Group 1: Ariel Fund Performance - Ariel Fund delivered a +3.22% return in Q4 2025, in line with Russell 2500 Value Index (+3.15%) and Russell 2000 Value Index (+3.26%) [1] - For the trailing one-year period, the Fund advanced 14.15%, outperforming Russell 2500 Value Index (+12.73%) and Russell 2000 Value Index (+12.59%) [1] - The Fund's 5- and 10-year average annual returns were +9.36% and +9.51%, respectively [1] - Performance attributed to resilient corporate earnings, easing inflation, and rising expectations for accommodative monetary policy [1] - Continued enthusiasm around artificial intelligence and cloud infrastructure supported markets, although gains were concentrated in large-cap stocks [1] Group 2: Outlook and Strategy - The firm maintains a measured and cautious outlook for 2026, citing geopolitical risks, fiscal constraints, labor market dynamics, and elevated market concentration as potential volatility sources [1] - Management reaffirmed a long-term, bottom-up approach, emphasizing strong balance sheets, durable fundamentals, and valuation discipline [1] Group 3: Madison Square Garden Entertainment Corp. (MSGE) - Madison Square Garden Entertainment Corp. (MSGE) had a one-month return of -2.4%, with shares trading between $28.29 and $65.26 over the last 52 weeks [2] - As of March 9, 2026, MSGE stock closed at approximately $58.85 per share, with a market capitalization of about $2.8 billion [2] - MSGE outperformed on strong earnings driven by robust consumer demand for concerts and events, along with healthy sponsorship and food and beverage sales [3] - MSGE is well-positioned to benefit from redevelopment efforts at Penn Station, with Amtrak expected to select a master developer by May 2026 [3] - The company owns iconic venues like Madison Square Garden and Radio City Music Hall, capitalizing on continued demand for live entertainment [3]