[SCHEDULE 13D/A] Gyrodyne, LLC SEC Filing

Rhea-AI Filing Summary

Star Equity Fund and affiliated parties report beneficial ownership of 156,774 shares of Gyrodyne, LLC, representing approximately 7.13% of the outstanding common stock based on 2,199,308 shares outstanding as of August 8, 2025. The filing is Amendment No. 7 to a Schedule 13D and states the Reporting Persons filed jointly under a Joint Filing Agreement dated August 22, 2025. The group includes Star Equity Fund, Star Equity GP, Star Investment Management, Star Operating Companies, Star Value, Hudson Global, CEO Jeffrey E. Eberwein, and nominees Hannah M. Bible and Matthew R. Sullivan. The filing confirms sole voting and dispositive power over the 156,774 shares by the named reporting entities and discloses no recent transactions for most reporting persons within the past 60 days, with Star Equity Funds recent trades referenced in an attached Schedule A.

Positive

• Reporting Persons disclose a clear, material stake of 156,774 shares (~7.13% of outstanding common stock)
• Filing establishes a formal Joint Filing Agreement dated August 22, 2025, signaling coordinated action
• Reporting Persons have nominated two individuals (Hannah M. Bible and Matthew R. Sullivan) for the issuers board, indicating active governance engagement
• Filing states no criminal convictions or disqualifying civil judgments for reporting persons in the past five years

Negative

• None.

Insights

Financial Analyst

TL;DR: A coordinated investor group now publicly holds ~7.13% of GYRO and has nominated two board candidates, a potentially influential stake though non-controlling.

The Schedule 13D/A discloses an aggregate 156,774-share position (7.13%) beneficially owned by Star-related entities and Hudson Global. The joint filing and the nomination of two director candidates signal an organized engagement with the companys governance. Sole voting and dispositive power are asserted by the reporting entities, indicating centralized control of the position. While 7.13% is below control thresholds, it is large enough to influence board composition or proxy contests if supported by other shareholders. The filing references recent transactions by Star Equity Fund in an attached Schedule A but does not detail trade dates or prices in this amendment.

Corporate Governance Expert

TL;DR: Joint Schedule 13D and director nominations indicate active governance intent; material but not necessarily hostile or controlling.

The document formalizes a coordinated group owning 7.13% and confirms a Joint Filing Agreement dated August 22, 2025. Inclusion of nominees Hannah M. Bible and Matthew R. Sullivan demonstrates a move from passive ownership to direct governance engagement. The filing states sole voting and dispositive power for the reporting entities, which simplifies accountability and communication with the issuer. No litigation or regulatory issues are disclosed for the reporting persons. The annexed Schedule A and the Joint Filing Agreement (Exhibits 99.17 and 99.18) are material for further detail on timing and strategy but are referenced rather than reproduced here.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 7)

Gyrodyne, LLC

(Name of Issuer)

Common Stock, par value $1.00 per share

(Title of Class of Securities)

403829104

(CUSIP Number)

STAR EQUITY FUND, LP
53 Forest Avenue, Suite 101,
Old Greenwich, CT, 06870
203-489-9504

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

08/22/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 403829104

1

Name of reporting person

STAR EQUITY FUND, LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 156,774.00
8	Shared Voting Power
9	Sole Dispositive Power 156,774.00
10	Shared Dispositive Power

11

Aggregate amount beneficially owned by each reporting person

156,774.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

7.1 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No. 403829104

1

Name of reporting person

STAR EQUITY FUND GP, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 156,774.00
8	Shared Voting Power
9	Sole Dispositive Power 156,774.00
10	Shared Dispositive Power

11

Aggregate amount beneficially owned by each reporting person

156,774.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

7.1 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 403829104

1

Name of reporting person

STAR INVESTMENT MANAGEMENT, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CONNECTICUT

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 156,774.00
8	Shared Voting Power
9	Sole Dispositive Power 156,774.00
10	Shared Dispositive Power

11

Aggregate amount beneficially owned by each reporting person

156,774.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

7.1 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 403829104

1

Name of reporting person

STAR OPERATING COMPANIES, INC.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF, OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 156,774.00
8	Shared Voting Power
9	Sole Dispositive Power 156,774.00
10	Shared Dispositive Power

