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

Rhea-AI Filing Summary

On September 8, 2025, the Charles F. Dolan Children Trust FBO Deborah Dolan-Sweeney received 46,697 shares of Madison Square Garden Entertainment Corp. Class B Common Stock as partial repayment of a promissory note. The filing states 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 MSGE Class A on that date. Following the reported transaction the reporting person is shown as beneficially owning 511,089 shares (direct).

Positive

• Transaction disclosed with specific share count (46,697) and valuation ($41.54 per share)
• Conversion mechanics are explicitly stated: Class B is convertible 1-for-1 into Class A
• Post-transaction ownership is reported as 511,089 shares (direct)

Negative

• None.

Insights

Securities Analyst

TL;DR: Issuer-affiliated trust received 46,697 Class B shares valued at $41.54 each as note repayment; ownership now 511,089 shares.

The Form 4 discloses a non-market transaction coded J, indicating receipt of shares in satisfaction of debt rather than an open-market trade. The filing explicitly states Class B shares convert 1:1 into Class A, and the repaid shares were valued using the Class A midpoint price on September 8, 2025. The reporting entity is a trust and reports direct beneficial ownership of 511,089 shares following the transaction. The disclosure is routine for insider bookkeeping of debt repayment with equity.

Corporate Governance Expert

TL;DR: This is a housekeeping disclosure of a debt repayment via shares, with conversion mechanics and valuation explicitly reported.

The form clearly documents the nature of the transaction and the valuation method used for the partial repayment: shares of Class B convertible 1-for-1 to Class A were issued and assigned a price equal to the Class A mean trading price on the transaction date. The report is signed by an attorney-in-fact for the trust and appears to satisfy Section 16 reporting requirements by listing post-transaction direct ownership of 511,089 shares. No other actions or amendments are indicated.

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 CHILDREN TRUST FBO DEBORAH DOLAN-SWEENEY

(Last) (First) (Middle)

PO BOX 509

(Street)

OYSTER BAY NY 11771

(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)		46,697		(1)	(1)	Class A Common Stock	46,697	(2)	511,089	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 CHILDREN TRUST FBO DEBORAH DOLAN-SWEENEY 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 transaction did the Charles F. Dolan Children Trust report on the Form 4 for MSGE?

The trust reported receiving 46,697 shares of MSGE Class B Common Stock on September 8, 2025 as partial repayment of a promissory note (transaction code J).

How were the repaid shares valued in the Form 4 for MSGE?

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

Are MSGE Class B shares convertible to Class A according to the filing?

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

What is the reporting person's beneficial ownership after the transaction?

The Form 4 reports the reporting person beneficially owns 511,089 shares following the reported transaction, held directly.

What does transaction code 'J' indicate on this Form 4?

The Form 4 uses transaction code J, which in this filing denotes a non-market transaction where shares were received in partial repayment of a promissory note as explicitly described.