Zachary Maxwell Friedlis - 11 Mar 2026 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: 11 Mar 2026
Net transactions value: $0
Form type: 4
Filing time: 12 Mar 2026, 17:23:35 UTC
Previous 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	12 Mar 2026	0002008933

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	BFS	Common Stock	Options Exercise		+600	+14%	$0.000000^*	4,906	11 Mar 2026	Direct	F1, F2
transaction	BFS	Common Stock	Award		+300	+6.1%	$0.000000^*	5,206	11 Mar 2026	Direct	F3
holding	BFS	Series D Preferred Stock						3,705	11 Mar 2026	Direct

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	Options Exercise		-300	-25%	$0.000000^*	900	11 Mar 2026	Common Stock	300	$0.000000	Direct
transaction	BFS	Performance Shares	Options Exercise		-300	-20%	$0.000000^*	1,200	11 Mar 2026	Common Stock	300	$0.000000	Direct

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

Explanation of Responses:

Id	Content
F1	Represents restricted shares of Common Stock. Fifty percent (50%) of the shares vest on May 17, 2029, and the remaining fifty percent (50%) vest on May 9, 2030, subject to the reporting persons continued employment through the applicable vesting dates.
F2	Balance increased by July 31, 2025 Dividend Reinvestment Plan award, October 31, 2025 award and January 31, 2026 award totaling 61.074 shares
F3	Represents additional restricted shares of Common Stock earned based on the achievement of performance criteria with respect to a performance period commencing on January 1, 2025 and ending on December 31, 2025. Fifty percent (50%) of the shares vest on May 17, 2029, and the remaining fifty percent (50%) vest on May 9, 2030, subject to the reporting persons continued employment through the applicable vesting dates.