SAUL CENTERS, INC. — Director's Dealing 2025

May 13, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SAUL CENTERS, INC. (BFS)
CIK: 0000907254
Period of Report: 2025-05-09

Reporting Person: Friedlis Zachary Maxwell (Sr. VP-Director of Leasing)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-05-09	Common Stock	A	1500	—	Acquired	4327.019	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-05-09	Performance Shares	$0	A	1500	Acquired	2030-05-09	Common Stock (1500)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Series D Preferred Stock	3513.031	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Performance Shares	$0	2029-05-17	Common Stock (1200)	1200	Direct

Footnotes

F1: Balance increased by April 30, 2025 Dividend Reinvestment Plan award of 64.46 shares.

F2: Represents restricted shares of Common Stock. Such shares vest on the first five anniversaries of May 9, 2025 in equal annual installments, assuming continued employment.

F3: Balance increased by April 30, 2025 Dividend Reinvestment Plan award of 16.198 shares.

F4: The performance share award provides for the grant of restricted shares of Common Stock on each of the five anniversaries of May 9, 2025 in equal annual installments. The number of restricted shares of such grant that vest, if any, is (i) subject to cliff-vesting on May 9, 2030, and (2) achievement of performance criteria relating to the Companys target Funds from Operations available to common stockholders and noncontrolling interests (FFO) measured against an FFO amount included in the budget established by the Board of Directors annually prior to the start of such calendar year.