[Form 4] Saga Communications, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Saga Communications, Inc. (SGA) Form 4: 10% owner Edward K. Christian Trust disclosed the sale of 608 Class A common shares on 07/23/2025 at a weighted-average price of $13.0242 per share. The transaction was coded “S” (open-market sale). After the sale, the Trust still directly owns 901,074 shares.

The divestiture represents approximately 0.07% of the Trust’s post-transaction holdings and an immaterial portion of SGA’s ~5.8 million shares outstanding. No derivative securities were involved, and no other changes in ownership were reported. Because the filer remains well above the 10% ownership threshold, the filing signals a routine portfolio adjustment rather than a strategic shift.

Insights

Securities Analyst

TL;DR: Minor sale (608 shares) by 10% owner; negligible ownership change—neutral signal.

The Trust’s sale amounts to roughly $8 k in proceeds and trims its stake by only 0.07%. With 901 k shares still held, insider alignment remains intact. Transaction size is too small to affect float, liquidity or valuation metrics. No concurrent corporate events were disclosed, so the filing is best viewed as routine diversification. I classify market impact as minimal.

Corporate Governance Specialist

TL;DR: Governance status unchanged; insider still a 10% holder—no red flags.

The filing confirms compliance with Section 16 reporting. Selling under 1% of holdings does not weaken control or signal governance concerns. No pattern of sustained selling is evident, and there are no derivative hedges. Therefore, the event is not impactful from a governance or control-change standpoint.

07/24/2025 - 05:31 PM

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).

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)
07/23/2025

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	07/23/2025		S		608	D	$13.0242(1)	901,074	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 $13.00 to $13.10, 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.

	Judith Christian, Trustee	07/24/2025
	** 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

How many Saga Communications (SGA) shares were sold in the latest Form 4?

The Edward K. Christian Trust sold 608 Class A common shares on 07/23/2025.

At what price were the SGA shares sold?

The weighted-average sale price was $13.0242, with individual trades ranging from $13.00 to $13.10.

What is the insider’s remaining stake after the transaction?

Following the sale, the Trust directly owns 901,074 SGA shares.

Does the transaction affect the insider’s 10% ownership status?

No. The insider still holds well above the 10% threshold, so its status remains unchanged.

Were any derivative securities involved in this Form 4?

No derivative securities were acquired or disposed of; only common stock was reported.