Joel Albert Friedman - 11 Mar 2026 Form 4 Insider Report for SAUL CENTERS, INC. (BFS)

Role
Exec VP, CAO & Treasurer
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, 17:24:00 UTC
Previous filing
05 Feb 2026
SEC
View on sec.gov

Reporting Owners (1)

Name Relationship Address Signature Signature date CIK
Friedman Joel Albert Exec VP, CAO & Treasurer 7501 WISCONSIN AVENUE, 15TH FLOOR, BETHESDA /s/ Carlos L. Heard, by Power of Attorney 12 Mar 2026 0001472420

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction BFS Common Stock Options Exercise +800 +17% $0.000000* 5,610 11 Mar 2026 Direct F2, F3
transaction BFS Common Stock Award +400 +7.1% $0.000000* 6,010 11 Mar 2026 Direct F4
holding BFS Common Stock 14,971 11 Mar 2026 401K F1
holding BFS Series E Preferred Stock 200 11 Mar 2026 Direct
holding BFS Series D Preferred Stock 100 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 -400 -25% $0.000000* 1,200 11 Mar 2026 Common Stock 400 $0.000000 Direct
transaction BFS Performance Shares Options Exercise -400 -20% $0.000000* 1,600 11 Mar 2026 Common Stock 400 $0.000000 Direct
holding BFS Employee Stock Option 10,000 11 Mar 2026 Common Stock 10,000 $57.74 Direct F5
holding BFS Employee Stock Option 10,000 11 Mar 2026 Common Stock 10,000 $59.41 Direct F5
holding BFS Employee Stock Option 10,000 11 Mar 2026 Common Stock 10,000 $49.46 Direct F5
holding BFS Employee Stock Option 15,000 11 Mar 2026 Common Stock 15,000 $55.71 Direct F5
holding BFS Employee Stock Option 20,000 11 Mar 2026 Common Stock 20,000 $50.00 Direct F5
holding BFS Employee Stock Option 20,000 11 Mar 2026 Common Stock 20,000 $43.89 Direct F5
holding BFS Employee Stock Option 20,000 11 Mar 2026 Common Stock 20,000 $47.90 Direct F5
holding BFS Employee Stock Option 20,000 11 Mar 2026 Common Stock 20,000 $33.79 Direct F5
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Effective April 1, 2009, shares formerly held by the B.F. Saul Company Employees' Profit Sharing Reinvestment Trust were distributed to the individual 401(k) plan accounts of participants. The number of shares reported represents the reporting person's beneficial ownership interest in the Saul Centers stock fund of the 401(k) plan.
F2 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.
F3 Balance increased by July 31, 2025 Dividend Reinvestment Plan award, October 31, 2025 award and January 31, 2026 award totaling 34.339 shares
F4 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.
F5 The options vest 25% per year over four years from the date of grant.