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Leases - Minimum Annual Rental Commitments (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Minimum annual rental commitments
2026 (a)	$ 1,263
2027	1,569
2028	1,188
2029	752
2030	587
Thereafter	596
Total lease payments (b)	5,955
Less: Interest (c)	808
Present value of lease liabilities (d)	$ 5,147	$ 5,400

Other Income (Details) - USD ($)	3 Months Ended
Other Income (Details) - USD ($)	Mar. 31, 2026	Mar. 31, 2025
Other Income
Proceeds from the property	$ 460,000
Gain on sale of land	80,000
Proceeds from insurance claims and other	55,000
Other income	$ 55,000	$ 23,000

Stock-Based Compensation - Summary of Restricted Stock Transactions (Details) - Restricted Stock	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Shares, Non-vested and Outstanding, Beginning \| shares	278,673
Shares, Vested \| shares	3,265
Shares, Forfeited \| shares	(3,929)
Shares, Non-vested and Outstanding, Ending \| shares	271,479
Weighted Average Grant Date Fair Value, Outstanding Beginning \| $ / shares	$ 13.16
Weighted Average Grant Date Fair Value, Vested \| $ / shares	13.78
Weighted Average Grant Date Fair Value, Forfeited \| $ / shares	13.71
Weighted Average Grant Date Fair Value, Outstanding Ending \| $ / shares	$ 13.15

Subsequent Events (Details) - USD ($)		3 Months Ended
Subsequent Events (Details) - USD ($)	May 06, 2026	Mar. 31, 2026	Mar. 31, 2025
Subsequent Events
Dividends declared per share (in dollars per share)		$ 0.25	$ 0.25
Subsequent Events \| Quarterly cash dividend (Q2 2026) \| Class A Common Stock
Subsequent Events
Dividends payable declared date	May 06, 2026
Dividends declared per share (in dollars per share)	$ 0.25
Dividends paid	$ 1,600,000
Dividends payable date to be paid	Jun. 12, 2026
Dividends payable date of record	May 22, 2026

Summary of Significant Accounting Policies - Basic and diluted earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Numerator:
Net loss	$ (2,394)	$ (1,575)
Less: Loss allocated to unvested participating securities	(109)	(73)
Net loss available to common shareholders	$ (2,285)	$ (1,502)
Denominator:
Denominator for basic earnings per share - weighted average shares	6,074,000	6,123,000
Effect of dilutive securities:
Common stock equivalents	0	0
Denominator for diluted earnings per share - adjusted weighted-average shares and assumed conversions	6,074,000	6,123,000
(Loss) income per share:
Basic (in dollars per share)	$ (0.38)	$ (0.25)
Diluted (in dollars per share)	$ (0.38)	$ (0.25)
Anti-dilutive securities excluded from computation of earnings per share, amount	0	0

Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2026

Long-Term Debt

Schedule of long-term debt


	March 31,		December 31,
	2026		2025

	(In thousands)
Credit agreement	$	5,000	$	5,000
Amounts payable within one year		—		—
	$	5,000	$	5,000

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Leases (Tables)

3 Months Ended

Mar. 31, 2026

Leases.

Schedule of minimum annual rental commitments

We have no financing leases and minimum annual rental commitments under non-cancellable operating leases consisted of the following at March 31, 2026 (in thousands):


Years Ending December 31,
2026 (a)	$	1,263
2027		1,569
2028		1,188
2029		752
2030		587
Thereafter		596
Total lease payments (b)		5,955
Less: Interest (c)		808
Present value of lease liabilities (d)	$	5,147

(a)	Remaining payments are for the nine-months ending December 31, 2026.

(b)	Lease payments include options to extend lease terms that are reasonably certain of being exercised. There were no legally binding minimum lease payments for leases signed but not yet commenced at March 31, 2026.

(c)	Our leases do not provide a readily determinable implicit rate. Therefore, we must estimate our discount rate for such leases to determine the present value of lease payments at the lease commencement date.

(d)	The weighted average remaining lease term and weighted average discount rate used in calculating our lease liabilities were 4.8 years and 6.1%, respectively, at March 31, 2026.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ (2,394)	$ (1,575)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Income taxes (Details) - USD ($)	3 Months Ended
Income taxes (Details) - USD ($)	Mar. 31, 2026	Mar. 31, 2025
Income taxes
Income tax expense (benefit)	$ 670,000	$ 585,000
Effective income tax rate	21.90%	27.10%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Long-Term Debt

3 Months Ended

Mar. 31, 2026

Long-Term Debt

Long-Term Debt

9. Long-Term Debt

Long-term debt consisted of the following:


	March 31,		December 31,
	2026		2025

	(In thousands)
Credit agreement	$	5,000	$	5,000
Amounts payable within one year		—		—
	$	5,000	$	5,000

In connection with the Sale-Leaseback Transaction described in Note 13, the Company entered into a Fourth Amendment (“Fourth Amendment”) to its Credit Agreement, dated as of August 18, 2015 and amended on September 1, 2017, June 17, 2018, and December 19, 2022, between the Company, JPMorgan Chase Bank, N.A. and The Huntington National Bank (collectively, the “Lenders”), and JPMorgan Chase Bank, N.A., in its capacity as Administrative Agent for the Lenders (“Agent”), (i) reducing the aggregate amount of the Lender’s revolving commitments from $50,000,000 to $40,000,000, and (ii) releasing the Agent’s security interest in the GTC Assets, but not any proceeds paid for the GTC Assets or any other collateral (the borrowing arrangement governed by the Credit Agreement). On December 19, 2022, we entered into a Third Amendment to our Credit Agreement, (the “Third Amendment”), which extended the maturity date to December 19, 2027, reduced the lenders to JPMorgan Chase Bank, N.A., and the Huntington National Bank (collectively, the “Lenders”), established an interest rate equal to the secured overnight financing rate (“SOFR”) as administered by the SOFR Administrator (currently established as the Federal Reserve Bank of New York) as the interest base and increased the basis points.

We have pledged substantially all of our assets (excluding our FCC licenses and certain other assets) in support of the Credit Agreement and each of our subsidiaries has guaranteed the Credit Agreement and has pledged substantially all of their assets (excluding their FCC licenses and certain other assets) in support of the Credit Agreement.

Interest rates under the Credit Agreement are payable, at our option, at alternatives equal to SOFR (3.68% at March 31, 2026), plus 1% to 2% or the base rate plus 0% to 1%. The spread over SOFR and the base rate vary from time to time, depending upon our financial leverage. Letters of credit issued under the Credit Agreement will be subject to a participation fee (which is equal to the interest rate applicable to Eurocurrency Loans, as defined in the Credit Agreement) payable to each of the Lenders and a fronting fee equal to 0.25% per annum payable to the issuing bank. Under the Third Amendment, we now pay quarterly commitment fees of 0.25% per annum on the unused portion of the Credit Agreement. We previously paid quarterly commitment fees of 0.2% to 0.3% per annum on the unused portion of the Credit Agreement.

The Credit Agreement contains a number of financial covenants which, among other things, require us to maintain specified financial ratios and impose certain limitations on us with respect to investments, additional indebtedness, dividends, distributions, guarantees, liens and encumbrances. As of March 31, 2026, the Company was in compliance with all of our debt covenants with the exception of the fixed charges coverage ratio for which we obtained a waiver.

