[Form 4] SAGA COMMUNICATIONS INC Insider Trading Activity

Rhea-AI Filing Summary

Edward K. Christian Trust reported a sale of 1 share of Class A common stock of Saga Communications, Inc. (SGA) on 10/08/2025 at a price of $13.03 per share. After the transaction the reporting person beneficially owned 890,569 shares. The form is signed by Judith Christian, Trustee and indicates the reporting person is a Director and listed as a 10% Owner of the issuer. No derivative transactions are reported.

Positive

• Timely disclosure of insider sale via Form 4 filed and signed by the trustee
• Large retained stake remains: 890,569 shares after the sale

Negative

• None.

Insights

Corporate Governance Analyst

Minor insider sale disclosed; ownership remains large at 890,569 shares.

The filing shows a single-share sale on 10/08/2025 at $13.03, reducing the reporter's holding by one share to 890,569 shares. The sale is coded S, indicating a sale transaction, and the form is executed by the trustee.

This transaction is de minimis in economic scale and does not change control or materially affect outstanding share counts. Watch for any subsequent filings that report larger transactions or changes in ownership percentage within the next reporting periods.

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)
10/08/2025

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	10/08/2025		S		1	D	$13.03	890,569	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:

	/s/ Judith Christian, Trustee	10/10/2025
	** 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 for SGA on 10/08/2025?

The trust reported the sale of 1 Class A common share on 10/08/2025 at $13.03, leaving beneficial ownership of 890,569 shares.

Who signed the Form 4 reporting the SGA transaction?

The Form 4 is signed by Judith Christian, Trustee on behalf of the Edward K. Christian Trust.

Does the filing show any derivative transactions for SGA?

No. Table II for derivative securities contains no reported transactions.

What is the reporting person’s relationship to SGA?

The filing indicates the reporting person is a Director and is listed as a 10% Owner.

Is this sale material to SGA’s ownership structure?

No. The sale was one share, which is de minimis compared with the reported 890,569 shares held.