[Form 4] SAUL CENTERS, INC. Insider Trading Activity

Rhea-AI Filing Summary

Saul Centers, Inc. (BFS)300 shares of the company’s Series D Preferred Stock at $20.55 per share, bringing his beneficial ownership in that series to 4,000 shares held directly.

The filing also lists existing equity incentives. Heard holds employee stock options to buy 10,000 shares of common stock granted 05/07/2021 at an exercise price of $43.89, 15,000 shares granted 05/13/2022 at $47.90, and 15,000 shares granted 05/12/2023 at $33.79. These options vest 25% per year over four years from each grant date and expire ten years after grant.

In addition, he holds performance share awards covering 1,600 common shares with a 05/17/2029 date and 2,000 common shares with a 05/09/2030 date, all reported as directly owned. The filing is made by one reporting person and confirms his role as Senior Vice President & CFO.

11/20/2025 - 02:13 PM

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^*

Heard Carlos Lawrence

(Last) (First) (Middle)

7501 WISCONSIN AVENUE

SUITE 1500E

(Street)

BETHESDA MD 20814

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
SAUL CENTERS, INC. [ BFS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Senior Vice President & CFO

3. Date of Earliest Transaction (Month/Day/Year)
11/20/2025

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
Common Stock								4,725.176	D
Series D Preferred Stock	11/20/2025		P		300	A	$20.55	4,000	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
Employee Stock Option	$43.89							05/07/2021(1)	05/07/2031	Common Stock	10,000		10,000	D
Employee Stock Option	$47.9							05/13/2022(1)	05/13/2032	Common Stock	15,000		15,000	D
Employee Stock Option	$33.79							05/12/2023(1)	05/12/2033	Common Stock	15,000		15,000	D
Performance Shares	$0							05/17/2029	05/17/2029	Common Stock	1,600		1,600	D
Performance Shares	$0							05/09/2030	05/09/2030	Common Stock	2,000		2,000	D

Explanation of Responses:

1. The options vest 25% per year over four years from the date of grant.

Remarks:

	Carlos L. Heard	11/20/2025
	** 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 transaction did BFS executive Carlos L. Heard report?

Carlos L. Heard reported buying 300 shares of Series D Preferred Stock of Saul Centers, Inc. on 11/20/2025 at a price of $20.55 per share.

How many Series D Preferred shares of BFS does Carlos L. Heard now own?

After the reported purchase, Carlos L. Heard beneficially owns 4,000 shares of Saul Centers, Inc. Series D Preferred Stock, held directly.

What stock options for Saul Centers (BFS) common stock does the CFO hold?

He holds employee stock options for 10,000 common shares granted 05/07/2021 at $43.89, 15,000 shares granted 05/13/2022 at $47.90, and 15,000 shares granted 05/12/2023 at $33.79.

How do the Saul Centers (BFS) stock options reported by the CFO vest?

The employee stock options vest at 25% per year over four years from the respective grant date, as noted in the explanation of responses.

What performance share awards in BFS common stock does the CFO report?

He reports performance shares covering 1,600 common shares with a 05/17/2029 date and 2,000 common shares with a 05/09/2030 date, all directly owned.

Is this Saul Centers (BFS) Form 4 filed by more than one person?

No. The filing indicates it is a Form filed by one reporting person, Carlos L. Heard, who serves as Senior Vice President & CFO.