerfield entitlements late 2024; JLL marketing both properties; open to sale of company.

## SEC filing metadata
- accession: 0001437749-24-030773
- form_type: 8-K
- ticker: GYRO
- cik: 0001589061
- company_name: Gyrodyne, LLC
- filed_at: 2024-10-07T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1589061/000143774924030773/0001437749-24-030773-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1589061/000143774924030773/gyrllc20241007_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-24-030773
- JSON: https://secwatch.observer/filing/0001437749-24-030773.json
- Plain text: https://secwatch.observer/filing/0001437749-24-030773.txt

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