SAUL CENTERS, INC. — Director's Dealing 2025

Nov 13, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SAUL CENTERS, INC. (BFS)
CIK: 0000907254
Period of Report: 2025-11-11

Reporting Person: Heard Carlos Lawrence (Senior Vice President & CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-11-11	Series D Preferred Stock	P	450	$20.85	Acquired	1150	Direct
2025-11-12	Series D Preferred Stock	P	450	$20.70	Acquired	1600	Direct
2025-11-13	Series D Preferred Stock	P	450	$20.60	Acquired	2050	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	4725.176	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$43.89	2031-05-07	Common Stock (10000)	10000	Direct
Employee Stock Option	$47.90	2032-05-13	Common Stock (15000)	15000	Direct
Employee Stock Option	$33.79	2033-05-12	Common Stock (15000)	15000	Direct
Performance Shares	$0	2029-05-17	Common Stock (1600)	1600	Direct
Performance Shares	$0	2030-05-09	Common Stock (2000)	2000	Direct

Footnotes

F1: Balance increased by October 31, 2025 Dividend Reinvestment Plan award of 5.924 shares.

F2: The options vest 25% per year over four years from the date of grant.