[Form 4] SAGA COMMUNICATIONS INC Insider Trading Activity

Rhea-AI Filing Summary

Saga Communications, Inc. reporting person Edward K. Christian Trust sold a total of 639 shares of Class A common stock across two dates, reducing direct beneficial ownership from 890,580 to 890,570 shares. On 10/06/2025 the trust sold 629 shares at a weighted average price of $13.04. On 10/07/2025 it sold 10 shares at a weighted average price of $13.001. The transactions are reported on a Form 4 filed and signed by Judith Christian, Trustee.

Positive

• None.

Negative

• Insider sale of 629 shares on 10/06/2025 at a weighted average price of $13.04.
• Insider sale of 10 shares on 10/07/2025 at a weighted average price of $13.001.

Insights

Corporate Governance Analyst

TL;DR: A director-related trust executed small, disclosed sales totaling 639 shares across two days.

The Edward K. Christian Trust sold 629 shares on 10/06/2025 at a weighted average price of $13.04 and 10 shares on 10/07/2025 at $13.001, leaving direct beneficial ownership at 890,570 shares. These are routine Section 16 transactions recorded via Form 4 and signed by the trustee.

Primary dependencies are limited to the disclosed sale quantities and prices; no option exercises or derivative transactions are reported. Near term, investors may monitor subsequent filings for additional insider activity or disclosures that could explain timing, but the current filing itself is a factual report of the sales on the stated dates.

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)
10/06/2025

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	10/06/2025		S		629	D	$13.04(1)	890,580	D
Class A Common Stock	10/07/2025		S		10	D	$13.001(2)	890,570	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 $13.25, 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.

2. The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $13.00 to $13.0100, 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	10/08/2025
	** 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 transactions did SGA report on the Form 4?

The Form 4 shows the Edward K. Christian Trust sold a total of 639 shares of Class A common stock: 629 shares on 10/06/2025 and 10 shares on 10/07/2025.

What prices were the SGA shares sold for in the Form 4?

The sales were at weighted average prices of $13.04 (range $13.00–$13.25) on 10/06/2025 and $13.001 (range $13.00–$13.0100) on 10/07/2025.

How many SGA shares does the reporting person hold after the transactions?

Following the reported sales, the reporting person holds 890,570 shares of Class A common stock as direct beneficial ownership.

Who signed the Form 4 for these SGA transactions?

The Form 4 was signed by Judith Christian, Trustee on 10/08/2025.

Were any derivative securities reported in this Form 4 for SGA?

No derivative securities (options, warrants, convertible instruments) are reported in Table II; only non-derivative Class A common stock sales are listed.