[Form 4] Madison Square Garden Entertainment Corp. Insider Trading Activity

Rhea-AI Filing Summary

James L. Dolan, Executive Chairman/CEO of Madison Square Garden Entertainment Corp. (MSGE), reported receiving 56,947 Class B common shares on 09/08/2025 as partial repayment of a promissory note. Class B shares are convertible on a share-for-share basis into Class A common stock. For the repayment, the shares were valued at $41.54 per share (the mean of the high and low trading price for Class A on 09/08/2025). Following the transaction, the reporting person beneficially owns 281,583 Class A common shares (directly held). The Form 4 is signed and dated 09/10/2025.

Insights

Securities Analyst

TL;DR: Insider received 56,947 Class B shares via note repayment, increasing direct beneficial holdings to 281,583 shares.

The filing documents a non-cash acquisition: 56,947 Class B shares were issued/returned in partial repayment of a promissory note and valued at $41.54 per share. Class B shares convert one-for-one into Class A, and the report lists the resulting direct beneficial ownership as 281,583 Class A-equivalent shares. This is a routine Section 16 disclosure showing an insider's increased stake through debt settlement rather than open-market purchases or option exercises. The transaction code indicated is J, consistent with acquisition in settlement of a debt obligation.

Corporate Governance Expert

TL;DR: The CEO's receipt of shares by note repayment is a governance-relevant related-party funding resolution, disclosed under Section 16.

The Form 4 transparently records that the Executive Chairman/CEO obtained equity through repayment of a promissory note rather than compensation or secondary transactions. The conversion feature of Class B to Class A is explicitly noted, preserving clarity on voting/economic exposure. This disclosure meets Section 16 transparency requirements; it does not by itself indicate change in compensation policy or a related-party agreement beyond the single repayment event disclosed.

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

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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^*

DOLAN JAMES LAWRENCE

(Last) (First) (Middle)

TWO PENNSYLVANIA PLAZA

(Street)

NEW YORK NY 10121

(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)

X	Director		10% Owner
X	Officer (give title below)	X	Other (specify below)
	Executive Chairman / CEO		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)	281,583	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.

	/s/ James L. Dolan	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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