Gyrodyne, LLC filed its Form 10-Q for the quarterly period ended September 30, 2026, disclosing consolidated net assets in liquidation of $23,640,139 as of that date, down from $25,858,997 at December 31, 2025.

Key Highlights

  • Net assets in liquidation: $23,640,139 as of September 30, 2026, compared to $25,858,997 as of December 31, 2025.
  • Real estate held for sale: Valued at $46,550,000 as of September 30, 2026, down from $53,990,000 at December 31, 2025.
  • Change in liquidation value of real estate: A decrease of $7,440,000 was recorded for the nine months ended September 30, 2026.
  • Remeasurement of assets and liabilities: A positive adjustment of $5,221,142 partially offset the decline, resulting in a net decrease in liquidation value of $2,218,858.
  • Cash and cash equivalents: $3,346,118 as of September 30, 2026, down from $4,529,597 at December 31, 2025.
  • Shares outstanding: 2,199,308 common shares as of November 13, 2026.
  • Flowerfield litigation: Petitioners have perfected their appeal on the original Article 78 Petition, according to the filing.

Gyrodyne's Liquidation Progress and Property Valuation Through September 2026

According to the filing, Gyrodyne, LLC (NASDAQ:GYRO), a New York limited liability company operating on a liquidation basis, reported total assets of $50,069,518 and total liabilities of $26,429,379 as of September 30, 2026. The company's stated corporate strategy, as described in the filing, is to pursue entitlements on its two remaining properties so they can be sold to developers "with increased development flexibility at higher prices, thereby maximizing value and distributions," with dissolution intended to follow the disposition of all assets.

The consolidated statement of changes in net assets for the nine months ended September 30, 2026 shows the net decrease in liquidation value of $2,218,858 was driven primarily by a $7,440,000 decline in the liquidation value of real estate, partially offset by a $5,221,142 remeasurement benefit. Estimated liquidation and operating costs net of estimated receipts stood at $10,843,149, down from $17,334,618 at December 31, 2025. Loans payable were $10,634,946 as of September 30, 2026, compared to $10,868,531 at year-end 2025.

The filing describes ongoing litigation related to the Flowerfield property. On October 11, 2024, the Supreme Court of the State of New York issued a ruling dismissing the Article 78 Petition in its entirety. However, petitioners subsequently filed a notice of appeal and, as the filing notes, "On April 28, 2025 the Petitioners perfected their appeal on the original Petition," with their memorandum of law described as largely repeating earlier arguments. Courts denied petitioners' motions to stay enforcement and to renew and reargue in March 2025. Gyrodyne and the Town of Smithtown are described as "vigorously defending" the Planning Board's determinations.

What Was Disclosed

Gyrodyne, LLC disclosed its unaudited financial position under the liquidation basis of accounting for the period ended September 30, 2026, reporting net assets in liquidation of $23,640,139, real estate valued at $46,550,000, and continued legal proceedings related to the Flowerfield subdivision approval.