Madison Square Garden Entertainment Corp.

Previous wording

This MD&A is provided as a supplement to, and should be read in conjunction with, the Company’s unaudited condensed and consolidated financial statements and accompanying notes thereto included in this Quarterly Report on Form 10-Q, as well as the 2025 Form 10-K, to help provide an understanding of our financial condition, changes in financial condition and results of operations. Unless the context otherwise requires, all references to “we”, “us”, “our”, “MSG Entertainment”, or the “Company” refer collectively to Madison Square Garden Entertainment Corp., a holding company, and its direct and indirect subsidiaries through which substantially all of our operations are conducted.

Current wording

This MD&A is provided as a supplement to, and should be read in conjunction with, the Company’s unaudited condensed consolidated financial statements and accompanying notes thereto included in this Quarterly Report on Form 10-Q, as well as the 2025 Form 10-K, to help provide an understanding of our financial condition, changes in financial condition and results of operations. Unless the context otherwise requires, all references to “we”, “us”, “our”, “MSG Entertainment”, or the “Company” refer collectively to Madison Square Garden Entertainment Corp., a holding company, and its direct and indirect subsidiaries through which substantially all of our operations are conducted.

Previous wording

Results of Operations. This section provides an analysis of our unaudited results of operations for the three and six months ended December 31, 2025 and 2024.

Current wording

Results of Operations. This section provides an analysis of our unaudited results of operations for the three and nine months ended March 31, 2026 and 2025.

Previous wording

Liquidity and Capital Resources. This section provides a discussion of our financial condition and liquidity, an analysis of our cash flows for the six months ended December 31, 2025 and 2024, as well as certain contractual obligations.

Current wording

Liquidity and Capital Resources. This section provides a discussion of our financial condition and liquidity, an analysis of our cash flows for the nine months ended March 31, 2026 and 2025, as well as certain contractual obligations.

Previous wording

Comparison of the three and six months ended December 31, 2025 versus the three and six months ended December 31, 2024.

Current wording

Comparison of the three and nine months ended March 31, 2026 versus the three and nine months ended March 31, 2025.

Previous wording

(a) Arena license fees and other leasing revenue are recognized on a straight-line basis and are comprised of a contractual cash component plus or minus a non-cash component for each period presented. Arena license fees include operating lease revenue of (i) $20,185 and $21,064 collected in cash for thethree and six months ended December 31, 2025, respectively, and$17,447 and $18,301 collected in cash for thethree and six months ended December 31, 2024, respectively, and (ii) a non-cash portion of$10,093 and$10,538 for the three and six months ended December 31, 2025, respectively, and$9,514 and$9,984 for the three and six months ended December 31, 2024, respectively.

Current wording

(a) Arena license fees and other leasing revenue are recognized on a straight-line basis and are comprised of a contractual cash component plus or minus a non-cash component for each period presented. Arena license fees include operating lease revenue of (i) $20,185 and $41,249 collected in cash for the three and nine months ended March 31, 2026, respectively, and $21,747 and $40,048 collected in cash for the three and nine months ended March 31, 2025, respectively, and (ii) a non-cash portion of $10,093 and $20,631 for the three and nine months ended March 31, 2026, respectively, and $11,848 and $21,832 for the three and nine months ended March 31, 2025, respectively.

Previous wording

For the three months ended December 31, 2025, the increase in revenues from entertainment offerings of $42,177 was primarily due to (i) higher revenues from the presentation of the Christmas Spectacular production of $18,597, (ii) higher revenues from other live entertainment and sporting events (excluding the Knicks and Rangers) of $11,774, (iii) higher revenues subject to the sharing of economics with MSG Sports pursuant to the Arena License Agreements of $5,947, and (iv) higher revenues from venue-related sponsorship, signage, and suite license fees of $5,155, slightly offset by (v) lower revenues from concerts of $1,227, all as compared to the prior year period.

