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

Rhea-AI Filing Summary

Saul Centers, Inc. (BFS)11/12/2025, the officer bought 2,000 shares of common stock at $29.9933 per share, a transaction coded “P.” Following this trade, the officer directly owned 49,259.62 common shares.

Separately, the filing lists 2,180 common shares held indirectly via an IRA (per footnote 1) and 2,824 common shares held indirectly by the officer’s spouse (per footnote 2). The footnotes also note dividend reinvestment plan awards that increased these balances (footnote 3 references added fractional shares). The officer also beneficially owns multiple employee stock options, each for 20,000 underlying shares with grant years 2016–2023 and stated expiration dates through 2033, plus performance shares of 1,200 and 1,500 with 2029 and 2030 dates.

Insights

Insider transactions analyst

Routine insider buy: 2,000 BFS shares at $29.9933; neutral impact.

The filing records a straightforward open-market purchase of 2,000 BFS shares at $29.9933 on 11/12/2025, lifting direct holdings to 49,259.62 shares. Indirect holdings are listed via an IRA (2,180) and spouse (2,824), with dividend reinvestment footnotes explaining small incremental increases.

No derivative transactions occurred; the options and performance shares are disclosed as beneficially owned with stated exercise prices and expirations. As a routine Form 4 with modest size relative to typical float, this is informational rather than thesis-changing.

11/13/2025 - 04:54 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^*

Collich John

(Last) (First) (Middle)

7501 WISCONSIN AVENUE

15TH FLOOR

(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)
	Sr. VP, Chief Acq. & Dev. Off.

3. Date of Earliest Transaction (Month/Day/Year)
11/12/2025

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
Series E Preferred Stock								872	D
Common Stock								2,180(1)	I	IRA
Common Stock								2,824(2)	I	Wife
Common Stock	11/12/2025		P		2,000	A	$29.9933	49,259.62(3)	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	$57.74							05/06/2016(4)	05/06/2026	Common Stock	20,000		20,000	D
Employee Stock Option	$59.41							05/05/2017(4)	05/05/2027	Common Stock	20,000		20,000	D
Employee Stock Option	$49.46							05/11/2018(4)	05/11/2028	Common Stock	20,000		20,000	D
Employee Stock Option	$55.71							05/03/2019(4)	05/03/2029	Common Stock	20,000		20,000	D
Employee Stock Option	$50							04/24/2020(4)	04/24/2030	Common Stock	20,000		20,000	D
Employee Stock Option	$43.89							05/07/2021(4)	05/07/2031	Common Stock	20,000		20,000	D
Employee Stock Option	$47.9							05/13/2022(4)	05/13/2032	Common Stock	20,000		20,000	D
Employee Stock Option	$33.79							05/12/2023(4)	05/12/2033	Common Stock	20,000		20,000	D
Performance Shares	$0							05/17/2029	05/17/2029	Common Stock	1,200		1,200	D
Performance Shares	$0							05/09/2030	05/09/2030	Common Stock	1,500		1,500	D

Explanation of Responses:

1. Balance increased by July 31, 2025 Dividend Reinvestment Plan award and October 31, 2025 award totaling 82 shares.

2. Balance increased by July 31, 2025 Dividend Reinvestment Plan award and October 31, 2025 award totaling 107 shares.

3. Balance increased by July 31, 2025 Dividend Reinvestment Plan award and October 31, 2025 award totaling 1,683.62 shares.

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

Remarks:

	/s/ Carlos L. Heard, by Power of Attorney	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).
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 Saul Centers (BFS) report?

An officer purchased 2,000 shares of common stock on 11/12/2025 at $29.9933 per share.

How many Saul Centers (BFS) shares does the officer own directly after the trade?

Direct ownership totaled 49,259.62 common shares following the reported transaction.

What indirect holdings were disclosed for the Saul Centers (BFS) officer?

The filing lists 2,180 shares via an IRA and 2,824 shares held by the officer’s spouse.

Were dividend reinvestment plan (DRIP) awards referenced in the Saul Centers (BFS) filing?

Yes. Footnotes state DRIP awards increased the IRA, spouse, and direct balances, including fractional shares.

What derivative securities does the Saul Centers (BFS) officer hold?

Employee stock options for 20,000 shares per grant (2016–2023) with expirations through 2033, and performance shares of 1,200 and 1,500.