fhhuber is correct, the rod has ball ends, one at 90˚ and it has a stop approx. 1/2 way between, you rotate the rod thru to the stop and it has a pin that locks the rod from sliding.
THE NON NAUTICAL HISTORY:
The story I got from it's previous owner was...one of my alarm project managers neighbor's had a beach themed back yard/patio, when the neoghbor's moved, his wife went over and bought it and some of the old cork buoys/line. He brought it in yesterday to throw in the scrap dumpster...my construction manager/boating-camping buddy, saw him and said I'll take it and throw it in Brett's office as a joke...haha, joke's on him, my wife and I are remodeling our basement with a nautical theme this summer, now we have an 'artifact'.
NAUTICAL HISTORY:
One of the guys in our office says it's off an old fishing vessel...based on the condition of the flukes and the pin...it doesn't look as if it was ever actually used, as it only has the rusty patina, no marks/scrapes from rocks that and the old cotter pin has all it's original paint and never been "bent"? Who really knows?
I'll post a pic of the buoys/markers if he brings them in?