Gyrodyne: extends Cortlandt loan maturity to Oct 10, 2031

What happened Gyrodyne, LLC and its wholly owned subsidiary GSD Cortlandt, LLC entered into a letter agreement dated Oct 19, 2026, effective Oct 10, 2026, with SIG CRE 2023 Venture LLC that extends the maturity date of a loan originally made in the principal amount of $4,950,000 to Oct 10, 2031. The Extension Agreement resets the interest rate to 7.28% per annum, required a principal paydown of $431,411.38, and, after scheduled payments, leaves an outstanding principal balance of $4,041,482.21. The Company, as guarantor, reaffirmed its obligations under its limited guaranty and environmental indemnity agreement, and GSD Cortlandt and the Company provided a customary release of claims in favor of the lender and related parties.

Key details

• Original loan principal: $4,950,000 (originally made by Signature Bank).
• Extension agreement date: Oct 19, 2026; effective date: Oct 10, 2026; new maturity date: Oct 10, 2031.
• Interest rate reset to 7.28% per annum; principal paydown of $431,411.38.
• Outstanding principal after payments: $4,041,482.21; guaranty and environmental indemnity reaffirmed.

Why it may matter Item 1.01 was reported. Item 1.01 covers entry into a material definitive agreement — here, the Extension Agreement that changes the loan maturity, interest rate, required paydown and reaffirms guaranty and indemnity obligations. The filing does not show why the company acted.