Form 4: Dolan Family Trust Boosts MSGE Stake via Debt Repayment

The Charles F. Dolan 2009 Family Trust received 56,948 shares of Madison Square Garden Entertainment Class B Common Stock as partial repayment of a promissory note.

Summary

• The Reporting Person is the CHARLES F. DOLAN 2009 FAMILY TRUST FBO THOMAS C. DOLAN, identified as a Member of a 13(d) Group.
• The Issuer is Madison Square Garden Entertainment Corp. (MSGE).
• On September 8, 2025, the Reporting Person received 56,948 shares of Class B Common Stock.
• These shares were received as partial repayment of a promissory note.
• For the purpose of repayment, the shares were valued at $41.54 per share, which was the mean of the high and low trading price for Class A Common Stock on September 8, 2025.
• Class B Common Stock is convertible at the option of the holder into Class A Common Stock on a share-for-share basis.
• Following this transaction, the Reporting Person beneficially owns 709,438 shares of Class B Common Stock indirectly.

Sentiment

Score: 6

Explanation: The sentiment is slightly positive as a significant insider entity is increasing its equity stake, even if it's through debt repayment. This indicates a continued willingness to hold the company's shares, but it's not a new discretionary investment.

Positives

• A significant insider entity, the Dolan Family Trust, is increasing its equity stake in Madison Square Garden Entertainment Corp., indicating a continued commitment to holding the company's shares.
• The transaction involves the partial repayment of a promissory note, which strengthens the financial position of the lender (the Trust) and resolves a debt obligation for the company.

Future Outlook

This Form 4 filing does not contain any forward-looking statements or guidance regarding the company's future performance or strategic direction.

Industry Context

This filing is a routine insider transaction report and does not provide specific insights into broader industry trends or competitive landscape for Madison Square Garden Entertainment Corp.

Related Party Transactions

• The transaction involves the CHARLES F. DOLAN 2009 FAMILY TRUST FBO THOMAS C. DOLAN, a Member of a 13(d) Group, receiving shares from Madison Square Garden Entertainment Corp. as repayment of a promissory note. This indicates a transaction between the company and a significant related party.

Stakeholder Impact

• Shareholders: The increase in insider ownership by a significant entity could be perceived as a positive signal of confidence in the company's long-term value.
• Creditors (the Dolan Family Trust): The partial repayment of the promissory note reduces the outstanding debt owed to the Trust.

Key Dates

Recommendation

This filing details an insider's receipt of shares as debt repayment, which is a pre-arranged transaction and not a discretionary market purchase. While it increases insider ownership, it does not provide new fundamental insights into the company's operational performance or future prospects to warrant a change in investment thesis. Therefore, a 'hold' recommendation is appropriate based solely on this filing.

Keywords

MSGE, Madison Square Garden Entertainment, Dolan Family Trust, insider transaction, Class B Common Stock, beneficial ownership, promissory note, debt repayment