11

Aggregate amount beneficially owned by each reporting person

156,774.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

7.1 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP No. 403829104

1

Name of reporting person

HUDSON GLOBAL, INC.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF, OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 156,774.00
8	Shared Voting Power
9	Sole Dispositive Power 156,774.00
10	Shared Dispositive Power

11

Aggregate amount beneficially owned by each reporting person

156,774.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

7.1 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP No. 403829104

1

Name of reporting person

JEFFREY E. EBERWEIN

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF, PF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 156,774.00
8	Shared Voting Power
9	Sole Dispositive Power 156,774.00
10	Shared Dispositive Power

11

Aggregate amount beneficially owned by each reporting person

156,774.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

7.1 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP No. 403829104

1

Name of reporting person

STAR VALUE, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 156,774.00
8	Shared Voting Power
9	Sole Dispositive Power 156,774.00
10	Shared Dispositive Power

11

Aggregate amount beneficially owned by each reporting person

156,774.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

7.1 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 403829104

1

Name of reporting person

HANNAH M. BIBLE

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.0 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP No. 403829104

1

Name of reporting person

MATTHEW R. SULLIVAN

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.0 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

The following constitutes Amendment No. 7 ("Amendment No.7") to the Schedule 13D filed by the undersigned on August 1, 2022 (as previously amended, the "Schedule 13D"). This Amendment No. 7 amends the Schedule 13D as specifically set forth herein.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, par value $1.00 per share
(b)	Name of Issuer: Gyrodyne, LLC
(c)	Address of Issuer's Principal Executive Offices: 1 Flowerfield, Suite 24, St. James, NEW YORK , 11780.
Item 2.	Identity and Background
(a)	Item 2 is hereby amended and restated to read as follows: This statement is filed by: (i) Star Operating Companies, Inc., a Delaware corporation ("Star Operating Companies") formerly known as Star Equity Holdings; (ii) Star Equity Fund, LP, a Delaware limited partnership ("Star Equity Fund"); (iii) Star Equity Fund GP, LLC, a Delaware limited liability company ("Star Equity GP"), which serves as the general partner of Star Equity Fund; (iv) Star Investment Management, LLC, a Connecticut limited liability company ("Star Investment Management"), which serves as the investment manager of Star Equity Fund; (v) Jeffrey E. Eberwein, who serves as the manager of Star Equity GP and Star Investment Management; and (vi) Star Value, LLC., a Delaware limited liability company ("Star Value"). (vii) Hannah M. Bible, as a nominee for election to the board of directors of the Issuer (the "Board"); (viii) Matthew R. Sullivan, as a nominee for election to the Board; and (ix) Hudson Global, Inc., a Delaware corporation ("Hudson Global"). Each of the foregoing is referred to as a "Reporting Person" and collectively as the "Reporting Persons." Each of the Reporting Persons is party to that certain Joint Filing and Solicitation Agreement, as further described in Item 6. Accordingly, the Reporting Persons are hereby filing a joint Schedule 13D.
(b)	The address of the principal office of each of Star Equity Fund, Star Equity GP, Star Investment Management, Star Operating Companies, Hudson Global, Star Value, Ms. Bible and Mr. Eberwein is 53 Forest Avenue, Suite 101 and 102, Old Greenwich, Connecticut 06870. The principal business address of Mr. Sullivan is 300 Park Street, South Paris, Maine 04281.
(c)	The principal business of Star Equity Fund is investing in securities. The principal business of Star Equity GP is serving as the general partner of Star Equity Fund. The principal business of Star Investment Management is serving as the investment manager of Star Equity. The principal business of Star Value is serving as sole member of Star Equity GP. The principal business of Star Operating Companies is serving as the sole owner of various divisions of Hudson Global. The principal business of Hudson Global is serving as a diversified holding company to various operating companies. The principal occupation of Mr. Eberwein is serving as the CEO of Hudson Global. He also serves as manager of Star Equity GP and Star Investment Management. The principal occupation of Ms. Bible is serving as the Chief Legal Officer of Star Operating Companies. The principal occupation of Mr. Sullivan is serving as VP of Business Development for KBS Builders, Inc.
(d)	No Reporting Person has, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	No Reporting Person has, during the last five years, been party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
(f)	Messrs. Eberwein and Sullivan and Ms. Bible are citizens of the United States of America. Star Operating Companies, Star Equity Fund, Star Equity GP, Star Value, and Hudson Global are organized under the laws of the state of Delaware. Star Investment Management is organized under the laws of the state of Connecticut.
Item 5.	Interest in Securities of the Issuer
