[Form 4] SAGA COMMUNICATIONS INC Insider Trading Activity

Rhea-AI Filing Summary

The Edward K. Christian Trust, a reporting person identified as a director, reported two open-market dispositions of Saga Communications, Inc. (SGA) Class A common stock. On 10/01/2025 the trust sold 546 shares at a weighted-average price of $12.6077. On 10/02/2025 it sold 1,678 shares at $12.50. The Form 4 shows the number of shares beneficially owned after those transactions as 892,887 and 891,209, respectively. The filing includes a footnote clarifying the weighted-average price range of the sales and is signed by the trustee on 10/03/2025.

Positive

• Timely disclosure: Form 4 was signed by the trustee on 10/03/2025, shortly after the transactions.
• Transparent pricing detail: footnote provides a weighted-average price and range ($12.50 to $12.86) and offers to provide per-trade details on request.

Negative

• Insider dispositions: reported sales of 546 and 1,678 shares on 10/01/2025 and 10/02/2025 respectively.
• Reduction in beneficial ownership: reported post-transaction holdings moved to 892,887 and then 891,209 shares.

Insights

Corporate Governance Expert

Director reported modest open-market sales totaling 2,224 shares over two days.

The filing discloses two non-derivative dispositions: 546 shares on 10/01/2025 and 1,678 shares on 10/02/2025, with weighted prices noted.

This is a routine insider sale reported on Form 4 and includes a footnote explaining the weighted-average pricing across multiple transactions; the trustee executed the form on 10/03/2025. The transactions change the reported beneficial ownership totals to 892,887 and 891,209.

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

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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)
10/01/2025

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	10/01/2025		S		546	D	$12.6077(1)	892,887	D
Class A Common Stock	10/02/2025		S		1,678	D	$12.5	891,209	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 $12.86, 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	10/03/2025
	** 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 Form 4?

The trust reported two dispositions: 546 shares sold on 10/01/2025 at a weighted-average of $12.6077, and 1,678 shares sold on 10/02/2025 at $12.50.

How many total SGA shares were sold according to the Form 4?

The Form 4 reports total dispositions of 2,224 shares (546 + 1,678).

What were the reporting person’s beneficial holdings after the transactions?

Beneficial ownership is reported as 892,887 shares following the first sale and 891,209 shares following the second sale.

When was the Form 4 signed and by whom?

The Form 4 is signed by Judith Christian, Trustee on 10/03/2025.

Did the filing explain the pricing of the sales?

Yes. A footnote states the reported weighted-average price reflects multiple transactions executed at prices between $12.50 and $12.86, inclusive.