Dolan family trust receives MSGS (NYSE: MSGS) Class B shares in note repayment

Rhea-AI Filing Summary

CFD 2010 Grandchildren Trust FBO Descendants of Kathleen M. Dolan, a member of a 13(d) group related to Madison Square Garden Sports Corp., reported an other-type insider transaction involving the company’s Class B Common Stock.

On February 20, 2026, the trust received 23,906 shares of Class B Common Stock as partial repayment of a promissory note, rather than through an open-market trade. For this repayment, the shares were valued at $326.83 per share, based on the mean of the high and low trading price of the company’s Class A Common Stock on that date.

The Class B Common Stock is convertible at the holder’s option on a one-for-one basis into Class A Common Stock, giving the trust flexibility to switch into the publicly traded class if desired.

Insights

Equity ownership & governance analyst

Trust receives Class B shares as loan repayment, not a market trade.

This insider report shows a non-open-market transfer of 23,906 Class B shares to a Dolan-family related trust as partial repayment of a promissory note. The filing highlights a shift in who holds these shares, rather than a new cash investment or sale.

The shares were valued at $326.83 each, using the mean of the high and low trading price of the Class A stock on February 20, 2026. Because the Class B shares are convertible one-for-one into Class A, this position can be turned into the regular trading class, potentially affecting voting and economic exposure for this trust.

Overall, the transaction direction is categorized as “other” rather than a buy or sell, so the primary takeaway is an internal reallocation of ownership associated with loan repayment, with market impact depending on any future conversions or dispositions disclosed in subsequent filings.

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
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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^*

CFD 2010 GRANDCHILDREN TRUST FBO DESCENDANTS OF KATHLEEN M. DOLAN

(Last) (First) (Middle)

C/O RICHARD BACCARI

MLC VENTURES LLC, PO BOX 1014

(Street)

YORKTOWN HEIGHTS NY 10598

(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)		23,906		(1)	(1)	Class A Common Stock	23,906	(2)	23,906	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 Sports Corp. Class A Common Stock ("Class A Common Stock").

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

	CFD 2010 GRANDCHILDREN TRUST FBO DESCENDANTS OF KATHLEEN M. DOLAN By: /s/ Brian G. Sweeney, Attorney-in-fact	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 insider transaction did the Dolan-related trust report for MSGS?

The Dolan-related CFD 2010 Grandchildren Trust reported receiving 23,906 shares of Madison Square Garden Sports Class B Common Stock. The transfer occurred as partial repayment of a promissory note, rather than an open-market purchase or sale, and is categorized as an “other” type insider transaction.

At what value were the MSGS shares used for the promissory note repayment?

The 23,906 Class B shares were valued at $326.83 per share for the repayment. This price equals the mean of the high and low trading prices of Madison Square Garden Sports Class A Common Stock on February 20, 2026, as specified in the filing’s footnote.

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

The reporting person is the CFD 2010 Grandchildren Trust FBO Descendants of Kathleen M. Dolan. It is identified as a member of a Section 13(d) group, rather than an officer or director, and directly holds the reported Class B Common Stock after the transaction.

How many MSGS shares does the Dolan-related trust hold after the transaction?

After the transaction, the Dolan-related trust directly holds 23,906 shares of Madison Square Garden Sports Class B Common Stock. This matches the number of shares received as partial repayment of the promissory note, indicating the position reflects this single reported transaction in the filing.

Can the MSGS Class B shares reported in this filing be converted to Class A shares?

Yes. The filing notes that Madison Square Garden Sports Class B Common Stock is convertible into Class A Common Stock. The holder may convert on a share-for-share basis at its option, allowing the trust to switch into the regular trading class if it chooses later.