(a)	Items 5(a)-(c) are hereby amended and restated to read as follows: The aggregate percentage of the Shares reported owned by each person named herein is based upon 2,199,308 Shares outstanding as of August 8, 2025, which is the total number of Shares reported outstanding in the Issuer's Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on August 8, 2025. A. Star Operating Companies Star Operating Companies, as the parent of Star Value, sole member of Star Management, and limited partner of Star Equity Fund may be deemed the beneficial owner of the 156,774 Shares beneficially owned by Star Equity Fund. Percentage: Approximately 7.13% B. Star Equity Fund As of the close of business on August 26, 2025, Star Equity Fund beneficially owned 156,774 Shares. Percentage: Approximately 7.13% C. Star Equity GP Star Equity GP, as the general partner of Star Equity Fund, may be deemed the beneficial owner of the 156,774 Shares owned by Star Equity Fund. Percentage: Approximately 7.13% D. Star Investment Management Star Investment Management, as the investment manager of Star Equity Fund, may be deemed the beneficial owner of the 156,774 Shares owned by Star Equity Fund. Percentage: Approximately 7.13% E. Mr. Eberwein Mr. Eberwein, as the manager of Star Equity GP and Star Equity Management, may be deemed the beneficial owner of the 156,774 Shares owned by Star Equity Fund. Percentage: Approximately 7.13% F. Star Value Star Value, as the sole member of Star Equity GP and wholly owned subsidiary of Star Operating Companies may be deemed the beneficial owner of the Shares of common stock owned by Star Equity Fund. Percentage: Approximately 7.13% G. Hudson Global Hudson Global, as the parent of Star Operating Companies, may be deemed the beneficial owner of 156,774 Shares owned by Star Equity Fund. Percentage: Approximately 7.13% H. Ms. Bible As of the close of business on August 26, 2025, Ms. Bible beneficially owned 0 Shares. Percentage: 0% I. Mr. Sullivan As of the close of business on August 26, 2025, Mr. Sullivan beneficially owned 0 Shares. Percentage: 0%
(b)	A. Star Operating Companies 1. Sole power to vote or direct vote: 156,774 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 156,774 4. Shared power to dispose or direct the disposition: 0 B. Star Equity Fund 1. Sole power to vote or direct vote: 156,774 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 156,774 4. Shared power to dispose or direct the disposition: 0 C. Star Equity GP 1. Sole power to vote or direct vote: 156,774 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 156,774 4. Shared power to dispose or direct the disposition: 0 D. Star Investment Management 1. Sole power to vote or direct vote: 156,774 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 156,774 4. Shared power to dispose or direct the disposition: 0 E. Mr. Eberwein 1. Sole power to vote or direct vote: 156,774 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 156,774 4. Shared power to dispose or direct the disposition: 0 F. Star Value 1. Sole power to vote or direct vote: 156,774 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 156,774 4. Shared power to dispose or direct the disposition: 0 G. Hudson Global 1. Sole power to vote or direct vote: 156,774 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 156,774 4. Shared power to dispose or direct the disposition: 0 H. Ms. Bible 1. Sole power to vote or direct vote: 0 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 0 4. Shared power to dispose or direct the disposition: 0 I. Mr. Sullivan 1. Sole power to vote or direct vote: 0 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 0 4. Shared power to dispose or direct the disposition: 0
(c)	A. Star Operating Companies Star Operating Companies has not entered into any transactions in the Shares during the past 60 days. B. Star Equity Fund Star Equity Fund's transactions in the Shares in the last 60 days are set forth in Schedule A, attached hereto as Exhibit 99.17, and are incorporated herein by reference. C. Star Equity GP Star Equity GP has not entered into any transactions in the Shares in the last 60 days. D. Star Investment Management Star Operating Companies has not entered into any transactions in the Shares during the past 60 days. E. Mr. Eberwein Mr. Eberwein has not entered into any transactions in the Shares during the past 60 days. F. Star Value Star Value has not entered into any transactions in the Shares during the past 60 days. G. Ms. Bible Ms. Bible has not entered into any transactions in the Shares during the past 60 days. H. Mr. Sullivan Mr. Sullivan has not entered into any transactions in the Shares during the past 60 days. I. Hudson Global Hudson Global has not entered into any transactions in the Shares during the past 60 days. Each Reporting Person, may be deemed to be a member of a "group" with the other Reporting Persons for the purposes of Section 13(d)(3) of the Exchange Act, and such group may be deemed to beneficially own the Shares beneficially owned in aggregate by all of the Reporting Persons. Each Reporting Person disclaims beneficial ownership of the Shares that he, she, or it does not directly own.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	On August 22, 2025, the Reporting Persons entered into a Joint Filing Agreement in which the parties agreed to the joint filing on behalf of each of them of statements on Schedule 13D with respect to the securities of the Issuer. A copy of the Joint Filing Agreement is attached as Exhibit 99.18 hereto and is incorporated herein by reference. Other than as described herein, there are no contracts, arrangements, understandings or relationships among the Reporting Persons, or between the Reporting Persons and any other person, with respect to the securities of the Issuer.
Item 7.	Material to be Filed as Exhibits.
	Item 7 is hereby amended to add the following exhibits: Exhibit 99.17 Schedule A; Exhibit 99.18 Joint Filing Agreement dated August 22, 2025.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

