Dolan Trust shifts MSGS (NYSE: MSGS) Class B shares to repay promissory notes

Rhea-AI Filing Summary

Madison Square Garden Sports Corp. disclosed that the Charles F. Dolan 2009 Revocable Trust, a member of a 13(d) group, reported a series of Form 4 transactions in its Class B Common Stock on February 20, 2026. These were classified as “other” transactions and involved transferring Class B shares as partial repayment of promissory notes. For repayment purposes, the shares were valued at $326.83 per share, equal to the mean of the high and low trading price of the company’s Class A Common Stock on that date. The filing also notes that each share of Class B Common Stock is convertible at the holder’s option into one share of Class A Common Stock.

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 Sports Corp. [ MSGS ]

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)
02/20/2026

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)	02/20/2026		J(2)			11,000	(1)	(1)	Class A Common Stock	11,000	(2)	213,434	D
Class B Common Stock	(1)	02/20/2026		J(2)			23,906	(1)	(1)	Class A Common Stock	23,906	(2)	189,528	D
Class B Common Stock	(1)	02/20/2026		J(2)			18,703	(1)	(1)	Class A Common Stock	18,703	(2)	170,845	D
Class B Common Stock	(1)	02/20/2026		J(2)			11,000	(1)	(1)	Class A Common Stock	11,000	(2)	159,825	D
Class B Common Stock	(1)	02/20/2026		J(2)			20,406	(1)	(1)	Class A Common Stock	20,406	(2)	139,419	D
Class B Common Stock	(1)	02/20/2026		J(2)			12,500	(1)	(1)	Class A Common Stock	12,500	(2)	126,919	D
Class B Common Stock	(1)	02/20/2026		J(2)			15,406	(1)	(1)	Class A Common Stock	15,406	(2)	111,513	D
Class B Common Stock	(1)	02/20/2026		J(2)			37,405	(1)	(1)	Class A Common Stock	37,405	(2)	74,108	D
Class B Common Stock	(1)	02/20/2026		J(2)			17,000	(1)	(1)	Class A Common Stock	17,000	(2)	57,108	D
Class B Common Stock	(1)	02/20/2026		J(2)			37,406	(1)	(1)	Class A Common Stock	37,406	(2)	19,702	D
Class B Common Stock	(1)	02/20/2026		J(2)			1,000	(1)	(1)	Class A Common Stock	1,000	(2)	18,702	D
Class B Common Stock	(1)	02/20/2026		J(2)			18,702	(1)	(1)	Class A Common Stock	18,702	(2)	0	D

Explanation of Responses:

1. Madison Square Garden Sports 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 Sports Corp. Class A Common Stock ("Class A Common Stock").

2. On February 20, 2026, 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 $326.83 per share, the mean of the high and low trading price for the Class A Common Stock on February 20, 2026.

	CHARLES F. DOLAN 2009 REVOCABLE TRUST By: /s/ Paul J. Dolan, Trustee	02/24/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What did the Charles F. Dolan 2009 Revocable Trust report in the MSGS Form 4?

The trust reported a series of “other” transactions in Madison Square Garden Sports Corp. Class B Common Stock. The shares were transferred on February 20, 2026 as partial repayment of promissory notes, rather than as open-market purchases or sales.

How were the transferred MSGS shares valued for the promissory note repayment?

The transferred Class B Common Stock shares were valued at $326.83 per share. This value equals the mean of the high and low trading prices of Madison Square Garden Sports Corp. Class A Common Stock on February 20, 2026, as specified in the filing.

What type of stock was involved in the Charles F. Dolan 2009 Revocable Trust transactions for MSGS?

All reported transactions involved Madison Square Garden Sports Corp. Class B Common Stock. The filing explains that each share of Class B Common Stock is convertible, at the holder’s option, into one share of the company’s Class A Common Stock.

Were the MSGS Form 4 transactions classified as buys or sells?

The transactions were coded as “J”, described as “Other acquisition or disposition,” and marked as “other” rather than buys or sells. They reflect transfers of Class B shares to repay promissory notes, not standard open-market trading activity.

Who is the reporting person in this MSGS Form 4 filing?

The reporting person is the Charles F. Dolan 2009 Revocable Trust, identified as a member of a 13(d) group. The trust, rather than an individual officer or director, is shown as directly holding and transferring the Class B Common Stock shares.

Can MSGS Class B Common Stock be converted into Class A shares?

Yes. The filing states that Madison Square Garden Sports Corp. Class B Common Stock is convertible into Class A Common Stock. Conversion is at the option of the holder on a share-for-share basis, meaning one Class B share converts into one Class A share.