[Form 4] Associated Capital Group, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Associated Capital Group, Inc. and related reporting persons disclosed multiple sales of Atlanta Braves Holdings, Inc. (BATRA) Series A common stock. The filings show sales on 09/25/2025 (800 shares at $45.41) and 09/26/2025 (500 shares at $45.51), along with additional reported dispositions and indirect holdings across several investment partnerships and entities. The reporting persons state that disgorgement will be paid to the issuer by a limited partnership for the noted sale and that the ownership figures reflect total amounts held by entities in which the reporting persons have less than 100% pecuniary interest. The form is signed by attorneys/authorized officers on 09/26/2025.

Positive

• Reporting of transaction dates, quantities, and prices is complete and signed by authorized representatives
• Disclosure clearly explains indirect ownership structures and disclaimers about pecuniary interests

Negative

• Insider sales reported (800 shares at $45.41 on 09/25/2025 and 500 shares at $45.51 on 09/26/2025) indicating liquidity by related parties
• Disgorgement will be paid to the issuer by a limited partnership for one sale, which affects net proceeds

Insights

Securities Analyst

TL;DR: Insiders conducted modest open-market sales while retaining indirect holdings via multiple investment partnerships.

The Form 4 discloses controlled-entity sales of BATRA Series A common stock totaling reported transactions of 1,300 shares on 09/25-09/26/2025 at prices of $45.41 and $45.51 per share, plus additional dispositions and indirect holdings across named partnerships and entities. The filing clarifies complex ownership through GAMCO Investors, Associated Capital Group, GGCP, Inc. and Mario J. Gabelli, with disclaimers that reported holdings exceed the reporting persons' pecuniary interests. The filing also notes disgorgement by a limited partnership for one sale. For investors, the filing documents insider liquidity activity and layered indirect ownership rather than a simple outright divestiture.

Corporate Governance Expert

TL;DR: Disclosure is compliant but highlights intertwined ownership and a disgorgement payment tied to a sale.

The statement provides required Section 16 disclosures: transaction codes, share amounts, prices, and the nature of indirect ownership. The explanation clarifies related-party ownership percentages are below 100% and includes a specific note that disgorgement will be paid to the issuer by a limited partnership. Signatures by counsel are present, supporting procedural completeness. The filing raises governance considerations about layered ownership disclosures and the practical effect of disgorgement on net proceeds, but it does not provide details beyond the payment obligation itself.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

GAMCO INVESTORS, INC. ET AL

(Last) (First) (Middle)

191 MASON STREET

(Street)

GREENWICH CT 06830

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Atlanta Braves Holdings, Inc. [ BATRA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/25/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Series A Common Stock	09/25/2025		S		800	D	$45.41(1)	1,000	I	By: Investment Partnership III(2)
Series A Common Stock	09/26/2025		S		500	D	$45.51(1)	500	I	By: Investment Partnership III(2)
Series A Common Stock								12,000	D(3)
Series A Common Stock								42,000	D(4)
Series A Common Stock								27,152	D(5)
Series A Common Stock								15,000	I	By: Investment Partnership I(2)
Series A Common Stock								12,500	I	By: Investment Partnership II(2)
Series A Common Stock								20,000	I	By: Investment Partnership IV(2)
Series A Common Stock								2,800	I	By: Investment Partnership V(2)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

GAMCO INVESTORS, INC. ET AL

(Last) (First) (Middle)

191 MASON STREET

(Street)

GREENWICH CT 06830

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Associated Capital Group, Inc.

(Last) (First) (Middle)

191 MASON STREET

(Street)

GREENWICH CT 06830

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

GGCP, INC.

(Last) (First) (Middle)

189 MASON STREET

(Street)

GREENWICH CT 06830

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

GABELLI MARIO J

(Last) (First) (Middle)

191 MASON STREET

(Street)

GREENWICH CT 06830

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. Disgorgement will be paid to the Issuer for this sale by a Limited Partnership pursuant to Section 16 which reflects the sale price and the Reporting Persons' pecuniary interest in the Limited Partnership.

2. GAMCO Investors, Inc. and Associated Capital Group, Inc. have less than a 100% interest in this entity; GGCP, Inc. has less than a 100% interest in GAMCO Investors, Inc. and Associated Capital Group, Inc.; and Mario J. Gabelli has less than a 100% interest in GGCP, Inc. The amount of securities reported as beneficially owned reflects the total amount of securities held by this entity which is greater that the Reporting Persons' indirect pecuniary interests. The Reporting Persons hereby disclaim ownership of these securities in excess of their pecuniary interests.

3. These shares are owned by Associated Capital Group, Inc.

4. These shares are owned by GGCP, Inc.

5. These shares are owned by Mario J. Gabelli.

	/s/ Douglas R. Jamieson, Attorney-In-Fact for MARIO J. GABELLI, GGCP INC., and ASSOCIATED CAPITAL GROUP, INC.	09/26/2025
	/s/ Peter D. Goldstein, General Counsel for GAMCO INVESTORS, INC.	09/26/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transactions were reported for Associated Capital Group (AC) in this Form 4?

The Form 4 reports sales of Atlanta Braves Holdings (BATRA) Series A common stock: 800 shares sold on 09/25/2025 at $45.41 and 500 shares sold on 09/26/2025 at $45.51, plus additional dispositions and indirect holdings across entities.

Who are the reporting persons named on the Form 4?

GAMCO Investors, Inc.; Associated Capital Group, Inc.; GGCP, Inc.; and Mario J. Gabelli are listed as reporting persons, with signatures by counsel dated 09/26/2025.

Does the Form 4 disclose indirect ownership or control relationships?

Yes. The filing explains that GAMCO Investors and Associated Capital Group have less than 100% interest in the entity holding the shares, GGCP has less than 100% interest in GAMCO and Associated Capital, and Mario J. Gabelli has less than 100% interest in GGCP.

Is there any payment or adjustment related to the reported sales?

The filing states that disgorgement will be paid to the issuer by a limited partnership for one of the reported sales.

Are these disclosures signed and dated?

Yes. The Form 4 includes signatures by Douglas R. Jamieson (attorney-in-fact) and Peter D. Goldstein (General Counsel) dated 09/26/2025.