Gyrodyne (GYRO) 8-K Regulation FD Disclosure

Exhibit 99.2

          Pro Forma Reconciliation to Net Asset Value

	Total NAV			Shares Outstanding		NAV Per Share
NAV - 6/30/23	$	29,866,456			1,482,680	$	20.14
Board Retention Bonus @ June 30,2023		3,695,600			91,628
Amendment 5 increased employee bonus		(110,705	)
Proforma NAV	$	33,451,351			1,574,308	$	21.25

	Total NAV			Shares Outstanding		NAV Per Share
NAV 12/31/22	$	30,367,499			1,482,680	$	20.48
RBP @ 12/31/22		5,685,539
Amendment #5 RBP		(4,802,928	)
Restricted Stock Plan		2,702,285			91,628
Rights Offering		4,418,380			625,000
Proforma NAV 12/31/22	$	38,370,775			2,199,308	$	17.45