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

Rhea-AI Filing Summary

Saga Communications insider sale reported on Form 4. The Edward K. Christian Trust reported the sale of 1,727 shares of Saga Communications, Inc. (SGA) on 08/22/2025 at a weighted average price of $13.29. After the reported transactions the trust beneficially owns 895,432 shares, held directly. The filing indicates the reporting person is affiliated with the issuer as a Director and a 10% owner. The trustee, Judith Christian, signed the Form 4 on 08/26/2025. A footnote states sale prices ranged from $13.20 to $13.41 and that breakdowns by price are available on request.

Positive

• Disclosure compliance: Form 4 filed with required details and trustee signature
• Large retained stake: Reporting person continues to beneficially own 895,432 shares after the sale

Negative

• Insider sale: Reporting person sold 1,727 shares on 08/22/2025 at a weighted average price of $13.29

Insights

Financial Analyst

TL;DR Insider reported a small block sale versus a large remaining holding; transaction disclosed in compliance with Section 16.

The Form 4 documents a sale of 1,727 Class A common shares at a weighted average price of $13.29, leaving the Edward K. Christian Trust with 895,432 shares beneficially owned and reported as direct ownership. The disclosure is complete with a footnote detailing the price range ($13.20–$13.41) and an offer to provide per-price breakdowns. From a trading-impact perspective, the sale size is small relative to the remaining stake disclosed.

Corporate Governance Expert

TL;DR Filing shows timely, standard insider reporting by a director/10% owner through a trustee signature.

The document identifies the reporting entity as the Edward K. Christian Trust, notes the reporter's role as a director and 10% owner, and is signed by trustee Judith Christian. The Form 4 includes the required explanatory footnote on weighted average pricing and offers to provide further detail on per-transaction prices. The filing meets disclosure norms for Section 16 insiders.

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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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)
08/22/2025

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	08/22/2025		S		1,727	D	$13.29(1)	895,432	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 $13.20 to $13.41, 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	08/26/2025
	** 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 the Edward K. Christian Trust report on Form 4 for SGA?

The trust reported a sale of 1,727 Class A common shares of Saga Communications (SGA) on 08/22/2025 at a weighted average price of $13.29.

How many SGA shares does the trust beneficially own after the transaction?

The filing shows the trust beneficially owns 895,432 shares of SGA following the reported sale.

What relationship does the reporting person have to Saga Communications (SGA)?

The Form 4 indicates the reporting person is identified as a Director and a 10% owner of the issuer.

When was the Form 4 signed and by whom?

The Form 4 was signed by Judith Christian, Trustee on 08/26/2025.

What price range is disclosed for the sale on the Form 4?

A footnote states the shares were sold in multiple transactions at prices ranging from $13.20 to $13.41, with a weighted average of $13.29.