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Study of nonreciprocal devices has been the subject of research interest over the past several decades. In particular, gyrotropic waveguides have received considerable attention, owing to the fact that, under certain conditions, these waveguides may possess modes that propagate only in one direction, effectively acting as one-way conduits. We numerically investigate some of the consequences of connecting such one-way waveguides to “closed” terminal loads, such as cavities, or “open” terminal loads such as aperture antennas. We investigate how the energy is exchanged between this waveguide and its terminal loads, and how the conventional impedance mismatch may be less important in such waveguide-load interaction.