Kathleen M. Dolan Trust Receives 56,947 MSGE Class B Shares for Debt Repayment

Rhea-AI Filing Summary

Madison Square Garden Entertainment Corp. (MSGE) Form 4 shows that the Kathleen M. Dolan 2012 Descendants Trust received 56,947 shares of Class B Common Stock on September 8, 2025 as partial repayment of a promissory note. The shares were valued for the repayment at $41.54 per share, the mean of the high and low trading price for the Class A Common Stock on that date.

The Class B shares are convertible at the holder's option on a one-for-one basis into Class A Common Stock. The Form 4 was signed by an attorney-in-fact for the trust on September 10, 2025. The filing records the transfer of economic interest via share issuance in lieu of cash repayment of debt.

Positive

• Partial repayment of promissory note through issuance of shares removes or reduces the company's cash or debt obligation to the trust
• Issued Class B shares are convertible one-for-one into Class A, preserving conversion flexibility for the holder

Negative

• None.

Insights

Financial Analyst

TL;DR: Insider received 56,947 Class B shares as promissory note repayment, transferring value from issuer debt to equity held by the trust.

The transaction converts part of a creditor position into equity by delivering 56,947 Class B shares valued at $41.54 each for repayment. This reduces the issuer's outstanding promissory obligation to the trust and increases the trust's equity stake in MSGE. The Class B shares remain convertible into Class A on a one-for-one basis, preserving potential voting/economic conversion optionality. The filing is a routine Section 16 disclosure of a non-derivative acquisition by a related trust.

Corporate Governance Expert

TL;DR: Transaction is a debt-for-equity transfer to a related trust; material to ownership records but not clearly a change in control.

The Form 4 documents a partial repayment of a promissory note through issuance of Class B shares to the Kathleen M. Dolan 2012 Descendants Trust. Because Class B shares are convertible into Class A shares, this alters the beneficial ownership profile and could affect future voting if converted, but the filing itself discloses only the receipt of shares and does not indicate additional governance actions. The disclosure complies with Section 16 reporting requirements and was executed by an attorney-in-fact.

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

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^*

Kathleen M. Dolan 2012 Descendants Trust

(Last) (First) (Middle)

C/O RICHARD BACCARI

MLC VENTURES LLC, PO BOX 1014

(Street)

YORKTOWN HEIGHTS NY 10598

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Madison Square Garden Entertainment Corp. [ MSGE ]

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

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			Member of 13(d) Group

3. Date of Earliest Transaction (Month/Day/Year)
09/08/2025

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

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
Class B Common Stock	(1)	09/08/2025		J(2)		56,947		(1)	(1)	Class A Common Stock	56,947	(2)	56,947	D

Explanation of Responses:

1. Madison Square Garden Entertainment Corp. Class B Common Stock ("Class B Common Stock") is convertible at the option of the holder on a share for share basis into Madison Square Garden Entertainment Corp. Class A Common Stock ("Class A Common Stock").

2. On September 8, 2025, the Reporting Person received the shares of Class B Common Stock in partial repayment of a promissory note. For purposes of the repayment, the shares were valued at $41.54 per share, the mean of the high and low trading price for the Class A Common Stock on September 8, 2025.

	KATHLEEN M. DOLAN 2012 DESCENDANTS TRUST By: /s/ Brian G. Sweeney, Attorney-in-fact	09/10/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What transaction did Kathleen M. Dolan 2012 Descendants Trust report on Form 4 for MSGE?

The trust reported receiving 56,947 shares of Class B Common Stock on September 8, 2025 as partial repayment of a promissory note.

How were the shares valued for the repayment on the Form 4?

The shares were valued at $41.54 per share, the mean of the high and low trading price of MSGE Class A Common Stock on September 8, 2025.

Are the Class B shares convertible according to the Form 4?

Yes. The filing states Class B Common Stock is convertible at the option of the holder on a share-for-share basis into Class A Common Stock.

When was the Form 4 signed and by whom?

The Form 4 was signed on September 10, 2025 by Brian G. Sweeney as attorney-in-fact for the Kathleen M. Dolan 2012 Descendants Trust.

What is the issuer and ticker on the Form 4?

The issuer is Madison Square Garden Entertainment Corp. with ticker MSGE.