We have approximately $35 million of unused borrowing capacity under the Credit Agreement at both March 31, 2026 and December 31, 2025.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Dividends (Details) - USD ($) $ in Thousands	3 Months Ended
Dividends (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Dividends Payable [Line Items]
Cash dividends paid	$ 1,585	$ 1,604
Class A Common Stock
Dividends Payable [Line Items]
Cash dividends paid	$ 1,600	$ 1,600

Stock-Based Compensation

3 Months Ended

Mar. 31, 2026

Stock-Based Compensation

Stock-Based Compensation

8. Stock-Based Compensation

2005 Incentive Compensation Plan

On May 13, 2019 our shareholders approved an amendment to the Second Amended and Restated Saga Communications, Inc. 2005 Incentive Compensation Plan (as amended, the “The Second Restated 2005 Plan”). This plan was first approved in 2005, and subsequently re-approved in 2010 and 2013. The amendment to the Second Restated 2005 Plan (i) extended the date for making awards to September 6, 2023 and (ii) increased the number of authorized shares under the plan by 90,000 shares of Class B Common Stock. The Second Restated 2005 Plan allowed for the granting of restricted stock, restricted stock units, incentive stock options, nonqualified stock options, and performance awards to eligible employees and non-employee directors. As of December 31, 2025, there are no longer any unvested restricted stock awards for the Second Restated 2005 Plan.

2023 Incentive Compensation Plan

On May 8, 2023, our shareholders approved the 2023 Incentive Compensation Plan (the “2023 Plan”). The 2023 Plan replaces the Second Restated 2005 Plan. The Board of Directors does not intend to make any further awards under the Second Restated 2005 Plan. However, each outstanding award under the Second Restated 2005 Plan will remain outstanding under the Second Restated 2005 Plan and will continue to be governed under its terms and any applicable award agreement. The 2023 Plan allows for the granting of restricted stock, restricted stock units, incentive stock options, nonqualified stock options, and performance awards, including cash to eligible employees and non-employee directors of the Company and its subsidiaries. The number of shares of Common Stock that may be issued under the 2023 Plan may not exceed 600,000 shares of Class A Common Stock.

Stock-Based Compensation

All stock options granted were fully vested and expensed at December 31, 2012; therefore, there was no compensation expense related to stock options for the three months ended March 31, 2026 and 2025, respectively.

There were no stock options granted during 2026 or 2025 and there were no stock options outstanding as of March 31, 2026. All outstanding stock options were exercised in 2017.

The following summarizes the restricted stock transactions for the three months ended March 31, 2026:


		Weighted
		Average
		Grant Date
		Fair
	Shares	Value
Outstanding at January 1, 2026	278,673	$	13.16
Vested	3,265		13.78
Forfeited	3,929		13.71
Non-vested and outstanding at March 31, 2026	271,479	$	13.15

For the three months ended March 31, 2026 and 2025, we had $518,000 and $527,000, respectively, of total compensation expense related to restricted stock-based compensation arrangements. This expense is included in corporate general and administrative expenses in our results of operations. The associated tax benefit recognized for the three months ended March 31, 2026 and 2025 was $136,000 and $139,000, respectively.

Common Stock and Treasury Stock

3 Months Ended

Mar. 31, 2026

Common Stock and Treasury Stock

Common Stock and Treasury Stock

5. Common Stock and Treasury Stock

As previously disclosed, the Company’s Articles of Incorporation (“Articles of Incorporation”) provide that shares of Class B Common Stock automatically convert into shares of Class A Common Stock if transferred to, or owned by, any person other than the “Principal Shareholder,” as defined in the Articles of Incorporation as Edward K. Christian. Following Mr. Christian’s passing in 2022 and the transfer of his Class B shares into an estate planning trust, all outstanding shares of Class B common stock were automatically converted into shares of Class A Common Stock. As of March 31, 2026, no shares of Class B common stock are issued or outstanding.

Dividends. Shareholders are entitled to receive such dividends as may be declared by our Board of Directors out of funds legally available for such purpose. However, no dividend may be declared or paid in cash or property on any share of any class of Common Stock unless simultaneously the same dividend is declared or paid on each share of the other class of Common Stock. In the case of any stock dividend, holders of Class A Common Stock would receive the same percentage dividend payable in shares of Class A Common Stock.

Voting Rights. Holders of shares of Common Stock vote as a single class on all matters submitted to a vote of the shareholders, with each share of Class A Common Stock entitled to one vote.

The Board of Directors consisted of eight members on March 31, 2026, and currently consists of eight members. Holders of Common Stock are not entitled to cumulative voting in the election of directors.

The holders of the Common Stock vote as a single class with respect to any proposed “going private” transaction with the “Principal Shareholder” or an affiliate of the “Principal shareholder”, with each share of each class of Common Stock entitled to one vote per share.

Under Florida law, the affirmative vote of the holders of a majority of the outstanding shares of any class of Common Stock is required to approve, among other things, a change in the designations, preferences and limitations of the shares of such class of Common Stock.

Liquidation Rights. Upon our liquidation, dissolution, or winding-up, the holders of Class A Common Stock are entitled to share ratably in accordance with the number of shares held in all assets available for distribution after payment in full of creditors.

The following summarizes information relating to the number of shares of our Common Stock issued in connection with stock transactions through March 31, 2026:


	Common Stock Issued
	Class A	Class B

	(Shares in thousands)
Balance, January 1, 2025	8,183	—
Issuance of restricted stock	126	—
Forfeiture of restricted stock	(5)	—
Balance, December 31, 2025	8,304	—
Forfeiture of restricted stock	(4)	—
Balance, March 31, 2026	8,300	—

We have a Stock Buy-Back Program (the “Buy-Back Program”) to allow us to purchase up to $75.8 million of our Class A Common Stock. As of March 31, 2026, we have remaining authorization of $15.1 million for future repurchases of our Class A Common Stock. On September 14, 2017, the Board of Directors authorized the repurchase of our Class A Common Stock under our trading plan adopted pursuant to Securities and Exchange Commission Rule 10b5-1. The Rule 10b5-1 repurchase plan allows us to repurchase our shares during periods when we would normally not be active in the market due to our internal trading blackout periods. Under the plan, we may repurchase our Class A Common Stock in any combination of open market, block transactions and privately negotiated transactions subject to market conditions, legal requirements including applicable Security and Exchange Commission regulations (which include certain price, market, volume and timing constraints), specific repurchase instructions and other corporate considerations. Purchases under the plan are funded by cash on our balance sheet. The plan does not obligate us to acquire any particular amount of Class A Common Stock. Our original purchase authorization was effective until September 1, 2018 and has been extended several times, with the most recent authorization instructions extension being through May 28, 2020. We halted the directions for any additional buybacks under our plan in 2020. We continue to monitor economic conditions to determine if and when it makes sense to make additional buybacks under our plan. During the three months ended March 31, 2026, 1,067 shares were retained for the payment of withholding taxes for approximately $13,000 related to the vesting of restricted stock. During the three months ended March 31, 2025 no shares were repurchased under the Buy-Back Program.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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+ Details

Dividends

3 Months Ended

Mar. 31, 2026

Dividends

Dividends

11. Dividends

During three months ended March 31, 2026, the Company’s Board of Directors declared a quarterly cash dividend on its Class A Common Stock. This dividend totaling approximately $1.6 million was paid during the first quarter of 2026.

During three months ended March 31, 2025, the Company’s Board of Directors declared a quarterly cash dividends on its Class A Common Stock. This dividend totaling approximately $1.6 million was paid during the first quarter of 2025.

The Company intends to pay regular quarterly cash dividends in the future. Consistent with its strategic objective of maintaining a strong balance sheet and returning value to the shareholders, the Board of Directors will also continue to consider declaring special cash dividends, variable dividends and stock buybacks in the future. The declaration and payment of any future dividend, whether fixed, special, or based on the variable policy, or the implementation of any stock buyback program will remain at the full discretion of the Board and will depend on the Company’s financial results, cash requirements, future expectations, and other pertinent factors.

