Judith K. Garland - 11 Mar 2026 Form 4 Insider Report for SAUL CENTERS, INC. (BFS)

Role
SVP, Office and Retail
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, 17:24:31 UTC
Previous filing
21 May 2025
SEC
View on sec.gov

Reporting Owners (1)

Name Relationship Address Signature Signature date CIK
Garland Judith K. SVP, Office and Retail 7501 WISCONSIN AVENUE, SUITE 1500, BETHESDA /s/ Carlos L. Heard, by Power of Attorney 12 Mar 2026 0001849366

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction BFS Common Stock Options Exercise +500 +18% $0.000000* 3,239 11 Mar 2026 Direct F1
transaction BFS Common Stock Award +250 +7.7% $0.000000* 3,489 11 Mar 2026 Direct F2

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 -200 -25% $0.000000* 600 11 Mar 2026 Common Stock 200 $0.000000 Direct
transaction BFS Performance Shares Options Exercise -300 -20% $0.000000* 1,200 11 Mar 2026 Common Stock 300 $0.000000 Direct
holding BFS Employee Stock Option 5,000 11 Mar 2026 Common Stock 5,000 $43.89 Direct F3
holding BFS Employee Stock Option 5,000 11 Mar 2026 Common Stock 5,000 $47.90 Direct F3
holding BFS Employee Stock Option 10,000 11 Mar 2026 Common Stock 10,000 $33.79 Direct F3
* 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. Of these restricted shares, 200 shares vest on May 17, 2029, and 300 shares vest on May 9, 2030, subject to the reporting persons continued employment through the applicable vesting dates.
F2 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. Of these restricted shares, 100 shares vest on May 17, 2029, and 150 shares vest on May 9, 2030, subject to the reporting persons continued employment through the applicable vesting dates.
F3 The options vest 25% per year over four years from the date of grant.