[Form 4] Atlanta Braves Holdings, Inc. Series C Insider Trading Activity

Rhea-AI Filing Summary

Atlanta Braves Holdings, Inc. (BATRK) – Form 4 insider transaction summary (filed 06/23/2025)

Executive Vice-President, Business Derek G. Schiller reported a paired exercise-and-sell program executed under a Rule 10b5-1 plan adopted on 09/06/2024. The transactions occurred on 06/18/2025 and 06/20/2025 and involved the company’s Series C common stock.

• Option exercises (Code “M”): 70,000 options were exercised at an exercise price of $27.18, split into 40,000 shares on 06/18 and 30,000 shares on 06/20.
• Open-market sales (Code “S”): All 70,000 newly issued shares were immediately sold at prices ranging from $44.00 – $46.00, generating gross proceeds of roughly $3.1 million and a spread of ~$17–19 per share over the strike price.
• Resulting positions: • Direct common-stock ownership remained unchanged at 300,233 shares. • Derivative (option) holdings declined to 175,395 options, down from 245,395 prior to the two exercises.

The filing indicates Schiller monetised a portion of his vested options while maintaining his common-stock stake, suggesting liquidity-driven activity rather than a reduction in his equity interest. Because the sales were conducted under a pre-arranged 10b5-1 plan, they carry less signalling weight than discretionary sales, yet investors may still view the sizeable dollar amount as a modestly negative sentiment indicator.

Positive

• Continued share ownership: EVP Derek Schiller maintains a sizable direct stake of 300,233 shares despite exercising options.
• Rule 10b5-1 plan: Transactions executed under a pre-arranged plan reduce the likelihood of opportunistic trading and governance concerns.

Negative

• Sizeable cash sale: 70,000 shares sold for roughly $3.1 million may signal reduced near-term confidence, even if ownership unchanged.
• Lower future equity incentive: Option holdings fall by 70,000, marginally decreasing management’s upside leverage.

Insights

Equity Analyst

TL;DR: EVP exercised 70k options, sold all, keeps 300k shares; modestly negative signal but limited impact.

The Form 4 shows a classic exercise-and-sell: 70k options converted at $27.18 then sold at $44–46, indicating Schiller locked in roughly $1.2 million in pre-tax gain. His direct stake stays flat at 300,233 shares, so ownership alignment is preserved, which tempers bearish interpretations. The use of a 10b5-1 plan further reduces signalling risk. However, the reduction of 70k underwater options lowers his long-delta exposure, marginally diluting incentive alignment. From a market-moving standpoint, daily volume for BATRK averages c. 250–300k shares; the two-day 70k sale equates to ~14% of average volume, unlikely to pressure price materially. Overall impact: neutral-to-slightly negative sentiment with limited fundamental consequence.

Corporate Governance Specialist

TL;DR: Pre-planned insider sale; governance risk low, perception risk moderate.

The adoption date (09/06/2024) of the 10b5-1 plan predates the sale by >6 months, satisfying the SEC’s cooling-off expectation, which mitigates abuse concerns. Beneficial ownership stability at 300,233 shares signals continued alignment, yet realisation of >$3 m cash may still draw investor scrutiny amid questions on management’s outlook. No other directors joined this plan, so systemic board sentiment cannot be inferred. I classify the governance impact as immaterial, with only modest headline risk.

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
Estimated average burden
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).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Schiller Derek Gordon

(Last) (First) (Middle)

C/O ATLANTA BRAVES HOLDINGS, INC.

755 BATTERY AVENUE SE

(Street)

ATLANTA GA 30339

(City) (State) (Zip)

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

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

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

3. Date of Earliest Transaction (Month/Day/Year)
06/18/2025

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

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

X	Form filed by One Reporting Person
	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 C Common Stock	06/18/2025		M		40,000	A	$27.18	340,233	D
Series C Common Stock	06/18/2025		S(1)		40,000	D	$44	300,233	D
Series C Common Stock	06/20/2025		M		30,000	A	$27.18	330,233	D
Series C Common Stock	06/20/2025		S(1)		15,000	D	$45	315,233	D
Series C Common Stock	06/20/2025		S(1)		15,000	D	$46	300,233	D

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
Stock option (Right to Buy) - BATRK	$27.18	06/18/2025		M			40,000	12/10/2023	12/10/2027	Series C Common Stock	40,000	$0	205,395	D
Stock option (Right to Buy) - BATRK	$27.18	06/20/2025		M			30,000	12/10/2023	12/10/2027	Series C Common Stock	30,000	$0	175,395	D

Explanation of Responses:

1. The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 sales plan adopted by the reporting person on September 6, 2024.

	/s/ Kerry T. Wenzel, Attorney-in-Fact	06/23/2025
	** 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).
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FAQ

How many BATRK shares did Derek Schiller sell according to the Form 4?

He sold 70,000 Series C common shares on 06/18/2025 and 06/20/2025.

What prices were the BATRK shares sold for?

Sales were executed at $44.00, $45.00 and $46.00 per share.

Did Schiller’s overall share ownership in Atlanta Braves Holdings decrease?

No. His direct holdings remain at 300,233 shares; only option exposure declined.

Were the transactions carried out under a Rule 10b5-1 plan?

Yes. The Form 4 notes a 10b5-1 sales plan adopted on 09/06/2024.

What is the exercise price of the options involved?

All options were exercised at $27.18 per share.