[Form 4] SAGA COMMUNICATIONS INC Insider Trading Activity

Rhea-AI Filing Summary

Edward K. Christian Trust, reporting person for Saga Communications Inc. (SGA), reported a sale of 581 shares of Class A Common Stock on 09/19/2025 at a weighted average price of $12.63. The footnote states the shares were sold in multiple transactions at prices ranging from $12.52 to $12.89, and the reporting person will provide details of quantities sold at each price upon request. After the reported sale, the trust beneficially owned 893,797 shares, held directly. The form is signed by Judith Christian, Trustee on 09/23/2025. The filing identifies the reporting person as a Director and a 10% owner of the issuer.

Positive

• Transparent pricing disclosure including weighted average price and explicit range ($12.52–$12.89)
• Required Form 4 elements present: reporting person, relationship, transaction details, post-transaction holdings, and trustee signature

Negative

• Reported sale of 581 shares, reducing the trust's holdings (though magnitude relative to total unknown)
• No total shares outstanding provided, so change in ownership percentage cannot be calculated from this filing alone

Insights

Financial Analyst

TL;DR: Routine insider sale of 581 shares; holdings remain large at 893,797 shares, suggesting this transaction is immaterial to ownership stake.

The Form 4 discloses a small, post-transaction beneficial ownership of 893,797 shares after disposing of 581 shares at a weighted average price of $12.63. The sale occurred across multiple transactions with prices from $12.52 to $12.89. From a quant perspective, the disclosed sale is explicitly documented and the footnote offers transparency on price ranges. There are no derivative transactions reported. Impact to outstanding ownership percentage cannot be determined from this form alone because total shares outstanding are not provided.

Corporate Governance Expert

TL;DR: Disclosure complies with Section 16 reporting; trustee signed the form and provided a clarifying footnote on transaction pricing.

The filing includes the reporting person's name and address, relationship to the issuer (Director and 10% owner), a clear statement of the non-derivative sale, and an explanatory footnote about the weighted average price and price range. The signature by the trustee is dated 09/23/2025. The document does not include any amendments or additional plans (e.g., 10b5-1) beyond the checked boxes shown. As presented, the Form 4 provides the required disclosure elements for a change in beneficial ownership.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Edward K. Christian Trust

(Last) (First) (Middle)

500 WOODWARD AVENUE

SUITE 4000

(Street)

DETROIT MI 48226

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
SAGA COMMUNICATIONS INC [ SGA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/19/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	09/19/2025		S		581	D	$12.63(1)	893,797	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $12.52 to $12.89, inclusive. The reporting person undertakes to provide Saga Communications, Inc., any security holder of Saga Communications, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote to this Form 4.

	/s/ Judith Christian, Trustee	09/23/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transaction did Edward K. Christian Trust report on Form 4 for SGA?

The trust reported the sale of 581 shares of Class A Common Stock of SGA on 09/19/2025.

At what price were the SGA shares sold by the reporting person?

The shares were sold at a weighted average price of $12.63, with individual trades ranging from $12.52 to $12.89.

How many SGA shares does the reporting person own after the transaction?

After the reported sale the reporting person beneficially owned 893,797 shares, held directly.

Who signed the Form 4 for the Edward K. Christian Trust and when?

The form is signed by Judith Christian, Trustee and dated 09/23/2025.

Does the Form 4 report any derivative transactions for SGA?

No. Table II (derivative securities) contains no reported transactions in this filing.