STAR EQUITY FUND, LP

Signature:	/s/ Jeffrey E. Eberwein
Name/Title:	Jeffrey E. Eberwein, Manager of Star Equity Fund GP, LLC, the general partner of Star Equity Fund LP
Date:	08/26/2025

STAR EQUITY FUND GP, LLC

Signature:	/s/ Jeffrey E. Eberwein
Name/Title:	Jeffrey E. Eberwein, Manager
Date:	08/26/2025

STAR INVESTMENT MANAGEMENT, LLC

Signature:	/s/ Jeffrey E. Eberwein
Name/Title:	Jeffrey E. Eberwein, Manager
Date:	08/26/2025

STAR OPERATING COMPANIES, INC.

Signature:	/s/ Richard K. Coleman, Jr.
Name/Title:	Richard K. Coleman, Jr., Chief Executive Officer
Date:	08/26/2025

HUDSON GLOBAL, INC.

Signature:	/s/ Jeffrey E. Eberwein
Name/Title:	Jeffrey E. Eberwein, Chief Executive Officer
Date:	08/26/2025

JEFFREY E. EBERWEIN

Signature:	/s/ Jeffrey E. Eberwein
Name/Title:	Jeffrey E. Eberwein
Date:	08/26/2025

STAR VALUE, LLC

Signature:	/s/ Richard K. Coleman, Jr.
Name/Title:	Richard K. Coleman, Jr., CEO of Star Operating Companies, Inc., the sole member of Star Value, LLC
Date:	08/26/2025

HANNAH M. BIBLE

Signature:	/s/ Hannah M. Bible
Name/Title:	Hannah M. Bible
Date:	08/26/2025

MATTHEW R. SULLIVAN

Signature:	/s/ Matthew R. Sullivan
Name/Title:	Matthew R. Sullivan
Date:	08/26/2025

FAQ

What percentage of Gyrodyne (GYRO) does Star Equity Fund and affiliates own?

The Reporting Persons beneficially own 156,774 shares, approximately 7.13% of Gyrodyne's outstanding common stock based on 2,199,308 shares outstanding.

Who are the Reporting Persons named in the Schedule 13D/A for GYRO?

The Reporting Persons include Star Equity Fund, LP; Star Equity Fund GP, LLC; Star Investment Management, LLC; Star Operating Companies, Inc.; Star Value, LLC; Hudson Global, Inc.; Jeffrey E. Eberwein; and nominees Hannah M. Bible and Matthew R. Sullivan.

Does the filing indicate voting or disposition control over the shares?

Yes. The filing states the Reporting Persons have sole voting and sole dispositive power over the 156,774 shares.

Are there director nominees associated with this Schedule 13D/A for GYRO?

Yes. The filing identifies Hannah M. Bible and Matthew R. Sullivan as nominees for election to Gyrodyne's board of directors.

Does the filing disclose recent transactions by the Reporting Persons in GYRO shares?

Most Reporting Persons report no transactions in the past 60 days; transactions by Star Equity Fund in the last 60 days are referenced in Exhibit 99.17 (Schedule A) attached to the filing.

Are there any legal or regulatory disclosures about the Reporting Persons?

The filing states that no Reporting Person has been convicted of a crime (excluding minor offenses) or subject to certain adverse civil proceedings in the past five years.