Current wording

For the three months ended March 31, 2026, the increase in revenues from entertainment offerings of $5,474 was primarily due to (i) higher revenues subject to the sharing of economics with MSG Sports pursuant to the Arena License Agreements of $5,431, (ii) higher revenues from concerts of $3,732, (iii) higher revenues from venue-related sponsorship, signage, and suite license fees of $3,106, and (iv) higher revenues from the presentation of the Christmas Spectacular production of $1,313, partially offset by (v) lower revenues from other live entertainment and sporting events (excluding the Knicks and Rangers) of $7,714, all as compared to the prior year period.

Previous wording

The increase in revenues subject to the sharing of economics with MSG Sports pursuant to the Arena License Agreements of $5,947 was primarily due to higher suite license fee revenues (excluding the portion retained by the Company).

Current wording

The increase in revenues subject to the sharing of economics with MSG Sports pursuant to the Arena License Agreements of $5,431 was primarily due to higher suite license fee revenues (excluding the portion retained by the Company).

Previous wording

The increase in revenues of $5,155 from venue-related sponsorship, signage, and suite license fees was due to higher suite license fee revenues (excluding the portion shared with MSG Sports pursuant to the Arena License Agreements) and higher sponsorship and signage revenues.

Current wording

The increase in revenues from venue-related sponsorship, signage, and suite license fees of $3,106 was due to higher suite license fee revenues (excluding the portion shared with MSG Sports pursuant to the Arena License Agreements) and higher sponsorship and signage revenues.

Previous wording

The increase in revenues of $18,597 from the presentation of the Christmas Spectacular production was primarily due to an increase in ticket-related revenue, which reflected 14 additional performances and higher per-show revenue, both as compared to the prior year period. The increase in per-show revenue was primarily due to a higher average ticket yield and, to a lesser extent, higher per-show attendance as compared to the prior year period. The Company had 215 Christmas Spectacular performances during this year’s holiday season, of which 199 took place in the three months ended December 31, 2025, as compared to 200 performances in the prior year’s holiday season, of which 185 took place in the three months ended December 31, 2024. For this year’s holiday season, over 1.2 million tickets were sold, as compared to approximately 1.1 million tickets sold in the prior year’s holiday season.

Current wording

The increase in revenues from the presentation of the Christmas Spectacular production of $1,313 was primarily due to an increase in ticket-related revenue, which reflected higher per-show revenue and one additional performance, both as compared to the prior year period. The increase in per-show revenue was primarily due to higher per-show attendance.

Previous wording

The decrease in revenues of $1,227 from concerts was primarily due to a decrease in the number of events at The Garden, partially offset by higher per-concert revenue and an increase in the number of events at the Company’s theaters.

Current wording

The decrease in revenues from other live entertainment and sporting events (excluding the Knicks and Rangers) of $7,714 was primarily due to a decrease in the number of events at the Company’s venues, partially offset by higher per-event revenue.

Previous wording

For the six months ended December 31, 2025, the increase in revenues from entertainment offerings of $58,406 was primarily due to (i) higher revenues from the presentation of the Christmas Spectacular production of $19,436, (ii) higher revenues from other live entertainment and sporting events (excluding the Knicks and Rangers) of $18,580, (iii) higher revenues from concerts of $7,036, (iv) higher revenues subject to the sharing of economics with MSG Sports pursuant to the Arena License Agreements of $6,269, and (v) higher revenues from venue-related sponsorship, signage, and suite license fees of $5,617, all as compared to the prior year period.

Current wording

For the nine months ended March 31, 2026, the increase in revenues from entertainment offerings of $63,880 was primarily due to (i) higher revenues from the presentation of the Christmas Spectacular production of $20,749, (ii) higher revenues subject to the sharing of economics with MSG Sports pursuant to the Arena License Agreements of $11,700, (iii) higher revenues from other live entertainment and sporting events (excluding the Knicks and Rangers) of $10,866, (iv) higher revenues from concerts of $10,769, and (v) higher revenues from venue-related sponsorship, signage, and suite license fees of $8,723, all as compared to the prior year period.

Previous wording

The increase in revenues of $7,036 from concerts was primarily due to higher per-concert revenue and an increase in the number of events at the Company’s theaters, partially offset by a decrease in the number of events at The Garden.

Current wording

The increase in revenues from concerts of $10,769 was primarily due to higher per-concert revenue and an increase in the number of concerts at The Garden.

