Saga Communications (SGA) Insider Sale: 1,027 Class A Shares Disposed

Rhea-AI Filing Summary

Saga Communications insider reporting shows the Edward K. Christian Trust sold 1,027 Class A common shares on 08/07/2025 at a weighted average price of $12.5856. After the sale the trust beneficially owned 897,159 shares.

The Form 4 is signed by Judith Christian, Trustee, was filed by one reporting person, and indicates the reporting person is a Director. A footnote states the shares were sold in multiple transactions at prices ranging from $12.50 to $12.70, and the reporting person offers to provide the breakdown on request.

Positive

• Weighted average price and price range disclosed, improving transparency about execution (weighted avg $12.5856; range $12.50–$12.70).
• Sale size is small relative to post-sale holdings (1,027 shares vs 897,159 beneficially owned, ~0.11%).
• Form is signed by the trustee (Judith Christian), indicating authorized reporting.

Negative

• Disposition reduces beneficial ownership by 1,027 shares.
• Transaction was a sale (code S), which is a decrease in insider shareholding.

Insights

Financial Analyst

TL;DR: Trustee sold a small block—1,027 shares—at a weighted average of $12.5856, reducing holdings to 897,159 shares.

The transaction is recorded as a sale (code S) on 08/07/2025. The disposed amount represents approximately 0.11% of the trust's post-sale reported holdings (1,027 of 897,159), indicating a de minimis change in disclosed ownership. The weighted average price and the reported price range provide useful execution detail for investors tracking insider activity. No derivative transactions or other material changes are reported.

Corporate Governance Expert

TL;DR: Filing is transparent and properly signed; the trustee discloses price range and offers further breakdown on request.

The Form 4 includes a signed certification by the trustee and an explicit footnote stating the shares were sold across multiple trades at prices between $12.50 and $12.70, with a weighted average of $12.5856. That level of disclosure supports transparency and allows compliance review. The reported relationship marks the reporting person as a Director. No indications of material governance events beyond the routine sale are present in the filing.

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)
08/07/2025

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	08/07/2025		S		1,027	D	$12.5856(1)	897,159	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 $12.70, 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	08/07/2025
	** 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 was reported for SGA (Saga Communications)?

The Form 4 reports a sale of 1,027 Class A common shares on 08/07/2025.

At what price were the SGA shares sold?

The shares were sold at a weighted average price of $12.5856, with individual trades ranging from $12.50 to $12.70.

Who reported the transaction for SGA?

The reporting person is the Edward K. Christian Trust, and the Form 4 is signed by Judith Christian, Trustee.

How many SGA shares does the trust own after the sale?

After the reported sale the trust beneficially owned 897,159 shares.

Was the filing submitted by more than one reporting person?

No; the form indicates it was filed by one reporting person.