Quarterly ResultMay 13, 2026, 08:07 AM
Gyrodyne Q1 Net Assets in Liquidation $25.92M; Est. Distribution $11.79/Share
AI Summary
Gyrodyne, LLC reported net assets in liquidation of $25,924,002 as of March 31, 2026, an increase of $65,005 from December 31, 2025, resulting in an estimated liquidating distribution of $11.79 per common share. The company continues its plan of liquidation, pursuing entitlements for its Flowerfield and Cortlandt Manor properties, with Flowerfield subdivision approval anticipated in Q3 2026 and Cortlandt Manor in 2027. The sale of a 49-acre Flowerfield parcel to B2K Smithtown LLC for an estimated $28,740,000 is progressing, though legal proceedings related to the Flowerfield subdivision are ongoing and extend the liquidation timeline.
Key Highlights
- Net assets in liquidation rose $65,005 to $25,924,002 as of March 31, 2026.
- Estimated liquidating distribution per share increased to $11.79 from $11.76.
- Flowerfield property sale to B2K Smithtown LLC valued at $28,740,000.
- Company to credit B2K $4,020,222 for infrastructure costs at closing.
- Flowerfield subdivision approval expected Q3 2026; Cortlandt Manor in 2027.
- Total loans payable stood at $10,790,194 as of March 31, 2026.
- Estimated liquidation and operating costs net of receipts decreased to $16,709,887.