[Form 4] SAGA COMMUNICATIONS INC Insider Trading Activity

Rhea-AI Filing Summary

Saga Communications (SGA) insider reported open‑market sales of Class A Common Stock. On 10/14/2025, the filer sold 748 shares at a weighted average price of $12.5071, with trades ranging from $12.50 to $12.60. On 10/15/2025, the filer sold 682 shares at a weighted average price of $12.56, with trades ranging from $12.50 to $12.64. Following these transactions, the filer beneficially owned 889,139 shares, held directly.

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
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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)
10/14/2025

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	10/14/2025		S		748	D	$12.5071(1)	889,821	D
Class A Common Stock	10/15/2025		S		682	D	$12.56(2)	889,139	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 $12.50 to $12.60, 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.

2. The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $12.50 to $12.64, 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	10/15/2025
	** 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 did SGA’s insider report on Form 4?

Open-market sales of Class A Common Stock across two days, with updated beneficial ownership disclosed.

How many SGA shares were sold and on which dates?

The filer sold 748 shares on 10/14/2025 and 682 shares on 10/15/2025.

What prices were received for the SGA share sales?

Weighted average prices were $12.5071 on 10/14/2025 (range $12.50–$12.60) and $12.56 on 10/15/2025 (range $12.50–$12.64).

How many SGA shares does the filer now beneficially own?

The filer beneficially owned 889,139 shares following the reported transactions.

What is the ownership form of the remaining SGA shares?

The filing lists the remaining shares as held Direct (D).

Is there any detail on trade-by-trade pricing?

Yes. The filer notes weighted averages and undertakes to provide full trade details upon request.