SCHEDULE 13D/A 0001705447 XXXXXXXX LIVE 3 Common Stock 03/26/2025 false 0000886136 786598300 SAGA COMMUNICATIONS INC

73 Kercheval Ave Grosse Pointe Farms MI 48236

Michael Melby (312) 825-1228 c/o Gate City Capital Management, LLC 8725 W. Higgins Road, Suite 530 Chicago IL 60631 0001705447 N Gate City Capital Management, LLC WC OO N IL 863845.00 0.00 863845.00 0.00 863845.00 N 13.80 IA Y Michael Melby WC OO N X1 863845.00 0.00 863845.00 0.00 863845.00 N 13.80 IN This Schedule 13D (this "Schedule 13D") is being filed on behalf of Gate City Capital Management, LLC, an Illinois limited liability company (the "Management Company") and Michael Melby. Mr. Melby serves as the managing member of the Management Company. The Management Company serves as an adviser to certain private investment funds and managed accounts (the "Funds"). This Schedule 13D relates to Common Shares (the "Common Shares") of Saga Communications Inc (the "Issuer") held by the Funds. Common Stock SAGA COMMUNICATIONS INC 73 Kercheval Ave Grosse Pointe Farms MI 48236 The names of the persons jointly filing this statement on Schedule 13D (the "Reporting Persons") are Gate City Capital Management, LLC, an Illinois limited liability company and Michael Melby, Managing Member of Gate City Capital Management, LLC. Mr. Melby is the controlling member of Gate City Capital Management, LLC. The address of each of the Reporting Persons is 8725 W. Higgins Road, Suite 530, Chicago, IL 60631. The principal business of Gate City Capital Management, LLC is to serve as an adviser to certain private investment funds and managed accounts. Mr. Melby's principal occupation is serving as the Portfolio Manager of Gate City Capital Management, LLC. During the last five years, none of the Reporting Persons have been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors). During the last five years, none of the Reporting Persons have been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws. Gate City Capital Management, LLC is an Illinois limited liability company. Mr. Melby is a United States citizen. The source and amount of funds used by the Reporting Persons in making their purchase of the shares of Common Stock owned by each of them in the aggregate was $13,770,806 using the working capital of each of the Funds. This Amendment No. 3 amends the Schedule 13D initially filed on January 8, 2025 and subsequently amended on March 5, 2025 and March 14, 2025. On March 26, 2025, Gate City Capital Management ("Gate City") sent the letter attached as Exhibit D (the "Withdrawal Letter") to Saga Communications, Inc. ("Saga" or the "Company"). The Withdrawal Letter sets forth Gate City's intention to withdraw its nominees for election at the Company's 2025 Annual Meeting. Additionally, on March 26, 2025, Gate City sent the letter attached as Exhibit E (the "March Letter") to the Company. The March Letter highlights Gate City's continued concerns that the Company's pursuit of a digital transformation continues to have an adverse impact on the Company's financial results, operations, liquidity and share price. No material change. No material change. No material change. Not applicable. Not applicable. Other than described herein, there are no contracts, arrangements, understandings or relationships among the Reporting Person and any other person with respect to the securities of the Issuer. Gate City Capital Management, LLC /s/ Michael Melby 03/27/2025 Michael Melby /s/ Michael Melby 03/27/2025 After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. In accordance with the requirements of Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended, and subject to the limitations set forth therein, the parties set forth below agree to jointly file the Schedule 13D to which this joint filing agreement is attached, and have duly executed this joint filing agreement as of the date set forth below.