Recent Accounting Pronouncements

3 Months Ended

Mar. 31, 2026

Recent Accounting Pronouncements

Recent Accounting Pronouncements

2. Recent Accounting Pronouncements

New Accounting Pronouncements

In November 2024, the FASB issued ASU 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (DISE)” (“ASU 2024-03”), which requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses on an annual and interim basis. In January 2025, the FASB issued ASU 2025-01 clarifying the effective date for ASU-2024-03. ASU 2024-03 is effective for us for annual periods beginning January 1, 2027 and interim periods beginning after January 1, 2028. We are currently evaluating the impact ASU 2024-03 will have on our financial statement disclosures.

In December 2025, the FASB issued ASU 2025-11, “Interim Reporting (Topic 270): Narrow-Scope Improvements”, (“ASU 2025-11”), which clarifies the guidance in Topic 270 to improve consistency of interim financial reporting. The ASU provides a comprehensive list of required interim disclosures and introduces a disclosure principle requiring entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for annual periods beginning after December 15, 2027, and interim periods within those annual periods and early adoption is permitted. The Company is currently evaluating the impact of this standard on its financial statements, including timing and method of adoption.

In December 2025, the FASB issued ASU 2025-12, “Codification Improvements”, (“ASU 2025-12”), which provides for several updates to the codification. The amendments of ASU 2025-12 are effective for annual periods beginning after December 15, 2026, and interim periods within those annual periods and early adoption is permitted. The Company is currently evaluating the impact of this standard on its financial statements, including timing and method of adoption.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

Sale-Leaseback Transaction - Activity related to the right-of-use asset associated with the sale-leaseback transaction (Details) - USD ($) $ in Thousands	2 Months Ended	3 Months Ended
	Dec. 31, 2025	Mar. 31, 2026
Sale-Leaseback Transaction
Prepaid rent at lease commencement		$ 10,253
Prepaid rent at lease commencement	$ 10,253	9,969
Antenna site lease agreement
Sale-Leaseback Transaction
Prepaid rent at lease commencement	5,244	5,190
Amortization expense (non-cash rent expense)	(54)	(55)
Prepaid rent at lease commencement	$ 5,190	$ 5,135

Income taxes

3 Months Ended

Mar. 31, 2026

Income taxes

Income taxes

7. Income taxes

An income tax benefit of $670,000 was recorded for the three months ended March 31, 2026 compared to an income tax benefit of $585,000 for the three months ended March 31, 2025. The effective tax rate was approximately 21.9% for the three months ended March 31, 2026 compared to 27.1% for the three months ended March 31, 2025. Income tax provisions for interim (quarterly) periods are based on estimated annual income tax rates and are adjusted for the effects of significant, infrequent or unusual items (i.e. discrete items) occurring during the interim period.

- Definition

The entire disclosure for income tax.

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+ Details

Broadcast Licenses and Other Intangible Assets (Details)	Mar. 31, 2026
Favorable lease agreements \| Minimum
Finite-Lived Intangible Assets
Finite-lived intangible asset, useful life	5 years
Favorable lease agreements \| Maximum
Finite-Lived Intangible Assets
Finite-lived intangible asset, useful life	26 years
Other intangibles \| Minimum
Finite-Lived Intangible Assets
Finite-lived intangible asset, useful life	1 year
Other intangibles \| Maximum
Finite-Lived Intangible Assets
Finite-lived intangible asset, useful life	15 years
Customer relationships
Finite-Lived Intangible Assets
Finite-lived intangible asset, useful life	3 years

- Definition

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

Sale-Leaseback Transaction

3 Months Ended

Mar. 31, 2026

Sale-Leaseback Transaction

Sale-Leaseback Transaction

13. Sale-Leaseback Transaction

On October 17, 2025 (the “Closing Date”), the Company entered into an Asset Purchase Agreement (the “Purchase Agreement”) by and among the Company, GTC Uno, LLC (“GTC”) and certain of the Company’s subsidiaries (the “Subsidiaries”), under which the Subsidiaries agreed to sell 24 telecommunications towers and related real property and other assets located at 22 sites (the “GTC Assets”) for a total cash purchase price of approximately $10.7 million (the “Sale-Leaseback Transaction”). The Purchase Agreement contains customary representations and warranties made by the Company, GTC and the Subsidiaries. On the Closing Date, the parties closed on the sale of the 22 tower sites. Sales proceeds, net of brokerage commissions and certain adjustments, of approximately $10.1 million were paid to the Company, with the remaining purchase price of $400,000 remaining in escrow and not controlled by the Company as of year-end. Several towers had underlying land leases requiring consent to the sale by the land-owners. There was one tower with a consent pending as of year-end, as the other were received prior to the sale and three were received during the fourth quarter of 2025. The Company anticipates that the remaining escrowed funds will be released within the second quarter of 2026 upon receipt of landlord consent to assign the leases on the real property where the tower is located. To the extent such consent is not received, within eight months of the Closing Date, title for that site will revert to the applicable Subsidiary. Simultaneously with the closing, each Subsidiary entered into an Antenna Site Lease Agreement (a “Lease”) with GTC for the Company’s continued use of the towers that were sold, pursuant to which the Subsidiaries have agreed to make annual lease payments of $1.00 per annum. Each Lease has a term of 25 years.

The Company evaluated the Sale-Leaseback transaction under the sale-leaseback guidance in ASC 842-40 and concluded that the transfer of the properties qualified as sales because control of the assets transferred to the buyer-lessor in accordance with the guidance in ASC 606, with the exception of the one tower pending receipt of consent. The Company evaluated the lease classification criteria in ASC 842 and determined that the leasebacks are classified as operating leases.

As the contractual lease payments are nominal annual payments of $1 per lease, the present value of lease payments was not material and therefore no lease liability was recorded. In accordance with ASC 842, the Company determined that the Sale-Leaseback transaction was not at fair value based on the difference between the present value of the lease payments and the present value of market rental payments. As such, the Company adjusted the sales price of the assets to recognize the prepayment of the rent, which is included within the right-of-use assets recorded at the time of the sale and lease commencement. The prepaid rent is amortized on a straight-line basis over the 25-year lease terms and recognized within station operating expenses in the accompanying condensed consolidated statements of operations. The estimated market rent was based on comparable third-party leases, including rent escalation provisions and then discounted to present value using a rate of 9.75%. The difference between the present value of the contractual lease payments and the present value of market lease payments was determined to be $5.2 million. This amount was recorded as prepaid rent and added to the net cash proceeds of $9.85 million from the sale, after expenses, to determine the adjusted sales price of $15.1 million for purposes of calculating the gain on the sale. These proceeds do not include approximately $400,000 being held in escrow, noted above.

At the time of the transaction, the carrying value of the towers was approximately $3.5 million for the 23 towers that closed as of December 31, 2025. The Company recognized a gain on sale of $11.6 million. This gain was included in other operating (income) expense, net during the year ended December 31, 2025.

As of March 31, 2026 and December 31, 2025, the carrying value of the prepaid rent included in the right-of-use asset associated with the sale-leaseback transaction was $5.1 million and $5.2 million, respectively.

The activity related to the prepaid rent associated with the sale-leaseback transaction for the three months ended March 31, 2026 was as follows (in thousands):


			Amount
Prepaid rent at lease commencement			$ 5,244
Amortization expense (non-cash rent expense)			(54)
Prepaid rent at December 31, 2025			$ 5,190
Amortization expense (non-cash rent expense)			(55)
Prepaid rent at March 31, 2026			$ 5,135

Subsequent to March 31, 2026, in the second quarter of 2026, the Company entered into amendments to the existing Purchase Agreement and related lease arrangements (the “Amendments”) with GTC to align the previously executed documents with the intended economic substance of the transaction. Under the Amendments the Purchase Agreement was modified to provide for a $15.9 million purchase price which includes the $10.7 million up front cash payment that was previously received upon original closing, consistent with the original Purchase Agreement and new promissory notes totaling $5.2 million. In addition, the original lease agreements were modified to provide for market rent payments over the 25-year original lease terms.

