Recent Updates — GYRO

GSD Cortlandt, LLC, a wholly-owned subsidiary of Gyrodyne, LLC, entered into an extension agreement with SIG CRE 2023 Venture LLC regarding a $4,950,000 loan originally made by Signature Bank. The agreement extends the maturity date to October 10, 2031, resets the interest rate to 7.28% per annum, and requires a principal paydown of $431,411.38. Following this payment, the outstanding balance is $4,041,482.21. Gyrodyne reaffirmed its guaranty obligations under the existing loan documents. Gyrodyne operates in the real estate sector, focusing on the strategic sale and liquidation of property assets.

Gyrodyne, LLC announced the termination of Chief Operating Officer Peter Pitsiokos effective October 2, 2026. The company will pay a six-month severance lump sum of $100,000 and continue his base salary through the termination date. Following this departure, Gyrodyne will retain only one full-time employee to manage the liquidation process, which is expected to conclude by the end of 2028. The company anticipates approximately $620,000 in savings over the remaining timeline. Gyrodyne operates in the real estate industry, focusing on the marketing, sale, and liquidation of its remaining property assets.