Form 4: Dolan Family Trust Acquires MSGE Class B Shares

The Charles F. Dolan 2009 Family Trust acquired 10,250 shares of Madison Square Garden Entertainment Corp. Class B Common Stock as partial repayment of a promissory note.

Summary

• The Charles F. Dolan 2009 Family Trust FBO Deborah A. Dolan-Sweeney, identified as a member of a 13(d) Group, reported a change in beneficial ownership of Madison Square Garden Entertainment Corp. (MSGE) securities.
• On September 8, 2025, the Trust acquired 10,250 shares of Class B Common Stock.
• These shares were received as partial repayment of a promissory note.
• The shares were valued at $41.54 per share, which was determined by the mean of the high and low trading price for Class A Common Stock on the transaction date.
• Following this transaction, the Trust directly beneficially owns a total of 571,780 shares of Class B Common Stock.
• Class B Common Stock is convertible into Class A Common Stock on a one-for-one basis at the option of the holder.

Sentiment

Score: 6

Explanation: The acquisition of shares by a significant beneficial owner, even as repayment of a promissory note, can be interpreted as a sign of continued commitment and confidence in the company's long-term prospects. However, it's a transactional report rather than an operational update, limiting its direct impact on sentiment.

Positives

• The acquisition of shares by a significant beneficial owner (Dolan Family Trust) could be interpreted as a signal of continued interest and confidence in the company's long-term prospects.
• The transaction involved the partial repayment of a promissory note, which may indicate a reduction in outstanding debt obligations for the issuer or a related entity.

Future Outlook

NA

Industry Context

This filing reports a specific insider transaction and does not provide information directly related to broader industry trends or competitors, other than indicating continued insider involvement in Madison Square Garden Entertainment Corp.

Related Party Transactions

• The Charles F. Dolan 2009 Family Trust FBO Deborah A. Dolan-Sweeney, a member of a 13(d) Group and associated with Charles F. Dolan, received 10,250 shares of Class B Common Stock as partial repayment of a promissory note. This transaction is likely a related-party dealing given the reporting person's relationship to the company.

Stakeholder Impact

• Shareholders: The transaction increases the direct beneficial ownership of Class B shares by a significant insider entity, potentially signaling confidence. The valuation of shares at $41.54 provides a reference point for the transaction.
• Creditors: The partial repayment of a promissory note could indicate a reduction in outstanding debt obligations, which is generally positive for creditors.

Key Dates

Recommendation

This Form 4 filing reports a routine insider transaction involving the repayment of a promissory note with company stock. While the acquisition by a significant beneficial owner (Dolan Family Trust) can be seen as a minor positive signal of continued interest, it does not provide new fundamental information about the company's operational performance, strategic direction, or financial health that would warrant a change in investment recommendation. Therefore, a 'hold' recommendation is appropriate as this filing alone does not present a compelling reason to buy or sell.

Keywords

Madison Square Garden Entertainment, MSGE, Dolan Family Trust, Beneficial Ownership, SEC Form 4, Insider Transaction, Class B Common Stock, Promissory Note