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A micro-cap Howard Hughes Corporation (HHC), focused on monetizing a small portfolio of legacy real estate assets.

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• Real Estate Portfolio Management: Ownership and management of a significant land parcel located in St. James, New York.
• Land Development and Sales: Strategic planning for the development and eventual sale of their real estate holdings.

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Gyrodyne (symbol: GYRO) has undergone significant changes in its business model. Historically, Gyrodyne operated as a real estate investment trust (REIT) that owned, managed, and leased commercial properties, primarily medical office and industrial spaces, located on Long Island, New York.

As such, its major customers were the *businesses* and *organizations* that leased space within its properties. The company sold primarily to other companies. Due to the nature of a REIT's operations, which typically involve numerous tenants rather than a few major ones, specific individual major customer names were not publicly disclosed. However, the categories of companies that were its tenants included:

• Healthcare Providers: Medical practices, clinics, laboratories, and other healthcare organizations leasing its medical office buildings.
• Industrial Businesses: Companies involved in manufacturing, distribution, warehousing, and other light industrial activities that leased space in its industrial parks.

It is important to note that Gyrodyne has largely completed the sale of its real estate assets in recent years (e.g., by the end of 2021). As a result, the company no longer has tenants as its primary customers and is in the process of winding down its operations and distributing capital to shareholders.

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Gary J. Fitlin, Chief Executive Officer, President, Chief Financial Officer and Treasurer

Mr. Fitlin has served as Gyrodyne, LLC's Chief Executive Officer and President since May 1, 2017, and as Chief Financial Officer and Treasurer since joining the company in October 2009. From August 2012 to February 2013, he also served as interim President and Chief Executive Officer. Prior to joining Gyrodyne, he was the Director of Accounting Implementation for Lexington Realty Trust, a publicly traded real estate investment trust on the NYSE, from July 2006 to March 2008, where he was responsible for mergers and acquisitions. Before that, he held senior financial officer positions at various publicly traded companies, overseeing mergers and acquisitions, global accounting, management reporting, tax compliance and planning, financial systems, risk management, and contract administration. Mr. Fitlin is a Certified Public Accountant and an alumnus of Arthur Andersen & Co., holding a BS degree in Accounting and Economics from the State University of New York at Oswego.

Peter Pitsiokos, Executive Vice President, Chief Operating Officer, Chief Compliance Officer and Corporate Secretary

Mr. Pitsiokos has been with Gyrodyne, LLC since December 2003, initially serving as Chief Compliance Officer and Chief Operating Officer. His current roles include Executive Vice President, Chief Operating Officer, Chief Compliance Officer, and Corporate Secretary.

Dawn Ibraham, Controller

Ms. Ibraham has served as the Controller for Gyrodyne, LLC since joining the company in December 2012.

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The key risks to Gyrodyne (GYRO) primarily stem from its business operations in the real estate sector and its financial performance:

1. Lack of Revenue Growth and Stagnant Earnings: Gyrodyne has reported no revenue growth over the past year, and its earnings per share (EPS) remain stagnant. This indicates significant challenges in the company's profitability and overall operational efficiency. The company's business performance has been characterized by a lack of revenue growth over the past one, three, or five years, highlighting difficulties in expanding its operations and capitalizing on market opportunities.
2. Real Estate Market Volatility and Economic Downturns: As a real estate company focused on owning and managing industrial and medical office buildings, Gyrodyne is inherently exposed to sector-specific risks such as market volatility and economic downturns. These external factors can significantly impact property values, occupancy rates, and rental income.
3. Competitive Landscape within the Real Estate Industry: Gyrodyne faces potential difficulties in maintaining its competitive position, particularly against larger, more diversified real estate investment trusts (REITs). Its lack of consistent revenue growth and operational metrics may hinder its ability to compete effectively in the market.

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Gyrodyne (NASDAQ: GYRO) operates as a real estate investment trust (REIT) primarily focusing on commercial properties within the New York metropolitan area, with a particular emphasis on medical office and industrial real estate.