The amendments to the lease arrangements have been evaluated and determined to represent lease modifications in accordance with ASC 842, Leases. Upon the modification of the lease agreements in Q2 of FY2026, the Company will record right-of-use assets and lease liabilities using the Company’s incremental borrowing rate on the date of modification. Based on the Amendments, the Sale Leaseback Transaction is determined to be at fair value as the present value of contractual lease payments equals the present value of market lease payments. As a result, the previously recognized prepaid rent of $5.2 million will be derecognized.

In accordance with ASC 610-20 Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets, the notes receivable now included within the purchase price will be recorded at fair value in Q2 of FY2026 when the notes becomes enforceable. The notes receivable bears an interest rate of 9.3%, which is materially consistent to the Company’s incremental borrowing rate at the time of the Amendments. The lease payments under the amended lease agreements and principal and interest payments under the notes receivable are determinable and contractually consistent in amount and timing. The agreements include legally enforceable rights to offset, which both parties intend to exercise. As such, the notes receivable and operating lease liabilities based on the Amendments qualify for offsetting in accordance with ASC 210-20, Balance Sheet – Offsetting.

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenue
Net Revenue	$ 22,867	$ 24,212
Remaining performance obligations on leases one year or less exemption	true
Broadcast Advertising Revenue, net
Revenue
Net Revenue	$ 16,969	18,854
Digital Advertising Revenue
Revenue
Net Revenue	4,374	3,495
Other Revenue
Revenue
Net Revenue	$ 1,524	$ 1,863

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

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+ Details

Summary of Significant Accounting Policies - Significant departmental expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Summary of Significant Accounting Policies
Programming and Technical	$ 6,864	$ 7,204
Station General and Administrative	6,999	7,152
Selling	5,149	5,161
Digital	2,312	1,665
Other	688	781
Station Operating Expense	$ 22,012	$ 21,963

Common Stock and Treasury Stock - Information relating to the number of shares of our common stock issued (Details) - shares shares in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Class A Common Stock
Common Stock [Line Items]
Beginning balance (in shares)	8,304	8,183
Issuance of restricted stock (in shares)		126
Forfeiture of restricted stock (in shares)	(4)	(5)
Ending balance (in shares)	8,300	8,304
Class B Common Stock
Common Stock [Line Items]
Beginning balance (in shares)	0	0
Issuance of restricted stock (in shares)		0
Forfeiture of restricted stock (in shares)	0	0
Ending balance (in shares)	0	0

Stock-Based Compensation (Details) - USD ($)		3 Months Ended
Stock-Based Compensation (Details) - USD ($)	May 13, 2019	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	May 08, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 0	$ 0
Stock options granted		0	0
Stock options outstanding		0
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested restricted stock awards		271,479		278,673
Stock-based compensation expense		$ 518,000	$ 527,000
Recognized tax benefits		$ 136,000	$ 139,000
Restricted Stock \| Second Restated 2005 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested restricted stock awards				0
Class B Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase in number of common stock shares authorized	90,000
Class A Common Stock \| Incentive Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued					600,000

Leases

3 Months Ended

Mar. 31, 2026

Leases.

Leases

6. Leases

We lease certain land, buildings and equipment for use in our operations. We recognize lease expense for these leases on a straight-line basis over the lease term and combine lease and non-lease components for all leases. Right-of-use (“ROU”) assets and lease liabilities are recorded on the balance sheet for all leases with an expected term of at least one year. Some leases include one or more options to renew. The exercise of lease renewal options is generally at our discretion. The depreciable lives of ROU assets are limited to the expected lease term. Our lease agreements do not contain any residual value guarantees or material restrictive covenants. As of March 31, 2026, we do not have any non-cancellable operating lease commitments that have not yet commenced.

ROU assets are classified as operating right of use assets on the condensed consolidated balance sheet while current lease liabilities are classified within other accrued expenses and long-term lease liabilities are classified within other liabilities. Leases with an initial term of 12 months or less are not recorded on the balance sheet. ROU assets were $10.0 million and $10.3 million at March 31, 2026 and December 31, 2025 respectively. Lease liabilities were $5.1 million and $5.4 million at March 31, 2026 and December 31, 2025, respectively. During the three months ended March 31, 2026, we recorded additional ROU assets under operating leases of $150,000. Payments on lease liabilities during the three months ended March 31, 2026 and 2025 totaled $462,000, and $534,000, respectively.

Lease expense includes cost for leases with terms in excess of one year. For the three months ended March 31, 2026 and 2025, our total lease expense was $510,000, and $480,000, respectively. Short-term lease costs are de minimis in nature.

We have no financing leases and minimum annual rental commitments under non-cancellable operating leases consisted of the following at March 31, 2026 (in thousands):


Years Ending December 31,
2026 (a)	$	1,263
2027		1,569
2028		1,188
2029		752
2030		587
Thereafter		596
Total lease payments (b)		5,955
Less: Interest (c)		808
Present value of lease liabilities (d)	$	5,147

(a)	Remaining payments are for the nine-months ending December 31, 2026.

(b)	Lease payments include options to extend lease terms that are reasonably certain of being exercised. There were no legally binding minimum lease payments for leases signed but not yet commenced at March 31, 2026.

(c)	Our leases do not provide a readily determinable implicit rate. Therefore, we must estimate our discount rate for such leases to determine the present value of lease payments at the lease commencement date.

(d)	The weighted average remaining lease term and weighted average discount rate used in calculating our lease liabilities were 4.8 years and 6.1%, respectively, at March 31, 2026.

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Stock-Based Compensation

Summary of restricted stock transactions

The following summarizes the restricted stock transactions for the three months ended March 31, 2026:


		Weighted
		Average
		Grant Date
		Fair
	Shares	Value
Outstanding at January 1, 2026	278,673	$	13.16
Vested	3,265		13.78
Forfeited	3,929		13.71
Non-vested and outstanding at March 31, 2026	271,479	$	13.15

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 21,054,000	$ 22,506,000
Assets held for sale	872,000	0
Short-term investments	9,384,000	9,300,000
Accounts receivable, net	12,315,000	14,031,000
Prepaid expenses and other current assets	3,158,000	2,624,000
Barter transactions	971,000	707,000
Total current assets	47,754,000	49,168,000
Property and equipment	140,756,000	144,276,000
Less accumulated depreciation	95,943,000	97,863,000
Net property and equipment	44,813,000	46,413,000
Other assets:
Broadcast licenses	90,310,000	90,311,000
Operating right-of-use assets	9,969,000	10,253,000
Other intangibles, deferred costs and investments, net	5,184,000	5,177,000
Total assets	198,030,000	201,322,000
Current liabilities:
Accounts payable	3,147,000	2,914,000
Accrued expenses:
Accrued payroll and payroll taxes	5,491,000	5,327,000
Other accrued expenses	7,323,000	7,123,000
Barter transactions	1,051,000	794,000
Total current liabilities	17,012,000	16,158,000
Deferred income taxes	21,182,000	21,927,000
Long-term debt	5,000,000	5,000,000
Other liabilities	6,524,000	6,757,000
Total liabilities	49,718,000	49,842,000
Commitments and contingencies (Note 6 and 9)
Shareholders' equity:
Common stock	83,000	83,000
Additional paid-in capital	75,732,000	75,749,000
Retained earnings	109,905,000	113,884,000
Treasury stock	(37,408,000)	(38,236,000)
Total shareholders' equity	148,312,000	151,480,000
Total liabilities and shareholders' equity	$ 198,030,000	$ 201,322,000

Sale-Leaseback Transaction (Tables)

3 Months Ended

Mar. 31, 2026

Sale-Leaseback Transaction

Schedule of activity related to the right-of-use asset associated with the sale-leaseback transaction

