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

Rhea-AI Filing Summary

Saul Centers, Inc. (BFS) disclosed insider purchases by Senior Vice President & CFO Carlos L. Heard. He bought 450 Series D Preferred shares on 11/11/2025 at $20.85, 450 on 11/12/2025 at $20.70, and 450 on 11/13/2025 at $20.60, totaling 1,350 shares. Following these trades, his direct holdings of Series D Preferred were 2,050 shares. He also held 4,725.176 shares of Common Stock, which the filing notes increased by a 5.924 share Dividend Reinvestment Plan award on October 31, 2025.

Derivative holdings include employee stock options for 10,000 shares at $43.89 expiring 05/07/2031, 15,000 at $47.90 expiring 05/13/2032, and 15,000 at $33.79 expiring 05/12/2033; options vest 25% per year over four years from grant. Performance shares listed: 1,600 and 2,000 underlying Common Stock with dates 05/17/2029 and 05/09/2030, respectively.

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

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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).

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)
11/11/2025

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(1)	D
Series D Preferred Stock	11/11/2025		P		450	A	$20.85	1,150	D
Series D Preferred Stock	11/12/2025		P		450	A	$20.7	1,600	D
Series D Preferred Stock	11/13/2025		P		450	A	$20.6	2,050	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(2)	05/07/2031	Common Stock	10,000		10,000	D
Employee Stock Option	$47.9							05/13/2022(2)	05/13/2032	Common Stock	15,000		15,000	D
Employee Stock Option	$33.79							05/12/2023(2)	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. Balance increased by October 31, 2025 Dividend Reinvestment Plan award of 5.924 shares.

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

Remarks:

	Carlos L. Heard	11/13/2025
	** 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).
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FAQ

What insider transactions did BFS disclose?

The CFO purchased 1,350 Series D Preferred shares across three trades at $20.85, $20.70, and $20.60.

How many Series D Preferred shares does the BFS CFO hold after the trades?

Direct holdings of Series D Preferred were 2,050 shares following the reported transactions.

What common stock does the BFS CFO beneficially own?

He held 4,725.176 Common shares; the balance increased by a 5.924 share DRIP award on October 31, 2025.

What option grants are outstanding for the BFS CFO?

Employee stock options for 10,000 shares at $43.89 (exp. 05/07/2031), 15,000 at $47.90 (exp. 05/13/2032), and 15,000 at $33.79 (exp. 05/12/2033), vesting 25% per year.

Are there performance share awards reported for BFS’s CFO?

Yes. Performance shares underlying 1,600 and 2,000 Common shares with dates 05/17/2029 and 05/09/2030 are listed.

What is the reporting person’s role at BFS?

Carlos L. Heard is Senior Vice President & CFO of Saul Centers, Inc.