Company: SGA
Filing Date: 2025-06-27
Form Type: 11-K
Source: 0001558370-25-008957
Chunk: 6

Company: SAGA COMMUNICATIONS INC
Filing Date: 2025-06-27
Form: 11-K
Chunk 6
---
 that price. The mutual funds held by the Plan are deemed to be actively traded. Saga Common Stock– The Saga common stock is the Company’s Class A common stock valued at the closing price reported on the NASDAQ exchange. The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future values. Furthermore, while the Company believes the Plan’s valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair market value of certain financial instruments could result in a different fair value measurement result at the reporting date.

10

Saga Communications, Inc. Employees’ 401(k) Savings and Investment Plan Notes to Financial Statements (continued) The following tables set forth by level, within the fair value hierarchy, the Plan’s assets carried at fair value.

|                           |     | Assets at Fair Value as of December 31, 2024 |            |     |         |   |     |         |   |     |       |            |
|:--------------------------|:----|:---------------------------------------------|-----------:|:----|:--------|:--|:----|:--------|:--|:----|:------|-----------:|
|                           |     | Level 1                                      |            |     | Level 2 |   |     | Level 3 |   |     | Total |            |
| Mutual Funds              |     | $                                            | 32,481,982 |     | $       | — |     | $       | — |     | $     | 32,481,982 |
| Saga Common Stock         |     |                                              |  1,749,174 |     |         | — |     |         | — |     |       |  1,749,174 |
| Investments at fair value |     | $                                            | 34,231,156 |     | $       | — |     | $       | — |     | $     | 34,231,156 |

|                           |     | Assets at Fair Value as of December 31, 2023 |            |     |         |   |     |         |   |     |       |            |
|:--------------------------|:----|:---------------------------------------------|-----------:|:----|:--------|:--|:----|:--------|:--|:----|:------|-----------:|
|                           |     | Level 1                                      |            |     | Level 2 |