Previous wording

For the six months ended December 31, 2025, the increase in food, beverage, and merchandise revenues of $8,865 was primarily due to (i) higher food and beverage sales at other live entertainment and sporting events (excluding the Knicks and Rangers) of $3,724, (ii) higher food and beverage sales of $3,304 at Knicks and Rangers games, and (iii) and higher food, beverage and merchandise sales of $2,638 related to the Christmas Spectacular production, partially offset by (iv) lower food and beverage sales of $833 at concerts at the Company’s venues, all as compared to the prior year period.

Current wording

For the three months ended March 31, 2026, the decrease in food, beverage, and merchandise revenues of $727 was primarily due to (i) lower food and beverage sales of $2,788 at Knicks and Rangers games, partially offset by (ii) higher food and beverage sales of $2,354 at concerts at the Company’s venues, all as compared to the prior year period.

Previous wording

The increase in food and beverage sales of $3,254 at Knicks and Rangers games was due to the impact of a combined four more Knicks and Rangers games played at The Garden and, higher per-game revenue.

Current wording

The decrease in food and beverage sales at Knicks and Rangers games of $2,788 was primarily due to the impact of a combined five fewer Knicks and Rangers games played at The Garden.

Previous wording

For the three months ended December 31, 2025, the increase in food, beverage, and merchandise revenues of $5,003 was primarily due to (i) higher food and beverage sales of $3,254 at Knicks and Rangers games, (ii) higher food, beverage and merchandise sales of $2,694 related to the Christmas Spectacular production and (iii) higher food and beverage sales at other live entertainment and sporting events (excluding the Knicks and Rangers) of $2,342, partially offset by (iv) lower food and beverage sales of $3,294 at concerts at the Company’s venues, all as compared to the prior year period.

Current wording

For the nine months ended March 31, 2026, the increase in food, beverage, and merchandise revenues of $8,138 was primarily due to (i) higher food and beverage sales at other live entertainment and sporting events (excluding the Knicks and Rangers) of $3,483, (ii) higher food, beverage, and merchandise sales related to the Christmas Spectacular production of $2,874, and (iii) higher food and beverage sales of $1,520 at concerts at the Company’s venues, all as compared to the prior year period.

Previous wording

For the three and six months ended December 31, 2025, the increase in arena license fees and other leasing revenue of $5,343, and $4,800, respectively, was due to higher arena license fees from MSG Sports pursuant to the Arena License Agreements due to a combined four more Knicks and Rangers games played at The Garden in the current year periods, and an increase in other sublease revenue.

Current wording

For the three months ended March 31, 2026, the decrease in arena license fees and other leasing revenue of $952 was primarily due to lower arena license fees from MSG Sports pursuant to the Arena License Agreements due to fewer Knicks and Rangers games played at The Garden as compared to the prior year period, partially offset by an increase in other leasing revenue.

Previous wording

For the three and six months ended December 31, 2025, the Knicks and Rangers played a combined 39 and 41 pre/regular season games at The Garden, respectively, as compared to 35 and 37 combined pre/regular season games, respectively, in the prior year periods.

Current wording

For the three and nine months ended March 31, 2026, the Knicks and Rangers played a combined 38 and 79 pre/regular season games at The Garden, respectively, as compared to 43 and 80 combined pre/regular season games, respectively, in the prior year periods.

Previous wording

Direct operating expenses for the three and six months ended December 31, 2025 increased $15,582 and $20,243, respectively, as compared to the prior year periods.

Current wording

Direct operating expenses for the three and nine months ended March 31, 2026 increased $7,923 and $28,166, respectively, as compared to the prior year periods.

Previous wording

For the three months ended December 31, 2025, the increase in direct operating expenses associated with entertainment offerings, arena license fees, and other leasing of $11,768 primarily reflects (i) higher direct operating expenses subject to the sharing of economics with MSG Sports pursuant to the Arena License Agreements of $5,263, primarily due to expenses incurred as a result of the increase in suite license fee revenues, (ii) higher direct operating expenses related to the Christmas Spectacular production of $5,039 incurred as a result of 14 additional shows and higher per-show expenses, and (iii) higher direct operating expenses from other live entertainment and sporting events (excluding the Knicks and Rangers) of $3,030, primarily due to an increase in the number of events at The Garden and, to a lesser extent, higher per-event expenses, partially offset by (iv) lower direct operating expenses from concerts of $1,407, primarily due to a decrease in the number of concerts at The Garden, partially offset by higher per-concert expenses and an increase in the number of concerts at the Company’s theaters, all as compared to the prior year period.

