Gyrodyne LLC Dossier - Source-backed chat

Gyrodyne LLC

GYRONASDAQ

SectorReal Estate

IndustryReal Estate Operating Companies

Beta (adjusted)0.68

Intrinsic Value

Insufficient data for a value estimateNot enough reliable inputs to publish a fair value for this company yet.

Market Price $4.69Price as of 1 Oct 2026

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Market Cap $10.3M

Enterprise Value $17.3M

Shares Outstanding 2.2M diluted

Next Earnings Date5 Nov 2026

Last ex-dividend23 Jun 2017

All prices and values are periodic snapshots, not live quotes. Source dates are shown for reference.

Thesis

Street consensus, scenarios, merits, risks, and invalidation triggers

AI-assisted

Thesis Summary

Gyrodyne, LLC is in a late-stage strategic liquidation phase, shifting its focus entirely from operations to maximizing the value of its remaining real estate assets (Flowerfield and Cortlandt Manor) through entitlements and orderly sales. The company's financial statements are prepared on a liquidation basis, with net assets in liquidation valued at $25.92 million ($11.79 per share) as of March 31, 2026. While the estimated liquidating distribution represents a significant premium over the current market price of ~$6.17, the timeline has been extended to 2028, and execution remains highly dependent on securing complex municipal entitlements, resolving ongoing litigation (Article 78 appeal), and managing near-term debt maturities (March 2027). Consequently, a 'Hold' recommendation is warranted as the market adopts a wait-and-see posture.

This section is the 12-month view: analyst targets and the probability-weighted scenarios built from them. The intrinsic value at the top of this page answers a different question: what the business is worth today.

Our research · scenarios, merits, risks, and invalidation triggersResearch as of 20 Jun 2026

Scenarios · 12-month scenario targetsAnchored at research date

Bear CaseDownside scenario

Ongoing regulatory delays, adverse zoning decisions, or a successful appeal by petitioners in the Article 78 proceeding stall property sales beyond 2028. The B2K agreement is terminated, forcing Gyrodyne to remarket the Flowerfield parcel under less favorable market conditions. High G&A expenses, legal fees, and debt service costs continue to erode the cash balance, forcing dilutive capital raises or asset fire-sales to meet the March 2027 loan maturity, ultimately reducing final distributions well below current estimates.

Base CaseCentral scenario

The company successfully navigates the municipal entitlement processes, securing final subdivision approvals for Flowerfield in late 2026 and Cortlandt Manor in 2027. The B2K Smithtown agreement for the 49-acre Flowerfield parcel closes near the upper end of its $24M–$28.74M valuation range. Debt obligations, including the $3.84M maturity in March 2027, are successfully refinanced or settled using interim property sale proceeds. Final liquidating distributions are paid out to shareholders by 2028, yielding close to the estimated $11.79 per share.

Bull CaseUpside scenario

The bull case for Gyrodyne centers on its liquidation value. As of March 31, 2026, the company reports net assets in liquidation of approximately $25.92 million, which translates to an estimated liquidating distribution of $11.79 per common share. This represents a significant premium over its current trading price of approximately $5.70. The realization of this value depends on successfully securing zoning entitlements and completing the strategic sales of its two remaining properties, Flowerfield and Cortlandt Manor, by the targeted completion date in 2028.

Scenarios reflect our research view at the research date.

Key Investment Merits

Substantial discount to estimated net asset value, with the current share price (~$6.17) trading at a ~47% discount to the estimated liquidating distribution of $11.79 per share.
Active purchase and sale agreement (B2K Agreement) for a major 49-acre Flowerfield parcel valued at up to $28.74 million, providing a clear path to substantial cash inflows.
Zoning designations, such as the Medical Oriented Zoning District (MOD) for Cortlandt Manor, enhance development flexibility and long-term land value for prospective medical office developers.
Improved corporate governance and cost controls following the October 2025 settlement with activist Star Equity Fund, which reduced the board size to four, froze director compensation, and capped the Chairman's fee.

Key Investment Risks

Extended liquidation timeline (targeted for completion in 2028) exposes the company to prolonged G&A and operating cost drag, which has historically eroded estimated distribution values.
Severe refinancing and liquidity risk associated with a major loan maturity of $3,842,424 due in March 2027.
Regulatory and litigation hurdles, including the ongoing appeal in the Article 78 proceeding seeking to annul preliminary subdivision approvals at Flowerfield.
Concentration of credit risk and potential cash flow disruption, with one major tenant representing approximately 10% of rental income currently in lease default.

Thesis Invalidation Triggers

Termination of the B2K Smithtown LLC purchase and sale agreement for the Flowerfield parcel.
An adverse ruling in the Article 78 appeal that annuls the preliminary subdivision approval for Flowerfield.
Failure to refinance or extend the $3.84 million loan maturity in March 2027, leading to a technical default or foreclosure.
Significant downward revisions in the estimated net assets in liquidation or carrying value of real estate held for sale.

All scenarios are estimates and subject to change. Past performance is not indicative of future results.

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Explore this dossier

ValuationIntrinsic value, the six-method breakdown, peer medians, and your assumptions sandbox.Financial SnapshotRevenue, profitability, returns, balance sheet, dividends, and the filing-level detail.Qualitative AnalysisBusiness overview, strategic initiatives, and mergers, acquisitions & partnerships.Outlook & Key DatesForward estimates, reporting calendar, and the monitoring framework.