The activity related to the prepaid rent associated with the sale-leaseback transaction for the three months ended March 31, 2026 was as follows (in thousands):


			Amount
Prepaid rent at lease commencement			$ 5,244
Amortization expense (non-cash rent expense)			(54)
Prepaid rent at December 31, 2025			$ 5,190
Amortization expense (non-cash rent expense)			(55)
Prepaid rent at March 31, 2026			$ 5,135

Summary of Significant Accounting Policies - Allowance for Credit Losses (Details)	3 Months Ended
	Mar. 31, 2026 USD ($)
Summary of Significant Accounting Policies
Balance at Beginning of Period	$ 1,136,000
Charged to Costs and Expenses	154,000
Write Off of Uncollectible Accounts, Net of Recoveries	(156,000)
Balance at End of Period	$ 1,134,000

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Long-Term Debt
Credit agreement	$ 5,000	$ 5,000
Long-term debt, noncurrent	$ 5,000	$ 5,000

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

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+ Details

Sale-Leaseback Transaction - Amendments (Details) - Antenna site lease agreement - USD ($) $ in Millions		6 Months Ended
	Oct. 17, 2025	Jun. 30, 2026
Sale-Leaseback Transaction
Total purchase price	$ 10.7
Subsequent Events
Sale-Leaseback Transaction
Total purchase price		$ 15.9
Upfront payment		10.7
Promissory notes		$ 5.2
Lease term		25 years
De-recognition of prepaid rent		$ 5.2
Interest rate of notes receivable		9.30%

- Definition

Amortized cost, before allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease.

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+ Details

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2026	May 06, 2026
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	1-11588
Entity Registrant Name	Saga Communications, Inc
Entity Incorporation, State or Country Code	FL
Entity Tax Identification Number	38-3042953
Entity Address, Address Line One	73 Kercheval Avenue
Entity Address, City or Town	Grosse Pointe Farms
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	48236
City Area Code	313
Local Phone Number	886-7070
Title of 12(b) Security	Class A Common Stock, par value $.01 per share
Trading Symbol	SGA
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		6,363,968
Entity Central Index Key	0000886136
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Amendment Flag	false

Revenue

3 Months Ended

Mar. 31, 2026

Revenue

Revenue

3. Revenue

Nature of goods and services

The following is a description of principal activities from which we generate our revenue:

Broadcast Advertising Revenue

Our primary source of revenue is from the sale of advertising for broadcast on our stations. We recognize revenue from the sale of advertising as performance obligations are satisfied upon airing of the advertising; therefore, revenue is recognized at a point in time when each advertising spot is transmitted. Agency commissions are calculated based on a stated percentage applied to gross billing revenue for our advertising inventory placed by an agency and are reported as a reduction of advertising revenue.

Digital Advertising Revenue

We recognize revenue from our digital initiatives across multiple platforms such as targeted digital advertising, search engine management, search engine optimization, online promotions, advertising on our online news sites, websites and digital audio streams, mobile messaging, email marketing and other e-commerce. Revenue is recorded when each specific performance obligation in the digital advertising campaign takes place, typically within a one month period. Digital audio stream revenue is recognized when the commercial spots have streamed. Third-party products such as targeted display advertising are recognized over time as digital items are used for advertising content and impression targets are met each month. The Company assesses each digital order to determine if the Company is operating as the principal or an agent. The Company currently operates as the principal for digital revenue with the exception of national streaming where we operate as the agent.

Other Revenue

Other revenue includes revenue from concerts, promotional events, tower rent and other miscellaneous items. Revenue is generally recognized when the event is completed, as the promotional events are completed or as each performance obligation is satisfied.

Disaggregation of Revenue

Revenues from contracts with customers comprised the following for three months ended March 31, 2026 and 2025:


	Three Months Ended
	March 31,
	2026		2025

	(in thousands)
Types of Revenue
Broadcast Advertising Revenue, net	$	16,969	$	18,854
Digital Advertising Revenue		4,374		3,495
Other Revenue		1,524		1,863
Net Revenue	$	22,867	$	24,212

Contract Liabilities

Payments from our advertisers are generally due within 30 days although certain advertisers are required to pay in advance. When an advertiser pays for the services in advance of the performance obligations these prepayments are recorded as contract liabilities. Typical contract liabilities relate to prepayments for advertising spots not yet run; prepayments from sponsors for events that have not yet been held; and gift cards sold on our websites used to finance a broadcast advertising campaign. Generally, all contract liabilities are expected to be recognized within one year and are included in accounts payable in the Company’s Condensed Consolidated Financial Statements and are immaterial.

Transaction Price Allocated to the Remaining Performance Obligations

As the majority of our sales contracts are one year or less, we have utilized the optional exemption under ASC 606-10-50-14 and will not disclose information about the remaining performance obligations for sales contracts which have original expected durations of one year or less.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Broadcast Licenses and Other Intangible Assets

3 Months Ended

Mar. 31, 2026

Broadcast Licenses and Other Intangible Assets

Broadcast Licenses and Other Intangible Assets

4. Broadcast Licenses and Other Intangible Assets

We evaluate our FCC licenses for impairment annually or more frequently if events or changes in circumstances indicate that the asset might be impaired. We operate our broadcast licenses in each market as a single asset and determine the fair value by relying on a discounted cash flow approach assuming a start-up scenario in which the only assets held by an investor are broadcast licenses. The fair value calculation contains assumptions incorporating variables that are based on past experiences and judgments about future operating performance using industry normalized information for an average station within a market. These variables include, but are not limited to: (1) the forecasted growth rate of each radio market, including population, household income, retail sales and other expenditures that would influence advertising expenditures; (2) the estimated available advertising revenue within the market and the related market share and profit margin of an average station within a market; (3) estimated capital start-up costs and losses incurred during the early years; (4) risk-adjusted discount rate; (5) the likely media competition within the market area; and (6) terminal values. If the carrying amount of FCC licenses is greater than their estimated fair value in a given market, the carrying amount of FCC licenses in that market is reduced to its estimated fair value. The FCC license valuations are Level 3 non-recurring fair value measurements.

We evaluate amortizable intangible assets for recoverability when circumstances indicate impairment may have occurred, using an undiscounted cash flow methodology. If the future undiscounted cash flows for the intangible asset are less than net book value, then the net book value is reduced to the estimated fair value. Amortizable intangible assets are included in other intangibles, deferred costs and investments in the accompanying condensed consolidated balance sheets.

The Company considered the current and expected future economic and market conditions, and other potential indicators of impairment and determined a triggering event had not occurred which would necessitate any interim impairment tests during the three months ended March 31, 2026. We will continue to monitor changes in economic and market conditions, and if any event or circumstances indicate a triggering event has occurred, we will perform an interim impairment test of our intangible assets at the appropriate time.

If actual market conditions are less favorable than those estimated by us or if events occur or circumstances change that would reduce the fair value of our broadcast licenses below the carrying value, we may be required to recognize impairment charges in future periods. Such a charge could have a material effect on our consolidated financial statements.

Intangible assets that have finite lives are amortized over their useful lives using the straight-line method. Favorable lease agreements are amortized over the lives of the leases ranging from five to twenty-six years. Other intangibles are amortized over one to fifteen years. Customer relationships are amortized over three years.