Current wording

For the three months ended March 31, 2026, the increase in direct operating expenses associated with entertainment offerings, arena license fees, and other leasing of $10,345 primarily reflects (i) higher direct operating expenses subject to the sharing of economics with MSG Sports pursuant to the Arena License Agreements of $5,035, primarily due to expenses incurred as a result of the increase in suite license fee revenues, (ii) higher direct operating expenses from concerts of $2,603, primarily due to an increase in the number of concerts at The Garden, partially offset by a decrease in the number of concerts at the Company’s theaters, (iii) an increase in venue operating costs of $2,397, primarily due to higher employee compensation and benefits, as well as higher repairs and maintenance expenses, and (iv) higher costs from venue-related sponsorship, signage, and suite license fees of $808, primarily due to expenses incurred as a result of the increase in sponsorship and signage revenues and suite license fee revenues, partially offset by (v) lower direct operating expenses from other live entertainment and sporting events (excluding the Knicks and Rangers) of $2,001, due to a decrease in the number of events at the Company’s venues, partially offset by higher per-event expenses, all as compared to the prior year period.

Previous wording

For the six months ended December 31, 2025, the increase in direct operating expenses associated with entertainment offerings, arena license fees, and other leasing of $13,860 primarily reflects (i) higher direct operating expenses from other live entertainment and sporting events (excluding the Knicks and Rangers) of $7,865, primarily due to an increase in the number of events at the Company’s venues and higher-per event expenses, (ii) higher direct operating expenses subject to the sharing of economics with MSG Sports pursuant to the Arena License Agreements of $5,554, primarily due to expenses incurred as a result of the increase in suite license revenues, and (iii) higher direct operating expenses related to the Christmas Spectacular production of $4,811, primarily due to 14 additional shows, partially offset by (iv) lower direct operating expenses from concerts of $2,637, primarily due to a decrease in the number of events at The Garden and lower per-event expenses, partially offset by an increase in the number of events at the Company’s theaters, and (v) a decrease in venue operating costs of $1,961, all as compared to the prior year period.

Current wording

For the nine months ended March 31, 2026, the increase in direct operating expenses associated with entertainment offerings, arena license fees, and other leasing of $24,205 primarily reflects (i) higher direct operating expenses subject to the sharing of economics with MSG Sports pursuant to the Arena License Agreements of $10,588, primarily due to expenses incurred as a result of the increase in suite license revenues, (ii) higher direct operating expenses from other live entertainment and sporting events (excluding the Knicks and Rangers) of $5,863, primarily due to higher-per event expenses and an increase in the number of events at The Garden, partially offset by a decrease in the number of events at the Company’s theaters, (iii) higher direct operating expenses related to the Christmas Spectacular production of $4,759, primarily due to fifteen additional shows, and (iv) higher costs from venue-related sponsorship, signage, and suite license fees of $1,909, primarily due to expenses incurred as a result of the increase in suite license revenues, all as compared to the prior year period.

Previous wording

For the three months ended December 31, 2025, the increase in food, beverage and merchandise direct operating expenses of $3,814 primarily reflects higher food, beverage and merchandise costs related to Knicks and Rangers games at The Garden, the Christmas Spectacular production, and other live entertainment and sporting events (excluding the Knicks and Rangers), partially offset by lower food and beverage costs related to concerts, all as compared to the prior year period.

Current wording

For the three months ended March 31, 2026, the decrease in food, beverage, and merchandise direct operating expenses of $2,422 primarily reflects lower food, beverage and merchandise costs related to Knicks and Rangers games at The Garden, partially offset by higher food and beverage costs related to concerts, all as compared to the prior year period.

