Madison Square Garden Entertainment: Insider Receives 56,948 Shares in Debt Repayment

Rhea-AI Filing Summary

Charles F. Dolan 2009 Family Trust for the benefit of Thomas C. Dolan reported receiving 56,948 shares of Madison Square Garden Entertainment Corp. Class B Common Stock on 09/08/2025 as partial repayment of a promissory note. The shares were valued at $41.54 per share, using the mean of the high and low trading price for Class A Common Stock on that date. Class B shares are convertible on a share-for-share basis into Class A Common Stock. After the transaction the reporting person beneficially owned 709,438 shares, reported as direct ownership.

Positive

• Reporting person received 56,948 Class B shares as partial repayment of a promissory note, increasing direct holdings.
• Shares were valued transparently at $41.54 per share based on the mean of the high and low Class A trading price on 09/08/2025.
• Class B Common Stock is convertible 1:1 into Class A Common Stock, preserving economic equivalence to Class A shares.

Negative

• None.

Insights

Securities Analyst

TL;DR Insider received equity in repayment of debt, increasing direct holdings by 56,948 shares; transaction appears routine and non-dilutive.

The Form 4 discloses a non-derivative transfer: 56,948 Class B shares issued in partial repayment of a promissory note and valued at $41.54 each. Because Class B converts 1:1 to Class A, the economic exposure is equivalent to Class A shares. The filing shows direct beneficial ownership of 709,438 shares post-transaction, which is material to ownership tracking but does not by itself change control or indicate market-moving events.

Corporate Governance Expert

TL;DR Repayment-in-kind increased insider holdings; appears procedural and disclosed per Section 16 requirements.

The disclosure documents a repayment of debt via share issuance to a family trust, with proper valuation method stated. The form is signed by an attorney-in-fact and includes conversion terms for Class B stock. From a governance perspective, this is a standard insider ownership update; there is no information here about changes in board composition, control shifts, or related-party approvals beyond the filing 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
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).

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^*

CHARLES F. DOLAN 2009 FAMILY TRUST FBO THOMAS C. DOLAN

(Last) (First) (Middle)

C/O DOLAN FAMILY OFFICE

340 CROSSWAYS PARK DRIVE

(Street)

WOODBURY NY 11797

(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)		56,948		(1)	(1)	Class A Common Stock	56,948	(2)	709,438	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.

	CHARLES F. DOLAN 2009 FAMILY TRUST FBO THOMAS C. DOLAN 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.
* 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 did the Form 4 filed for MSGE on 09/10/2025 disclose?

The Form 4 discloses that the Charles F. Dolan 2009 Family Trust FBO Thomas C. Dolan received 56,948 Class B shares on 09/08/2025 in partial repayment of a promissory note.

How were the shares valued in the MSGE Form 4?

The shares were valued at $41.54 per share, the mean of the high and low trading price for MSGE Class A Common Stock on 09/08/2025.

How many MSGE shares does the reporting person beneficially own after the transaction?

The filing reports 709,438 shares beneficially owned following the reported transaction.

Are the Class B shares convertible to Class A for MSGE?

Yes. The Form 4 states Class B Common Stock is convertible at the option of the holder on a share-for-share basis into Class A Common Stock.

Was this Form 4 filed by an individual or a group?

The Form indicates it was filed by one reporting person and signed by an attorney-in-fact on behalf of the trust.