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

Rhea-AI Filing Summary

Madison Square Garden Entertainment Corp. (MSGE) insider filing shows the Charles F. Dolan 2009 Revocable Trust transferred Class B common stock on 09/08/2025 to partially repay promissory notes. The Form 4 reports multiple dispositions that reduced the trust's beneficial ownership in stages from 341,684 Class B shares down to 0 for the final lot, with the shares valued at $41.54 per share for the repayment calculation. Each Class B share is convertible on a one-for-one basis into Class A common stock, and the reported transactions were executed by the trustee, Paul J. Dolan.

Positive

• Transfers explicitly used to partially repay promissory notes, indicating reduction of the reporting person's indebtedness
• Per-share valuation disclosed ($41.54) for the repayment calculation, providing transparency on transaction pricing

Negative

• Material reduction in beneficial ownership of Class B common stock (table implies transfers totaling 341,684 shares)
• Insider disposition on a large scale which may reduce insider-held voting influence and ownership stake

Insights

Securities Analyst

TL;DR: Reporting person disposed of a large block of Class B shares to repay debt; ownership was steadily reduced to zero across reported lots.

The Form 4 discloses multiple discrete transfers of Class B common stock on September 8, 2025, used to partially repay promissory notes. The filing explicitly values the shares at $41.54 per share for the repayment calculation. Because Class B shares convert one-for-one into Class A shares, the transfers directly reduced the reporting person's economic and voting exposure recorded on SEC filings. This is a non-derivative, direct disposition reported by the trust via its trustee signature.

Corporate Governance Expert

TL;DR: The trust reduced its beneficial ownership through share transfers tied to debt repayment; transaction is disclosed and signed by the trustee.

The filing is a routine Section 16 disclosure of insider changes: it documents share transfers rather than open-market sales, specifying the purpose as partial repayment of promissory notes and providing the per-share valuation used. The structured, stepwise decreases in beneficial ownership are recorded on separate lines, culminating with a reported zero balance for the last lot. The filing complies with Section 16 reporting by identifying the reporting person, relationship to the issuer, transaction date, and trustee signature.

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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X

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 Revocable Trust

(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)			56,947	(1)	(1)	Class A Common Stock	56,947	(2)	284,737	D
Class B Common Stock	(1)	09/08/2025		J(2)			56,948	(1)	(1)	Class A Common Stock	56,948	(2)	227,789	D
Class B Common Stock	(1)	09/08/2025		J(2)			56,947	(1)	(1)	Class A Common Stock	56,947	(2)	170,842	D
Class B Common Stock	(1)	09/08/2025		J(2)			56,948	(1)	(1)	Class A Common Stock	56,948	(2)	113,894	D
Class B Common Stock	(1)	09/08/2025		J(2)			56,947	(1)	(1)	Class A Common Stock	56,947	(2)	56,947	D
Class B Common Stock	(1)	09/08/2025		J(2)			46,697	(1)	(1)	Class A Common Stock	46,697	(2)	10,250	D
Class B Common Stock	(1)	09/08/2025		J(2)			10,250	(1)	(1)	Class A Common Stock	10,250	(2)	0	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 transferred the shares of Class B Common Stock in partial repayment of promissory notes. 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 REVOCABLE TRUST By: /s/ Paul J. Dolan, Trustee	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 Charles F. Dolan 2009 Revocable Trust report on Form 4 for MSGE?

The trust reported multiple transfers of MSGE Class B common stock on 09/08/2025 used to partially repay promissory notes; the trustee signed the filing on 09/10/2025.

How many Class B shares were transferred according to the filing?

The table reports cumulative dispositions consistent with a total of 341,684 Class B shares transferred across the reported lines.

At what price were the shares valued for the repayment?

The shares were valued at $41.54 per share, defined as the mean of the high and low trading price for Class A common stock on 09/08/2025.

Did the filing indicate conversion between Class B and Class A shares?

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.

Who signed the Form 4 on behalf of the reporting trust?

The Form 4 was signed by Paul J. Dolan, Trustee for the Charles F. Dolan 2009 Revocable Trust.