Summary of Significant Accounting Policies (Details)	3 Months Ended
Summary of Significant Accounting Policies (Details)	Mar. 31, 2026 USD ($) item segment	Dec. 31, 2025 USD ($)
Summary of Significant Accounting Policies
Number of FM radio stations	82
Number of AM radio stations	30
Number of metro signals	79
Number of market serving	28
Securities at amortized cost \| $	$ 9,400,000	$ 9,300,000
Securities at fair value \| $	$ 9,400,000	9,300,000
Number of Radio Markets	28
Number of operating segments \| segment	1
Number of reportable segments \| segment	1
Assets held for sale \| $	$ 872,000	$ 0
Customer relationships
Summary of Significant Accounting Policies
Useful life	3 years

Revenue (Tables)

3 Months Ended

Mar. 31, 2026

Revenue

Schedule of disaggregation of revenue


	Three Months Ended
	March 31,
	2026		2025

	(in thousands)
Types of Revenue
Broadcast Advertising Revenue, net	$	16,969	$	18,854
Digital Advertising Revenue		4,374		3,495
Other Revenue		1,524		1,863
Net Revenue	$	22,867	$	24,212

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Net operating revenue	$ 22,867,000	$ 24,212,000
Station operating expenses	22,012,000	21,963,000
Corporate general and administrative	2,976,000	3,167,000
Depreciation and amortization	1,174,000	1,326,000
Other operating (income) expense, net	(33,000)	54,000
Operating loss	(3,262,000)	(2,298,000)
Interest expense	91,000	107,000
Interest income	(234,000)	(222,000)
Other income	(55,000)	(23,000)
Loss before income tax expense	(3,064,000)	(2,160,000)
Income tax (benefit) expense
Current	75,000	(670,000)
Deferred	(745,000)	85,000
Total income tax provision	(670,000)	(585,000)
Net (loss) income	$ (2,394,000)	$ (1,575,000)
Loss per share:
Basic (in dollars per share)	$ (0.38)	$ (0.25)
Diluted (in dollars per share)	$ (0.38)	$ (0.25)
Weighted average common shares	6,074	6,123
Weighted average common and common equivalent shares	6,074	6,123
Dividends declared per share (in dollars per share)	$ 0.25	$ 0.25

Common Stock and Treasury Stock (Details)	3 Months Ended
Common Stock and Treasury Stock (Details)	Mar. 31, 2026 USD ($) Vote shares	Mar. 31, 2025 shares
Common Stock
Number of shares withheld for tax withholding obligation \| shares	1,067
Shares withheld for tax withholding obligation, amount	$ 13,000
Shares repurchased (in shares) \| shares		0
Class A Common Stock
Common Stock
Number of votes per share of common stock \| Vote	1
Class A Common Stock \| Buy-Back Program
Common Stock
Share repurchase program, authorized amount	$ 75,800,000
Stock repurchase program, remaining authorization amount	$ 15,100,000

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Sale-Leaseback Transaction (Details)					3 Months Ended		12 Months Ended
Sale-Leaseback Transaction (Details)	Oct. 17, 2025 USD ($) item	Oct. 17, 2025 USD ($) item	Oct. 17, 2025 USD ($) item	Oct. 17, 2025 USD ($) item site	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($) item
Sale-Leaseback Transaction
Annual lease payment					$ 462,000	$ 534,000
Lease liabilities					5,147,000		$ 5,400,000
Lease payments					9,969,000		10,253,000
Antenna site lease agreement
Sale-Leaseback Transaction
Number of telecommunication towers agreed to sell \| item			24
Number of sites			22	22
Total purchase price		$ 10,700,000
Sales proceeds, net		10,100,000
Paid into escrow	$ 400,000	$ 400,000	$ 400,000	$ 400,000
Number of tower with sale approval pending \| item	1	1	1	1
Annual lease payment		$ 1
Terms of lease	25
Lease liabilities	$ 0	$ 0	$ 0	$ 0
Discount rate	9.75%	9.75%	9.75%	9.75%
Lease payments	$ 5,244,000	$ 5,244,000	$ 5,244,000	$ 5,244,000	$ 5,135,000		5,190,000
Cash proceeds from the sale after expenses		9,850,000
Adjusted sales price	$ 15,100,000	$ 15,100,000	$ 15,100,000	$ 15,100,000
Carrying value							$ 3,500,000
Number of telecommunication towers sold \| item							23
Gain on sale							$ 11,600,000

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net loss	$ (2,394)	$ (1,575)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	1,174	1,326
Deferred income tax (benefit) expense	(745)	85
Amortization of deferred costs	8	8
Compensation expense related to restricted stock awards	518	527
Provision for credit losses	154	174
(Gain) Loss on sale of assets, net	(33)	54
Gain on insurance claims	(55)	(23)
Non-cash rent expense	55
Barter revenue (net)	(7)	(64)
Deferred and other compensation	(18)	(17)
Changes in operating lease assets and liabilities (net)	(18)	(68)
Changes in assets and liabilities:
(Increase) decrease in current assets	944	546
(Decrease) increase in accounts payable, accrued expenses, and other liabilities	824	391
Total adjustments	2,801	2,939
Net cash provided by operating activities	407	1,364
Cash flows from investing activities:
Purchase of short-term investments	(4,677)	(4,498)
Redemption of short-term investments	4,677	4,498
Acquisition of property and equipment (Capital Expenditures)	(779)	(696)
Proceeds from sale and disposal of assets	463
Proceeds from insurance claims, redemption of investments and other	55	23
Net cash used in investing activities	(261)	(673)
Cash flows from financing activities:
Cash dividends paid	(1,585)	(1,604)
Purchase of treasury shares	(13)
Net cash used in financing activities	(1,598)	(1,604)
Net decrease in cash and cash equivalents	(1,452)	(913)
Cash and cash equivalents, beginning of period	22,506	18,860
Cash and cash equivalents, end of period	$ 21,054	$ 17,947

Common Stock and Treasury Stock (Tables)

3 Months Ended

Mar. 31, 2026

Common Stock and Treasury Stock

Schedule of stock by class


	Common Stock Issued
	Class A	Class B

	(Shares in thousands)
Balance, January 1, 2025	8,183	—
Issuance of restricted stock	126	—
Forfeiture of restricted stock	(5)	—
Balance, December 31, 2025	8,304	—
Forfeiture of restricted stock	(4)	—
Balance, March 31, 2026	8,300	—

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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+ Details

Subsequent Events

3 Months Ended

Mar. 31, 2026

Subsequent Events

Subsequent Events

14. Subsequent Events

On May 6, 2026, the Company’s Board of Directors declared a quarterly cash dividend of $0.25 per share on its Class A Common Stock. This dividend, totaling approximately $1,600,000 will be paid on June 12, 2026 to shareholders of record on May 22, 2026.

On May 7, 2026, the Company obtained a waiver from the lenders under its Credit Agreement with respect to the Company’s noncompliance with the minimum fixed charge coverage ratio covenant as of March 31, 2026. The waiver applies solely to the March 31, 2026 covenant noncompliance and does not modify the covenant requirements for future periods.

See Note 13 – Sale-Leaseback Transaction for a discussion of certain Amendments to the Company’s Sale-Leaseback Transaction.

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2026

Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for annual financial statements.

In our opinion, the accompanying financial statements include all adjustments of a normal, recurring nature considered necessary for a fair presentation of our financial position as of March 31, 2026 and the results of operations for the three months ended March 31, 2026 and 2025. Results of operations for three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026.

We own or operate broadcast properties in 28 markets, including 82 FM and 30 AM radio stations and 79 metro signals.

For further information, refer to the consolidated financial statements and footnotes thereto included in the Saga Communications, Inc. (the “Company”) annual report on Form 10-K for the year ended December 31, 2025.

We have evaluated events and transactions occurring subsequent to the balance sheet date of March 31, 2026, for items that should potentially be recognized in these financial statements or discussed within the notes to these financial statements.

Earnings Per Share Information

Earnings per share is calculated using the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each class of Common Stock and participating security. The Company has participating securities related to restricted stock units, granted under the Company’s Second Amended and Restated 2005 Incentive Compensation Plan and the Company’s 2023 Incentive Compensation Plan, that earn dividends on an equal basis with common shares. In applying the two-class method, earnings are allocated to both common shares and participating securities.

