Zachary Maxwell Friedlis - 09 May 2025 Form 4 Insider Report for SAUL CENTERS, INC. (BFS)

Role: Sr. VP-Director of Leasing
Signature: /s/ Carlos L. Heard, by Power of Attorney
Issuer symbol: BFS
Transactions as of: 09 May 2025
Net transactions value: $0
Form type: 4
Filing time: 13 May 2025, 17:27:50 UTC
Previous filing: 10 Mar 2025
Next filing: 21 May 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Friedlis Zachary Maxwell	Sr. VP-Director of Leasing	7501 WISCONSIN AVENUE, SUITE 1500, BETHESDA	/s/ Carlos L. Heard, by Power of Attorney	13 May 2025	0002008933

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	BFS	Common Stock	Award	$0	+1,500	+53%	$0.000000	4,327	09 May 2025	Direct	F2, F3
holding	BFS	Series D Preferred Stock						3,513	09 May 2025	Direct	F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	BFS	Performance Shares	Award	$0	+1,500		$0.000000	1,500	09 May 2025	Common Stock	1,500	$0.000000	Direct	F4
holding	BFS	Performance Shares						1,200	09 May 2025	Common Stock	1,200	$0.000000	Direct

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
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.