Madison Square Garden Entertainment Form 4: Debt Repayment Converted to Equity

Rhea-AI Filing Summary

Insider received 56,948 Class B shares of Madison Square Garden Entertainment Corp. (MSGE) as partial repayment of a promissory note, with those shares valued at $41.54 each based on the mean trading price of the Class A shares on the transaction date. The Class B shares are convertible on a one-for-one basis into Class A common stock, and after the transaction the reporting person beneficially owned 56,948 shares (direct ownership). This Form 4 reports a non-derivative acquisition tied to debt repayment rather than an open-market purchase.

Positive

• Acquisition via debt repayment: Reporting person received 56,948 Class B shares as partial repayment of a promissory note, which preserves cash liquidity for the issuer.
• Clear valuation: Shares were valued at $41.54 per share based on the mean of the high and low trading price for Class A on the transaction date, providing transparent pricing for the settlement.
• Convertible shares: Class B shares convert one-for-one into Class A shares, so the holder retains a straightforward path to common equity exposure.

Negative

• None.

Insights

Financial Analyst

TL;DR: Insider acquired 56,948 Class B shares via note repayment, valued at $41.54 each; direct beneficial ownership now 56,948 shares.

The transaction represents a debt-to-equity conversion in substance: the reporting person received Class B shares as partial repayment of a promissory note rather than buying shares on market. The shares are convertible 1:1 into Class A stock, so the holder effectively gains exposure to voting/economic interest tied to Class A upon conversion. The valuation used ($41.54 per share) reflects the mean trading price of Class A on the transaction date, providing a clear, document-backed per-share price for the repayment.

Corporate Governance Expert

TL;DR: Transaction is an internal settlement of debt with convertible Class B shares; no new public sale disclosed.

From a governance perspective this is a routine capitalization event where a trust received convertible Class B shares to settle indebtedness. Because Class B shares convert to Class A on a share-for-share basis, the economic stake is transparent. The Form 4 shows direct beneficial ownership post-transaction is 56,948 shares, and there is no indication here of additional related-party arrangements or accelerated insider selling tied to this filing.

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

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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^*

CFD 2010 GRANDCHILDREN TRUST FBO DESCENDANTS OF MARIANNE E. DOLAN WEBER

(Last) (First) (Middle)

C/O RICHARD BACCARI

MLC VENTURES LLC, PO BOX 1014

(Street)

WOODBURY 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
Class B Common Stock	(1)	09/08/2025		J(2)		56,948		(1)	(1)	Class A Common Stock	56,948	(2)	56,948	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.

	CFD 2010 GRANDCHILDREN TRUST FBO DESCENDANTS OF MARIANNE E. DOLAN WEBER 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).
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FAQ

What transaction did the Form 4 for MSGE report?

The Form 4 reports that the reporting person received 56,948 Class B shares of MSGE as partial repayment of a promissory note.

How were the shares valued in the transaction?

The shares were valued at $41.54 per share, the mean of the high and low trading price for MSGE Class A stock on the transaction date.

Are the Class B shares convertible into Class A shares?

Yes. The filing states 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 shares does the reporting person beneficially own after the transaction?

Following the reported transaction, the reporting person beneficially owned 56,948 shares (direct ownership).

Was this a market purchase or a different type of acquisition?

This was not an open-market purchase; the filing indicates the shares were received in partial repayment of a promissory note.