Previous wording

For the six months ended December 31, 2025, the increase in food, beverage and merchandise direct operating expenses of $6,383 primarily reflects higher food, beverage and merchandise costs related to Knicks and Rangers games at The Garden, other live entertainment and sporting events (excluding the Knicks and Rangers), and the Christmas Spectacular production, all as compared to the prior year period.

Current wording

For the nine months ended March 31, 2026, the increase in food, beverage, and merchandise direct operating expenses of $3,961 primarily reflects higher food, beverage, and merchandise costs related to other live entertainment and sporting events (excluding the Knicks and Rangers), the Christmas Spectacular production, and concerts, all as compared to the prior year period.

Previous wording

For the three and six months ended December 31, 2025, selling, general, and administrative expenses increased $11,170 and $22,009, respectively, as compared to the prior year periods, primarily due to an increase in employee compensation and benefits, including $3,970 in executive management transition costs in the current year periods as compared to $4,544 of executive management transition costs in the prior year periods.

Current wording

For the nine months ended March 31, 2026, the increase of $30,852 was primarily due to (i) an increase in employee compensation and benefits, including $3,970 in executive management transition costs in the current year period as compared to $4,562 of executive management transition costs in the prior year period, (ii) higher rent expense, and (iii) other cost increases.

Previous wording

For the six months ended December 31, 2025, impairment of long-lived assets increased $13,782, as compared to the prior year period, primarily due to impairment losses recognized on the Company’s right-of-use lease assets in its New York corporate office.

Current wording

For the three and nine months ended March 31, 2026, impairment of long-lived assets decreased $9,700 and increased $4,082, respectively, as compared to the prior year periods, primarily due to the timing of when impairment losses were recognized on the Company’s right-of-use lease assets in its New York corporate office. In Fiscal Year 2026 impairment losses of $13,782 were recognized in the three months ended September 30, 2025, while in Fiscal Year 2025 impairment losses of $9,700 were recognized in the three months ended March 31, 2025.

Previous wording

For the three and six months ended December 31, 2025, restructuring charges increased $1,156 and $2,386, respectively, as compared to the prior year periods, which reflects termination benefits provided due to a workforce reduction.

Current wording

For the three and nine months ended March 31, 2026, restructuring charges increased $8,539 and $10,925, respectively, as compared to the prior year periods, which primarily reflects termination benefits provided as part of a voluntary exit program the Company implemented duringthe three months ended March 31, 2026.

Previous wording

For the three and six months ended December 31, 2025, operating income increased by $24,814 and $13,557, respectively. The increase in operating income for the three months ended December 31, 2025 was primarily due to an increase in revenues, partially offset by an increase in direct operating expenses and selling, general and administrative expenses. The increase in operating income for the six months ended December 31, 2025 was primarily due to an increase in revenues, partially offset by an increase in direct operating expenses, selling, general and administrative expenses and impairment of long-lived assets.

Current wording

For the three and nine months ended March 31, 2026, operating income decreased by $11,226 and increased by $2,331, respectively, as compared to the prior year periods. The decrease in operating income for the three months ended March 31, 2026 was primarily due to an increase in selling, general and administrative expenses, restructuring charges, and direct operating expenses, partially offset by a decrease in impairment of long-lived assets, and an increase in revenues. The increase in operating income for the nine months ended March 31, 2026 was primarily due to an increase in revenues, partially offset by an increase in selling, general and administrative expenses, direct operating expenses, restructuring charges, and impairment of long-lived assets.

Previous wording

For the three and six months ended December 31, 2025, interest income increased $448 and $596, respectively, as compared to the prior year periods, primarily due to higher average balances in the Company’s cash, cash equivalents and restricted cash.

Current wording

For the three and nine months ended March 31, 2026, interest income increased $1,535 and $2,131, respectively, as compared to the prior year periods, primarily due to higher average balances in the Company’s cash, cash equivalents and restricted cash.

Previous wording

For the three and six months ended December 31, 2025, interest expense decreased $2,532 and $5,547, respectively, as compared to the prior year periods primarily due to lower average borrowing rates under the National Properties Facilities (as defined below under Liquidity and Capital Resources).