The addressable markets for Gyrodyne's main products and services are as follows:

• Industrial Real Estate Market (New York Metropolitan Area, particularly Long Island): The New York City industrial market alone encompassed 158.9 million square feet of existing industrial space as of the second quarter of 2023. The Long Island industrial sector has shown significant activity, with 1.1 million square feet leased in the second quarter of 2023, nearly doubling the five-year quarterly average for the region. In early 2025, Long Island's industrial real estate was noted as the strongest performer, with rental rates surging and vacancy rates plummeting to 3.2% in key logistics hubs within Suffolk County. As of the third quarter of 2025, industrial vacancy on Long Island was 6.1%, with year-to-date Class A leasing totaling 344,979 square feet.
• Medical Office Real Estate Market (New York Metropolitan Area): Gyrodyne currently owns and manages approximately 50,000 square feet of medical office space in the suburbs of New York City. While specific overall market sizes for medical office space in the entire New York metropolitan area are not readily available, there is significant development activity. For instance, Gyrodyne's proposed Cortlandt Manor Medical Oriented District (MOD) plans for at least 80,000 square feet of Class A medical office space. Additionally, in Suffolk County, 45,000 square feet of lab space (a related but distinct category) is under construction near Stony Brook University.
• Age-Restricted Residential Community Development (Long Island, New York): null

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Gyrodyne (symbol: GYRO) is a real estate company operating with a strategic focus on the liquidation and monetization of its property portfolio to maximize shareholder value. As such, the expected drivers of future revenue growth over the next 2-3 years are tied to the successful execution of this strategy rather than traditional recurring revenue streams.

1. Strategic Property Sales: The primary driver of future revenue for Gyrodyne will be the successful sale of its real estate assets. The company's financial statements are prepared on a liquidation basis, reflecting its plan to sell properties and distribute the proceeds to shareholders. Recent developments include an agreement to sell a 49-acre parcel in Smithtown, New York, demonstrating active progress in this core strategy.
2. Value Enhancement through Entitlements and Development Flexibility: Gyrodyne actively seeks to enhance the value of its properties by pursuing entitlements and favorable zoning changes. This includes efforts for its Flowerfield and Cortlandt Manor properties to increase development flexibility. Successfully securing these approvals significantly boosts the marketability and potential sale price of its land holdings.
3. Effective Management of Litigation: Ongoing legal matters, such as the Article 78 proceeding related to the Flowerfield property, can impact the timeline and realized value from property sales. Favorable resolution or successful defense against such litigation is crucial for removing impediments to the liquidation process and protecting asset values, thereby indirectly driving revenue growth through unimpeded sales.
4. Strategic Management and Capital Improvements of Real Estate Portfolio: While in liquidation, Gyrodyne's approach involves managing its diversified portfolio of office, industrial, and service-oriented properties in the New York metropolitan area. This includes investing in targeted capital improvements and securing long-term leases with creditworthy tenants to enhance asset value and maintain a resilient revenue base until properties are sold. These actions aim to maximize the sale price when properties are eventually divested.
5. Leveraging Local Market Knowledge and Zoning Expertise: The company leverages its deep ties to the Long Island region, local market knowledge, and zoning expertise to support its development initiatives. This expertise is critical for successful entitlement efforts and repositioning its assets for optimal outcomes, directly contributing to higher realized values from property sales.

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Share Issuance

• In March 2024, Gyrodyne completed an oversubscribed rights offering, which generated approximately $4.4 million in net proceeds. These funds were intended to support entitlement efforts, litigation costs, and general working capital.
• Gyrodyne announced in November 2023 that it anticipated receiving $1,979,165 in funding through the issuance of common shares.

Capital Expenditures

• Gyrodyne's strategy centers on enhancing the value of its properties in Flowerfield and Cortlandt Manor by pursuing entitlements to increase development flexibility, which involves associated costs.
• For the year ended December 31, 2023, the company incurred approximately $449,000 in land entitlement costs, primarily consisting of engineering costs, legal fees, and real estate taxes.
• As of August 2025, Gyrodyne estimates it may incur approximately $1.274 million in additional land entitlement costs through 2027 as part of its entitlement efforts.