SGA Form 4: Trustee Sells 316 Shares, Holds 893,481

Rhea-AI Filing Summary

Saga Communications, Inc. (SGA) reporting person Edward K. Christian Trust disclosed an insider sale. On 09/26/2025 the trustee sold 316 shares of Class A common stock at a weighted average price of $12.5071 per share. After the sale the reporting person beneficially owned 893,481 shares, held directly. The filing was signed by Judith Christian, Trustee on 09/29/2025. The footnote states the reported price is a weighted average reflecting multiple sale prices between $12.50 and $12.51 and offers to provide a breakdown on request.

Positive

• Timely disclosure of insider transaction filed and signed within three days of the trade
• Detailed price disclosure provided as a weighted average with offer to supply per-price breakdown

Negative

• Insider disposition of shares occurred (316 shares sold), which is a reduction in the reporting person\'s stake

Insights

Corporate Governance Expert

TL;DR Small, routine insider sale disclosed promptly; ownership remains substantial and disclosure meets Section 16 requirements.

The Form 4 shows a modest disposition of 316 shares by the Edward K. Christian Trust with continuing beneficial ownership of 893,481 shares. The filing is properly signed and includes a footnote clarifying the weighted average price and willingness to provide detailed breakdowns. From a governance perspective this reflects routine liquidity by an insider rather than a change in control or governance posture.

Securities Analyst

TL;DR Insider sale is immaterial to capitalization; transaction disclosed with price detail enabling market transparency.

The sale size (316 shares) is negligible relative to the reported post-transaction holding, so it is unlikely to affect outstanding float or market dynamics. The weighted average price of $12.5071, and the narrow price range ($12.50–$12.51), are disclosed in a footnote, which supports precise recordkeeping and regulatory compliance.

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

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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).

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)
09/26/2025

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	09/26/2025		S		316	D	$12.5071(1)	893,481	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 $12.51, 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	09/29/2025
	** 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 insider transaction did Saga Communications (SGA) report on Form 4?

The Edward K. Christian Trust reported a sale of 316 Class A shares on 09/26/2025.

At what price were the SGA shares sold by the reporting person?

The shares were sold at a weighted average price of $12.5071 per share, with individual prices ranging from $12.50 to $12.51.

How many SGA shares does the reporting person own after the transaction?

Following the reported sale the reporting person beneficially owned 893,481 shares held directly.

Who signed the Form 4 for the Edward K. Christian Trust?

The Form 4 was signed by Judith Christian, Trustee on 09/29/2025.

Does the filing provide details if multiple sale prices were used?

Yes. The filing notes the reported price is a weighted average of multiple transactions and offers to provide the number of shares sold at each price on request.