The following table sets forth the computation of basic and diluted earnings per share:


	Three Months Ended
	March 31,
	2026		2025

	(In thousands, except per share data)
Numerator:
Net loss	$	(2,394)	$	(1,575)
Less: Loss allocated to unvested participating securities		(109)		(73)
Net loss available to common shareholders	$	(2,285)	$	(1,502)

Denominator:
Denominator for basic earnings per share — weighted average shares		6,074		6,123
Effect of dilutive securities:
Common stock equivalents		—		—
Denominator for diluted earnings per share — adjusted weighted-average shares and assumed conversions		6,074		6,123

Loss per share:
Basic	$	(0.38)	$	(0.25)
Diluted	$	(0.38)	$	(0.25)

There were no stock options outstanding that had an anti-dilutive effect on our earnings per share calculation for the three months ended March 31, 2026 and 2025, respectively.

Financial Instruments

We account for marketable securities in accordance with ASC 320, “Investments – Debt Securities,” which require that certain debt securities be classified into one of three categories: held-to-maturity, available-for-sale, or trading securities, and depending upon the classification, value the security at amortized cost or fair market value. At March 31, 2026 and December 31, 2025, we have recorded $9.4 million and $9.3 million, respectively, of held-to-maturity U.S. Treasury Bills at amortized cost basis that have a fair market value of $9.4 million and $9.3 million, respectively. Our held-to-maturity U.S. Treasury Bills all have original maturity dates ranging from April 2026 to July 2026.

Our financial instruments are comprised of cash and cash equivalents, short-term investments, accounts receivable, accounts payable and long-term debt. The carrying value of cash and cash equivalents, accounts receivable and accounts payable approximate fair value due to their short maturities. The carrying value of long-term debt approximates fair value as it carries interest rates that either fluctuate with the secured overnight finance rate (“SOFR”), prime rate or have been reset at the prevailing market rate at March 31, 2026.

Allowance for Credit Losses

A provision for credit losses is recorded based on our judgment of collectability of receivables. Amounts are written off when determined to be fully uncollectible. Delinquent accounts are based on contractual terms. We maintain a specific allowance for estimated losses resulting from the inability of certain customers to make required payments. We also consider factors external to the specific customer, including current conditions and forecasts of economic conditions, including the potential impact of uncertain economic conditions. In the event we recover amounts previously written off, we will reduce the specific allowance for credit loss. Our allowance for credit losses was $1,134,000 and $1,136,000 at March 31, 2026 and December 31, 2025, respectively. The activity in the allowance for credit losses during the three months ended March 31, 2025 was as follows:

 

Write Off of

Balance

Charged to

Allowance

Uncollectible

Balance at

at Beginning

Costs and

From

Accounts, Net of

End of

Three Months Ended

of Period

Expenses

Acquisitions

Recoveries

Period

(in thousands)

March 31, 2026

1,136

154

—

(156)

1,134

Income Taxes

Our effective tax rate differs from the federal statutory rate as a result of the inclusion of state taxes in the income tax amount and permanent differences related to executive compensation. We have historically calculated the provision for income taxes during interim reporting periods by applying an estimate of the annual effective tax rate for the full fiscal year to “ordinary” income or loss (pretax income or loss excluding unusual or infrequently occurring discrete items) for the reporting period.

Segments

We serve twenty-eight radio markets (reporting units) that aggregate into one operating segment (Radio), which also qualifies as a reportable segment. We operate under one reportable business segment for which segment disclosure is consistent with the management decision-making process that determines the allocation of resources and the measuring of performance. The Company’s Chief Executive Officer is our Chief Operating Decision Maker (“CODM”) and evaluates the results of the radio operating segment and makes operating and capital investment decisions based at the Company level. Furthermore, technological enhancements and system integration decisions are reached at the Company level and applied to all markets rather than to specific or individual markets to ensure that each market has the same tools and opportunities as every other market. Managers at the market level do not report to the CODM and instead report to other senior management, who are responsible for the operational oversight of radio markets and for communication of results to the CODM. The CODM is regularly provided with financial information consistent with the Condensed Consolidated Statement of Income presented within. Specifically, the CODM utilizes consolidated operating income as profitability measures for purposes of making operating decisions and assessing financial performance. Further, the CODM reviews and utilizes station operating expense and corporate general and administrative expenses at the consolidated level to manage the Company’s operations. Other segment items included in the consolidated net income are interest expense, interest income, other (income) expenses, net and income tax (benefit) expense, which are reflected in the Condensed Consolidated Statement of Income. We continually review our operating segment classification to align with operational changes in our business and may make changes as necessary.

Significant departmental expenses included in station operating expenses for the three months ended March 31, 2026 and 2025 are as follows:


	Three Months Ended March 31,
	2026		2025

	(In thousands)
Programming and Technical	$	6,864	$	7,204
Station General and Administrative		6,999		7,152
Selling		5,149		5,161
Digital		2,312		1,665
Other ⁽¹⁾		688		781
Station Operating Expense	$	22,012	$	21,963

⁽¹⁾ Other includes production and news departments, advertising and promotional expense.

Time Brokerage Agreements/Local Marketing Agreements

Time Brokerage Agreements / Local Marketing Agreements

We have entered into Time Brokerage Agreements (“TBAs”) or Local Marketing Agreements (“LMAs”) in certain markets in the past. In a typical TBA/LMA, the FCC licensee of a station makes available, for a fee, blocks of air time on its station to another party that supplies programming to be broadcast during that air time and sells their own commercial advertising announcements during the time periods specified. Revenue and expenses related to TBAs/LMAs are included in the accompanying unaudited Condensed Consolidated Statements of Operations. Assets and liabilities related to the TBAs/LMAs are included in the accompanying unaudited Condensed Consolidated Balance Sheets.

Asset Held For Sale

Assets Held for Sale

Long-lived assets to be sold are classified as held for sale in the period in which they meet all the criteria for the disposal of long-lived assets. Upon classification as held for sale, non-current assets or disposal groups are measured at the lower of their carrying amount and fair value less costs to sell. Depreciation or amortization on such assets ceases from the date of classification. During the first quarter of 2026, the Company met the criteria related to certain land and buildings. As of March 31, 2026, assets held for sale were approximately $872,000 and there were no liabilities held for sale. There were no assets held for sale or liabilities held for sale as of December 31, 2025.

- Definition

Disclosure of accounting policy for credit loss on financial instrument measured at amortized cost basis, net investment in lease, off-balance sheet credit exposure, and available-for-sale debt security. Includes, but is not limited to, methodology used to estimate allowance for credit loss, how writeoff of uncollectible amount is recognized, and determination of past due status and nonaccrual status.

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+ Details

- Definition

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

+ References + Details

- Definition

Disclosure of accounting policy for segment reporting.

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+ Details

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2026

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

1. Summary of Significant Accounting Policies

Basis of Presentation

We own or operate broadcast properties in 28 markets, including 82 FM and 30 AM radio stations and 79 metro signals.

Earnings Per Share Information

The following table sets forth the computation of basic and diluted earnings per share:


	Three Months Ended
	March 31,
	2026		2025

	(In thousands, except per share data)
Numerator:
Net loss	$	(2,394)	$	(1,575)
Less: Loss allocated to unvested participating securities		(109)		(73)
Net loss available to common shareholders	$	(2,285)	$	(1,502)

Denominator:
Denominator for basic earnings per share — weighted average shares		6,074		6,123
Effect of dilutive securities:
Common stock equivalents		—		—
Denominator for diluted earnings per share — adjusted weighted-average shares and assumed conversions		6,074		6,123

Loss per share:
Basic	$	(0.38)	$	(0.25)
Diluted	$	(0.38)	$	(0.25)

There were no stock options outstanding that had an anti-dilutive effect on our earnings per share calculation for the three months ended March 31, 2026 and 2025, respectively.

