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Changes in Beneficial Ownership · 4

Saul Centers, Inc.

BFSNYSEEQUITYCurrent

Changes in Beneficial Ownership

Filed May 19, 2026Accepted May 19, 2026, 4:36 PM EDTFiling CIK 907254Accession 0001228472-26-000002

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Structured filing — 4

wk-form4_1779223004.xml

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Filing details

Report period: 2026-05-17
Issuer: SAUL CENTERS, INC.
Issuer CIK: 0000907254
Trading symbol: BFS

Reporting owner 1

Name: Collich John
Reporting owner CIK: 0001228472
Relationship: Officer
Officer title: Sr. VP, Chief Acq. & Dev. Off.
Address: 7501 WISCONSIN AVENUE, 15TH FLOOR, BETHESDA, MD, 20814

Non-derivative transactions

Non-derivative transactions · 2 reported rows
Security	Transaction date	Code	Amount	A / D	Price (USD)	Owned after	Ownership
Common Stock	2026-05-17	F · Form 4	98	D	33	53,104.02	D
Common Stock	2026-05-17	A · Form 4	30^[F1]	A	33	53,134.02	D

Table key

F · Form 4: Securities delivered or withheld for exercise price or tax liability under Rule 16b-3
D: Direct
A · Form 4: Acquisition by grant, award or otherwise under Rule 16b-3(d)
A: Acquired

Non-derivative holdings

Non-derivative holdings · 3 reported rows
Security	Amount owned	Ownership	Nature of ownership
Series E Preferred Stock	872	D
Common Stock	2,928	I	Wife
Common Stock	2,260	I	IRA

Table key

D: Direct
I: Indirect

Derivative holdings

Derivative holdings · 10 reported rows
Security	Conversion / exercise price (USD)	Exercisable	Expires	Underlying security	Underlying shares	Amount owned	Ownership
Employee Stock Option	59.41	2017-05-05^[F2]	2027-05-05	Common Stock	20,000	20,000	D
Employee Stock Option	49.46	2018-05-11^[F2]	2028-05-11	Common Stock	20,000	20,000	D
Employee Stock Option	55.71	2019-05-03^[F2]	2029-05-03	Common Stock	20,000	20,000	D
Employee Stock Option	50	2020-04-24^[F2]	2030-04-24	Common Stock	20,000	20,000	D
Employee Stock Option	43.89	2021-05-07^[F2]	2031-05-07	Common Stock	20,000	20,000	D
Employee Stock Option	47.90	2022-05-13^[F2]	2032-05-13	Common Stock	20,000	20,000	D
Employee Stock Option	33.79	2023-05-12^[F2]	2033-05-12	Common Stock	20,000	20,000	D
Performance Shares	0	2029-05-17	2029-05-17	Common Stock	900	900	D
Performance Shares	0	2030-05-09	2030-05-09	Common Stock	1,200	1,200	D
Performance Shares	0	2031-05-08	2031-05-08	Common Stock	1,500	1,500	D

Table key

D: Direct

Footnotes

F1: Shares acquired in an exempt transaction as dividend equivalents on filers restricted stock award, which vested on May 17, 2026.↩ 1
F2: The options vest 25% per year over four years from the date of grant.↩ 1 ↩ 2 ↩ 3 ↩ 4 ↩ 5 ↩ 6 ↩ 7

Signature 1

Signed: /s/ Carlos L. Heard, by Power of Attorney
Date: 2026-05-19

Company context

Current securities

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