Current wording

For the three and nine months ended March 31, 2026, interest expense decreased $2,379 and $7,926, respectively, as compared to the prior year periods primarily due to lower average interest rates and lower average borrowings under the National Properties Facilities (as defined below under Liquidity and Capital Resources).

Previous wording

For the three and six months ended December 31, 2025, other expense, net decreased $372 and $969, respectively, as compared to the prior year periods primarily due to (i) lower net periodic benefit costs associated with the Company’s funded and unfunded and qualified and non-qualified defined benefit plans, and (ii) an increase in unrealized gains associated with the Company’s Executive Deferred Compensation Plan.

Current wording

For the three and nine months ended March 31, 2026, other expense, net decreased $249 and $1,218, respectively, as compared to the prior year periods. The decrease in other expense, net for the three months ended March 31, 2026 was primarily due to lower net periodic benefit costs associated with the Company’s funded and unfunded and qualified and non-qualified defined benefit plans. The decrease in other expense, net for the nine months ended March 31, 2026 was primarily due to (i) lower net periodic benefit costs associated with the Company’s defined benefit plans, and (ii) an increase in unrealized gains associated with the Company’s Executive Deferred Compensation Plan.

Previous wording

See Note 11. Additional Financial Information to the financial statements included in “— Item 1. Financial Statements” of this Quarterly Report on Form 10-Q for discussions of the Company’s income tax expense.

Current wording

See Note 12. Additional Financial Information to the condensed consolidated financial statements included in “— Item 1. Financial Statements” of this Quarterly Report on Form 10-Q for discussions of the Company’s income tax expense.

Previous wording

The following is a reconciliation of operating income to adjusted operating income for the three and six months ended December 31, 2025 as compared to the prior year periods:

Current wording

The following is a reconciliation of operating income to adjusted operating income for the three and nine months ended March 31, 2026 as compared to the prior year periods:

Previous wording

We regularly monitor and assess our ability to meet our net funding and investing requirements. As of December 31, 2025, the Company’s unrestricted cash and cash equivalents balance was $157,056. The principal balance of the Company’s total debt outstanding as of December 31, 2025 was $594,141 and the Company had $132,573 of available borrowing capacity under the National Properties Revolving Credit Facility. We believe we have sufficient liquidity from cash and cash equivalents, available borrowing capacity under the National Properties Revolving Credit Facility and cash flows from operations to fund our operations and satisfy any obligations for the foreseeable future.

Current wording

We regularly monitor and assess our ability to meet our net funding and investing requirements. As of March 31, 2026, the Company’s unrestricted cash and cash equivalents balance was $323,094. The principal balance of the Company’s total debt outstanding as of March 31, 2026 was $586,524 and the Company had $131,831 of available borrowing capacity under the National Properties Revolving Credit Facility. We believe we have sufficient liquidity from cash and cash equivalents, available borrowing capacity under the National Properties Revolving Credit Facility and cash flows from operations to fund our operations and satisfy any obligations for the foreseeable future.

Previous wording

General. On June 27, 2025, MSG National Properties, LLC (“MSG National Properties”), MSG Entertainment Holdings, LLC (“MSG Entertainment Holdings”) and certain subsidiaries of MSG National Properties entered into Amendment No. 4 (“Amendment No. 4”) to the credit agreement dated June 30, 2022 (as amended, supplemented and otherwise modified prior to June 27, 2025, the “Prior National Properties Credit Agreement” and, as amended by Amendment No. 4, the “National Properties Credit Agreement”) with JP Morgan Chase Bank, N.A., as administrative agent, and the lenders and letter of credit issuers party thereto, pursuant to which, among other things, (i) the term loan facility under the Prior National Properties Credit Agreement (the “Prior National Properties Term Loan Facility”) was refinanced in its entirety with a five-year $609,375 senior secured term loan facility (the “National Properties Term Loan Facility”) and (ii) the revolving credit facility under the Prior National Properties Credit Agreement (the “Prior National Properties Revolving Credit Facility” and, together with the Prior National Properties Term Loan Facility, the “Prior National Properties Facilities”) was refinanced in its entirety with a five-year, $150,000 revolving credit facility (the “National Properties Revolving Credit Facility” and, together with the National Properties Term Loan Facility, the “National Properties Facilities”). Up to $25,000 of the National Properties Revolving Credit Facility is available for the issuance of letters of credit. In October 2025, the Company paid $20,000 to fully repay the outstanding borrowings under the National Properties Revolving Credit Facility. As of December 31, 2025, outstanding letters of credit were $17,427 and the remaining balance available under the National Properties Revolving Credit Facility was $132,573.

