BFS CFO boosts insider stake with Series D preferred stock buys

Rhea-AI Filing Summary

Saul Centers, Inc. (BFS) reported insider activity by Senior Vice President & CFO Carlos L. Heard. On 11/14/2025, 11/17/2025, and 11/18/2025, he purchased a total of 1,650 shares of Series D Preferred Stock in three open-market transactions at prices of $20.50, $20.54, and $20.35 per share. After these purchases, he beneficially owned 3,700 shares of Series D Preferred Stock.

The filing also shows beneficial ownership of 4,725.176 shares of Common Stock. In addition, he holds employee stock options for 10,000 shares of Common Stock at an exercise price of $43.89 expiring 05/07/2031, 15,000 shares at $47.90 expiring 05/13/2032, and 15,000 shares at $33.79 expiring 05/12/2033. These options vest 25% per year over four years from the grant date. He also holds performance shares covering 1,600 shares of Common Stock vesting on 05/17/2029 and 2,000 shares vesting on 05/09/2030.

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)
11/14/2025

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	11/14/2025		P		450	A	$20.5	2,500	D
Series D Preferred Stock	11/17/2025		P		600	A	$20.54	3,100	D
Series D Preferred Stock	11/18/2025		P		600	A	$20.35	3,700	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	11/18/2025
	** 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 transactions did the Saul Centers (BFS) CFO report?

The CFO, Carlos L. Heard, reported open-market purchases of 1,650 shares of Series D Preferred Stock on 11/14/2025, 11/17/2025, and 11/18/2025 at prices between $20.35 and $20.54 per share.

How many Saul Centers (BFS) preferred shares does the CFO now own?

After the reported transactions, the CFO beneficially owned 3,700 shares of Series D Preferred Stock of Saul Centers, Inc.

What common stock holdings does the Saul Centers (BFS) CFO report?

The filing shows the CFO beneficially owns 4,725.176 shares of Common Stock of Saul Centers, Inc.

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

He holds employee stock options for 10,000 shares at an exercise price of $43.89 expiring 05/07/2031, 15,000 shares at $47.90 expiring 05/13/2032, and 15,000 shares at $33.79 expiring 05/12/2033.

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

According to the filing, the options vest 25% per year over four years from the date of grant.

What performance share awards does the Saul Centers (BFS) CFO have?

The CFO holds performance shares tied to 1,600 shares of Common Stock with a vesting and expiration date of 05/17/2029 and 2,000 shares with a vesting and expiration date of 05/09/2030, each at a price of $0.