Edward K. Christian Trust trims Saga Communications (SGA) stake with 5,665-share sale

Rhea-AI Filing Summary

Saga Communications Inc. insider Edward K. Christian Trust, identified as a more than 10% owner, reported an open-market sale of 5,665 shares of Class A Common Stock on February 25, 2026. The shares were sold at a weighted average price of $12.0654 per share, with individual trades executed between $12.00 and $12.27. After this transaction, the trust still directly holds 881,044 shares of Saga Communications Inc. common stock.

Insider Trade Summary

Net Seller: 5,665 shares

Net Sell 1 txn

Insider Edward K. Christian Trust

Role 10% Owner

Sold 5,665 shs ($68K)

Type	Security	Shares	Price	Value
Sale	Clas A Common Stock	5,665	$12.0654	$68K

Holdings After Transaction: Clas A Common Stock — 881,044 shares (Direct)

Footnotes (1)

1. F1. The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $12.00 to $12.27, 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.

FAQ

What insider transaction did Edward K. Christian Trust report for SAGA?

Edward K. Christian Trust reported selling 5,665 shares of Saga Communications Inc. Class A Common Stock in an open-market transaction. The sale occurred on February 25, 2026, and reflects activity by a holder identified as owning more than 10% of the company’s stock.

At what price were the SAGA shares sold by Edward K. Christian Trust?

The 5,665 Saga Communications Inc. shares were sold at a weighted average price of $12.0654 per share. According to the filing, individual trades took place in a price range from $12.00 to $12.27, with detailed breakdowns available upon request from the reporting person.

How many SAGA shares does Edward K. Christian Trust own after this sale?

Following the reported sale, Edward K. Christian Trust directly holds 881,044 shares of Saga Communications Inc. Class A Common Stock. This remaining position, disclosed in the Form 4, indicates the trust continues to be a significant shareholder with a large ongoing ownership stake.

What does the transaction code 'S' mean in the SAGA Form 4 filing?

The transaction code “S” in the Saga Communications Inc. Form 4 indicates a sale in an open market or private transaction. In this case, it reflects the disposal of 5,665 shares by Edward K. Christian Trust, executed through open-market trades within the stated price range.

Is Edward K. Christian Trust a director or officer of Saga Communications Inc.?

Edward K. Christian Trust is not listed as a director or officer of Saga Communications Inc. in this Form 4. Instead, it is identified as a more than 10% owner, indicating significant share ownership without an executive or board role specified in the filing.

How many total SAGA shares were sold in this reported insider transaction?

The reported insider transaction covered the sale of 5,665 shares of Saga Communications Inc. Class A Common Stock. These shares were sold in multiple trades on February 25, 2026, all categorized under a single open-market sale event with the code “S” in the Form 4.

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 02/27/2026 - 04:33 PM Learn about SEC filing dates

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)
02/25/2026

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
Clas A Common Stock	02/25/2026		S		5,665	D	$12.0654(1)	881,044	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 $12.00 to $12.27, 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	02/27/2026
	** 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.