Current wording

General. On June 27, 2025, MSG National Properties, LLC (“MSG National Properties”), MSG Entertainment Holdings, LLC (“MSG Entertainment Holdings”) and certain subsidiaries of MSG National Properties entered into Amendment No. 4 (“Amendment No. 4”) to the credit agreement dated June 30, 2022 (as amended, supplemented and otherwise modified prior to June 27, 2025, the “Prior National Properties Credit Agreement” and, as amended by Amendment No. 4, the “National Properties Credit Agreement”) with JP Morgan Chase Bank, N.A., as administrative agent, and the lenders and letter of credit issuers party thereto, pursuant to which, among other things, (i) the term loan facility under the Prior National Properties Credit Agreement (the “Prior National Properties Term Loan Facility”) was refinanced in its entirety with a five-year $609,375 senior secured term loan facility (the “National Properties Term Loan Facility”) and (ii) the revolving credit facility under the Prior National Properties Credit Agreement (the “Prior National Properties Revolving Credit Facility” and, together with the Prior National Properties Term Loan Facility, the “Prior National Properties Facilities”) was refinanced in its entirety with a five-year, $150,000 revolving credit facility (the “National Properties Revolving Credit Facility” and, together with the National Properties Term Loan Facility, the “National Properties Facilities”). Up to $25,000 of the National Properties Revolving Credit Facility is available for the issuance of letters of credit. As of March 31, 2026, outstanding letters of credit were $18,169 and the remaining balance available under the National Properties Revolving Credit Facility was $131,831.

Previous wording

Interest Rates. Borrowings under the National Properties Facilities bear interest at a floating rate, which at the option of MSG National Properties may be either (a) Term Secured Overnight Financing Rate (“SOFR”) plus an applicable margin ranging from 1.75% to 2.50% per annum, determined based on the total leverage ratio of MSG National Properties and its restricted subsidiaries, or (b) a base rate plus an applicable margin ranging from 0.75% to 1.50% per annum, determined based on the total leverage ratio of MSG National Properties and its restricted subsidiaries. The National Properties Credit Agreement requires MSG National Properties to pay a commitment fee ranging from 0.20% to 0.30% in respect of the daily unused commitments under the National Properties Revolving Credit Facility. MSG National Properties is also required to pay customary letter of credit fees, as well as fronting fees, to banks that issue letters of credit pursuant to the National Properties Credit Agreement. The interest rate on the National Properties Term Loan Facility as of December 31, 2025 was 5.97%.

Current wording

Interest Rates. Borrowings under the National Properties Facilities bear interest at a floating rate, which at the option of MSG National Properties may be either (a) Term Secured Overnight Financing Rate (“Term SOFR”) plus an applicable margin ranging from 1.75% to 2.50% per annum, determined based on the total leverage ratio of MSG National Properties and its restricted subsidiaries, or (b) a base rate plus an applicable margin ranging from 0.75% to 1.50% per annum, determined based on the total leverage ratio of MSG National Properties and its restricted subsidiaries. The National Properties Credit Agreement requires MSG National Properties to pay a commitment fee ranging from 0.20% to 0.30% in respect of the daily unused commitments under the National Properties Revolving Credit Facility. MSG National Properties is also required to pay customary letter of credit fees, as well as fronting fees, to banks that issue letters of credit pursuant to the National Properties Credit Agreement. The interest rate on the National Properties Term Loan Facility as of March 31, 2026 was 5.67%.

Previous wording

The Company did not have any material changes in its contractual obligations since the end of Fiscal Year 2025 other than activities in the ordinary course of business. See Note 6. Commitments and Contingencies, to the financial statements included in “— Item 1. Financial Statements” of this Quarterly Report on Form 10-Q for further details on the Company’s contractual obligations.