Financial Instruments

Allowance for Credit Losses

 

Write Off of

Balance

Charged to

Allowance

Uncollectible

Balance at

at Beginning

Costs and

From

Accounts, Net of

End of

Three Months Ended

of Period

Expenses

Acquisitions

Recoveries

Period

(in thousands)

March 31, 2026

1,136

154

—

(156)

1,134

Income Taxes

Segments

Significant departmental expenses included in station operating expenses for the three months ended March 31, 2026 and 2025 are as follows:


	Three Months Ended March 31,
	2026		2025

	(In thousands)
Programming and Technical	$	6,864	$	7,204
Station General and Administrative		6,999		7,152
Selling		5,149		5,161
Digital		2,312		1,665
Other ⁽¹⁾		688		781
Station Operating Expense	$	22,012	$	21,963

⁽¹⁾ Other includes production and news departments, advertising and promotional expense.

Time Brokerage Agreements / Local Marketing Agreements

Leases - Narrative (Details) - USD ($)	3 Months Ended
Leases - Narrative (Details) - USD ($)	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Leases
Option to extend	true
Operating right-of-use assets	$ 9,969,000		$ 10,253,000
Lease liabilities	$ 5,147,000		$ 5,400,000
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent		Other Liabilities, Noncurrent
Increase in ROU assets due to normal operating activities	$ 150,000
Payments on lease liabilities	462,000	$ 534,000
Lease expense	$ 510,000	$ 480,000
Lessee, option to extend	true
Weighted average remaining lease term	4 years 9 months 18 days
Weighted average discount rate	6.10%

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Class A Common Stock Common Stock	Class A Common Stock	Class B Common Stock Common Stock	Class B Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock	Total
Beginning balance at Dec. 31, 2024	$ 82		$ 0		$ 74,334	$ 128,216	$ (36,710)	$ 165,922
Beginning balance (in shares) at Dec. 31, 2024	8,183	8,183	0	0
Net loss	$ 0		$ 0		0	(1,575)	0	(1,575)
Dividends declared per common share	0		0		0	(1,604)	0	(1,604)
Compensation expense related to restricted stock awards	0		0		527	0	0	527
401(k) plan contribution	0		0		(717)	0	1,007	290
Ending balance at Mar. 31, 2025	$ 82		$ 0		74,144	125,037	(35,703)	163,560
Ending balance (in shares) at Mar. 31, 2025	8,183		0
Beginning balance at Dec. 31, 2024	$ 82		$ 0		74,334	128,216	(36,710)	165,922
Beginning balance (in shares) at Dec. 31, 2024	8,183	8,183	0	0
Issuance of restricted stock (in shares)		126		0
Forfeiture of restricted stock (in shares)		(5)		0
Ending balance at Dec. 31, 2025	$ 83		$ 0		75,749	113,884	(38,236)	151,480
Ending balance (in shares) at Dec. 31, 2025	8,304	8,304	0	0
Net loss	$ 0		$ 0		0	(2,394)	0	(2,394)
Forfeiture of restricted stock	$ 0		$ 0		0	0	0	0
Forfeiture of restricted stock (in shares)	(4)	(4)	0	0
Dividends declared per common share	$ 0		$ 0		0	(1,585)	0	(1,585)
Compensation expense related to restricted stock awards	0		0		518	0	0	518
Purchase of shares held in treasury	0		0		0	0	(13)	(13)
401(k) plan contribution	0		0		(535)	0	841	306
Ending balance at Mar. 31, 2026	$ 83		$ 0		$ 75,732	$ 109,905	$ (37,408)	$ 148,312
Ending balance (in shares) at Mar. 31, 2026	8,300	8,300	0	0

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2026

Summary of Significant Accounting Policies

Schedule of computation of basic and diluted earnings per share


	Three Months Ended
	March 31,
	2026		2025

	(In thousands, except per share data)
Numerator:
Net loss	$	(2,394)	$	(1,575)
Less: Loss allocated to unvested participating securities		(109)		(73)
Net loss available to common shareholders	$	(2,285)	$	(1,502)

Denominator:
Denominator for basic earnings per share — weighted average shares		6,074		6,123
Effect of dilutive securities:
Common stock equivalents		—		—
Denominator for diluted earnings per share — adjusted weighted-average shares and assumed conversions		6,074		6,123

Loss per share:
Basic	$	(0.38)	$	(0.25)
Diluted	$	(0.38)	$	(0.25)

Schedule of activity in the allowance for doubtful accounts

 

Write Off of

Balance

Charged to

Allowance

Uncollectible

Balance at

at Beginning

Costs and

From

Accounts, Net of

End of

Three Months Ended

of Period

Expenses

Acquisitions

Recoveries

Period

(in thousands)

March 31, 2026

1,136

154

—

(156)

1,134

Schedule of significant departmental expenses included in station operating expenses


	Three Months Ended March 31,
	2026		2025

	(In thousands)
Programming and Technical	$	6,864	$	7,204
Station General and Administrative		6,999		7,152
Selling		5,149		5,161
Digital		2,312		1,665
Other ⁽¹⁾		688		781
Station Operating Expense	$	22,012	$	21,963

⁽¹⁾ Other includes production and news departments, advertising and promotional expense.

Litigation

3 Months Ended

Mar. 31, 2026

Litigation

Litigation

10. Litigation

From time to time, the Company may be involved in various legal proceedings that are incidental to the Company’s business. In management’s opinion, the Company is not a party to any current legal proceedings that are material to its financial condition, either individually or in the aggregate.

Other Income

3 Months Ended

Mar. 31, 2026

Other Income

Other Income

12. Other Income

During the first quarter of 2026, as part of the Company’s previously disclosed capital allocation plan to sell non-core assets, the Company sold a property in Springfield, Massachusetts for approximately $460,000. As a result of the sale, the Company recorded a gain of approximately $80,000, which is recorded in other operating (income) expense, net in the Company’s Condensed Consolidated Statement of Operations.

During the first quarter of 2026, we had weather-related damages in Hilton Head, South Carolina. The Company’s insurance policy provides coverage for repairs and replacements. As part of the insurance settlement, the Company received cash proceeds of $55,000, resulting in a gain of $55,000, which is recorded in other income in the Company’s Condensed Consolidated Statement of Operations.

Long-Term Debt (Details) - USD ($)		3 Months Ended
Long-Term Debt (Details) - USD ($)	Dec. 19, 2022	Mar. 31, 2026	Dec. 31, 2025	Oct. 17, 2025	Oct. 16, 2025
Long-Term Debt
Credit facility participation fee and fronting fee percentage		0.25%
Minimum \| Base Rate
Long-Term Debt
Debt instrument, basis spread on variable rate		0.00%
Minimum \| SOFR
Long-Term Debt
Debt instrument, basis spread on variable rate		1.00%
Maximum \| Base Rate
Long-Term Debt
Debt instrument, basis spread on variable rate		1.00%
Maximum \| SOFR
Long-Term Debt
Debt instrument, basis spread on variable rate		2.00%
Revolving Credit Facility
Long-Term Debt
Line of credit facility, commitment fee percentage	0.25%
Line of credit facility, remaining borrowing capacity		$ 35,000,000	$ 35,000,000
Revolving Credit Facility \| SOFR
Long-Term Debt
Interest rates under Credit Facility		3.68%
Revolving Credit Facility \| Minimum
Long-Term Debt
Line of credit facility, commitment fee percentage		0.20%
Revolving Credit Facility \| Maximum
Long-Term Debt
Line of credit facility, commitment fee percentage		0.30%
Revolving Credit Facility \| Second Amendment
Long-Term Debt
Aggregate amount				$ 40,000,000	$ 50,000,000