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

Rhea-AI Filing Summary

Madison Square Garden Entertainment Corp. (MSGE) Form 4 summary: A trust for which Kathleen Margaret Dolan serves as a trustee received 46,697 shares of Class B Common Stock on 09/08/2025 as partial repayment of a promissory note, with those shares valued at $41.54 per share based on the mean trading price of Class A Common Stock that day. Class B shares are convertible on a one-for-one basis into Class A Common Stock, and the filing reports 2,810,212 shares of Class A Common Stock held indirectly by trusts for which the reporting person is co-trustee. The reporting person disclaims beneficial ownership of the trust-held securities.

Positive

• 46,697 Class B shares were received by a trust as partial repayment of a promissory note, a clear non-cash settlement disclosed in the filing
• The filing reports the per-share valuation used for the repayment: $41.54 per share, tied to the mean trading price of Class A on 09/08/2025

Negative

• The shares are held indirectly by trusts, which may limit transparency into ultimate economic control
• The reporting person disclaims beneficial ownership of the trust-held securities, reducing clarity about personal exposure

Insights

Financial Analyst

TL;DR: Insider-related trust received 46,697 Class B shares valued at $41.54, convertible one-for-one to Class A; significant indirect holdings remain in trusts.

The transaction is a non-cash settlement: a trust received 46,697 Class B shares in partial repayment of a promissory note, with those shares valued at $41.54 each per the filing. Because Class B shares convert share-for-share into Class A, the acquisition effectively increases the trust's economic exposure to Class A shares by 46,697, subject to conversion decisions. The filing also discloses that trusts for which the reporting person is co-trustee hold 2,810,212 Class A shares in total, and the reporting person disclaims beneficial ownership of those trust-held securities. This is a routine insider reporting event documenting an intra-party settlement and the presence of substantial indirect holdings.

Corporate Governance Expert

TL;DR: Report documents an insider-related trust receipt and explicit disclaimer of beneficial ownership, clarifying governance and disclosure posture.

The Form 4 clarifies that the shares were transferred to a trust as partial repayment of a promissory note and that the reporting person serves as co-trustee. The filing explicitly disclaims beneficial ownership by the reporting person of the trust-held securities, which is a standard governance disclosure to delineate personal versus trust holdings. The conversion feature of Class B to Class A stock is noted, but no exercise or conversion was reported in this filing. This maintains transparency about related-party transfers and indirect holdings.

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^*

DOLAN KATHLEEN MARGARET

(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
Clas B Common Stock	(1)	09/08/2025		J(2)		46,697		(1)	(1)	Class A Common Stock	46,697	(2)	2,810,212	I(3)	By Trusts

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, a trust for which the Reporting Person is a trustee 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.

3. Reflects securities held by trusts for which the Reporting Person serves as co-trustee. The Reporting Person disclaims beneficial ownership of all securities of Madison Square Garden Entertainment Corp. beneficially owned or deemed to be beneficially owned by the trusts and this filing shall not be deemed to be an admission that she is, for purposes of Section 16 or for any other purpose, the beneficial owner of such securities.

	/s/ Richard Baccari, 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 transaction did Kathleen Margaret Dolan report on the MSGE Form 4?

The report states a trust for which she is a trustee received 46,697 Class B shares on 09/08/2025 as partial repayment of a promissory note.

At what value were the shares recorded in the MSGE Form 4?

For the repayment, the Class B shares were valued at $41.54 per share, the mean of the high and low trading price for Class A on 09/08/2025.

Can the reported Class B shares be converted to Class A shares?

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

How many Class A shares are reported as held by trusts related to the reporting person?

The filing reflects 2,810,212 Class A Common Stock shares held indirectly by trusts for which the reporting person serves as co-trustee.

Does the reporting person claim beneficial ownership of the trust-held shares?

No. The reporting person explicitly disclaims beneficial ownership of the securities held by the trusts in this filing.