Current wording

The Company did not have any material changes in its contractual obligations since the end of Fiscal Year 2025 other than activities in the ordinary course of business. See Note 7. Commitments and Contingencies, to the condensed consolidated financial statements included in “— Item 1. Financial Statements” of this Quarterly Report on Form 10-Q for further details on the Company’s contractual obligations.

Previous wording

As of December 31, 2025, cash, cash equivalents and restricted cash totaled $157,577, as compared to $43,538 as of June 30, 2025. The following table summarizes the Company’s cash flow activities for the six months ended December 31, 2025 and 2024:

Current wording

As of March 31, 2026, cash, cash equivalents and restricted cash totaled $323,653, as compared to $43,538 as of June 30, 2025. The following table summarizes the Company’s cash flow activities for the nine months ended March 31, 2026 and 2025:

Previous wording

Net cash provided by operating activities for the six months ended December 31, 2025 increased by $98,695 as compared to the prior year period, primarily due to higher net income adjusted for non-cash items of $15,236, and an increase in cash flows from changes in working capital of $83,459. The increase in cash flows from changes in working capital was mainly driven by (i) a smaller net cash outflow for accrued and other current and non-current liabilities, primarily due to lower employee-related costs and associated payroll taxes, and lower payments to promoters due to the timing of event settlements, (ii) a smaller net cash outflow from related party receivables and payables, net, due to the timing and settlement of the underlying related party transactions, primarily with MSG Sports, and (iii) a smaller net cash outflow from accounts payable, primarily due to the timing of event settlements. These increases were partially offset by (iv) a smaller net cash inflow from accounts receivable, due to the timing of cash collections from sponsors and event settlements, in each case as compared to the six months ended December 31, 2024.

Current wording

Net cash provided by operating activities for the nine months ended March 31, 2026 increased by $225,745 as compared to the prior year period, primarily due to an increase in cash flows from changes in working capital of $230,330, partially offset by lower net income adjusted for non-cash items of $4,585. The increase in cash flows from changes in working capital was mainly driven by (i) net cash inflows for accrued and other current and non-current liabilities, primarily due to lower payments to promoters due to the timing of event settlements in the current year period, compared to net cash outflows primarily as a result of employee-related costs and associated payroll taxes, and higher payments to promoters driven by the timing of event settlements in the prior year period, (ii) a larger increase in deferred revenue, due to net cash inflows from ticket sales for future events, and the timing of billings and recognition of sponsorship and signage revenues and (iii) smaller net cash outflows from accounts payable, primarily due to the timing of event settlements. These increases were partially offset by smaller net cash inflows from accounts receivable, due to the timing of cash collections related to sponsorship and signage, and suite licenses, in each case as compared to the prior year period.

Previous wording

Net cash used in investing activities for the six months ended December 31, 2025 decreased by $992 to $15,290 as compared to the prior year period primarily due to a reduction in capital expenditures, as compared to the prior year period.

Current wording

Net cash used in investing activities for the nine months ended March 31, 2026 increased by $6,076 to $25,455 as compared to the prior year period due to an increase in capital expenditures.

Previous wording

Net cash used in financing activities for the six months ended December 31, 2025 increased by $7,312 to $54,865 as compared to the prior year period primarily due to (i) a decrease in proceeds received from the National Properties Revolving Credit Facility, partially offset by (ii) lower principal repayments under the National Properties Revolving Facilities.

Current wording

Net cash used in financing activities for the nine months ended March 31, 2026 decreased by $4,527 to $62,483 as compared to the prior year period primarily due to (i) a decrease in stock repurchases, and (ii) lower principal repayments under the National Properties Facilities, partially offset by (iii) a decrease in proceeds received from borrowings under the National Properties Revolving Credit Facility.

Previous wording

See Note 2. Summary of Significant Accounting Policies, to the financial statements included in “— Item 1. Financial Statements” of this Quarterly Report on Form 10-Q for discussion of recently issued accounting pronouncements.

Current wording

See Note 2. Summary of Significant Accounting Policies, to the condensed consolidated financial statements included in “— Item 1. Financial Statements” of this Quarterly Report on Form 10-Q for discussion of recently issued accounting pronouncements.