Ariel boosts stake in Madison Square Garden Ent (MSGE) to 17% ownership

Rhea-AI Filing Summary

Ariel Investments, LLC filed an amended Schedule 13G reporting passive ownership in Madison Square Garden Entertainment Corp. Ariel reports beneficial ownership of 6,881,315 shares of Class A common stock, representing 17.0% of the class as of the event date of 12/31/2025.

Ariel has sole power to vote 6,225,297 shares and sole power to dispose of 6,881,315 shares, with no shared voting or dispositive power. The filing states the shares are held in the ordinary course of business and not for the purpose of changing or influencing control of the company.

The filing notes that Ariel’s adviser clients are entitled to dividends and sale proceeds. Ariel Fund, a series of Ariel Investment Trust, owns 2,717,361 shares, giving it an economic interest in more than 5% of MSGE’s Class A common stock.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 5)

Madison Square Garden Entertainment Corp

(Name of Issuer)

Common Stock SH CL A

(Title of Class of Securities)

558256103

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 558256103

1

Names of Reporting Persons

Ariel Investments, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 6,225,297.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 6,881,315.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,881,315.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

17.0 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Madison Square Garden Entertainment Corp
(b)	Address of issuer's principal executive offices: Two Pennsylvania Plaza, New York, NY, 10121
Item 2.
(a)	Name of person filing: Ariel Investments, LLC
(b)	Address or principal business office or, if none, residence: 200 E. Randolph Street, Suite 2900, Chicago, 60601, United States
(c)	Citizenship: DELAWARE
(d)	Title of class of securities: Common Stock SH CL A
(e)	CUSIP No.: 558256103
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 6,881,315
(b)	Percent of class: 17.0 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 6,225,297
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 6,881,315
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Ariel Investments, LLC's adviser clients have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, all securities reported upon this Schedule. Ariel Fund, a series of Ariel Investment Trust, an open-end management investment company, owns 2,717,361 shares of the Issuer which represents an economic interest in more than 5% of the subject securities reported upon this Schedule.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Ariel Investments, LLC

Signature:	James Prescott
Name/Title:	Vice President, Compliance
Date:	02/13/2026

FAQ

What stake does Ariel Investments hold in MSGE according to this filing?

Ariel Investments reports beneficial ownership of 6,881,315 MSGE Class A shares, equal to 17.0% of the class. This stake reflects shares over which Ariel has voting and/or dispositive power as of the 12/31/2025 event date.

Is Ariel Investments’ position in MSGE considered passive or activist?

The filing characterizes Ariel’s MSGE position as passive. Ariel certifies the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer, consistent with a Schedule 13G filing.

How many MSGE shares can Ariel Investments vote and dispose of?

Ariel Investments has sole voting power over 6,225,297 MSGE shares and sole dispositive power over 6,881,315 shares. The firm reports no shared voting or dispositive power, meaning all reported authority is held solely by Ariel, not jointly with other parties.

What role do Ariel Investments’ clients play in this MSGE ownership?

Ariel states its adviser clients have the right to receive dividends and sale proceeds from the MSGE shares. Ariel manages the holdings, but the underlying economic benefits, such as dividend income and proceeds from any sales, accrue to these advisory clients.

How significant is Ariel Fund’s individual holding in MSGE?

Ariel Fund, a series of Ariel Investment Trust, owns 2,717,361 MSGE shares. This position represents an economic interest in more than 5% of MSGE’s Class A common stock, making Ariel Fund itself a holder of more than five percent of the outstanding class.

What is the key date associated with Ariel’s MSGE Schedule 13G/A?

The key reference date is 12/31/2025, identified as the event date requiring the Schedule 13G/A filing. Ariel’s reported ownership percentages and share counts are measured as of that date, providing investors a snapshot of its MSGE position at year-end 2025.