Form 4: Dolan Trust Acquires MSGE Class B Shares

Kathleen M. Dolan 2012 Descendants Trust received 56,947 shares of Madison Square Garden Entertainment Corp. Class B Common Stock valued at $41.54 per share as partial repayment of a promissory note.

Summary

• Kathleen M. Dolan 2012 Descendants Trust, identified as a member of a 13(d) Group, acquired 56,947 shares of Madison Square Garden Entertainment Corp. (MSGE) Class B Common Stock.
• The transaction occurred on September 8, 2025.
• The shares were received as partial repayment of a promissory note.
• For the purpose of the repayment, the shares were valued at $41.54 per share, which was the mean of the high and low trading price for MSGE Class A Common Stock on the transaction date.
• The total value of the acquired shares is approximately $2,365,000.
• Following this transaction, the Reporting Person beneficially owns 56,947 shares of Class B Common Stock directly.
• Class B Common Stock is convertible into Class A Common Stock on a share-for-share basis at the option of the holder.

Sentiment

Score: 7

Explanation: The acquisition of a significant block of shares by a related party, even as repayment of a note, generally indicates a degree of confidence in the company's value and future prospects.

Positives

• An entity associated with a significant shareholder (member of a 13(d) Group) increased its stake in Madison Square Garden Entertainment Corp., potentially signaling confidence in the company's future.
• The acquisition of Class B shares, which are convertible to Class A, provides flexibility and potential for future liquidity for the Reporting Person.

Negatives

• The repayment of a promissory note with shares instead of cash could indicate a preference to conserve cash by the issuer, or a specific agreement between the parties. Without further context on the promissory note, it is difficult to definitively categorize this as negative, but it is a point of note.

Related Party Transactions

• The transaction involves the Kathleen M. Dolan 2012 Descendants Trust, identified as a member of a 13(d) Group, receiving shares from Madison Square Garden Entertainment Corp. in repayment of a promissory note. This constitutes a transaction between related parties.

Stakeholder Impact

• Shareholders: May view the acquisition of shares by a significant related party as a positive signal, potentially indicating confidence in the company's valuation and future performance.
• Creditors (specifically the Reporting Person): Received equity in lieu of cash for a promissory note, which changes their exposure from debt to equity.

Key Dates

Recommendation

While the acquisition of shares by a related party can be seen as a positive signal of confidence, a single Form 4 filing detailing a specific transaction (repayment of a promissory note with shares) does not provide sufficient comprehensive financial or strategic information to warrant a 'buy' or 'sell' recommendation. It is a data point that should be considered alongside broader financial performance, market conditions, and strategic developments. Therefore, a 'hold' recommendation is appropriate, pending further analysis of the company's overall situation.

Keywords

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