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 0001472420-26-000003

wk-form4_1779223009.xml

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	130	D	33	7,785.7111	D
Common Stock	2026-05-17	A · Form 4	40^[F2]	A	33	7,825.7111	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 · 3 reported rows
Security	Amount owned	Ownership	Nature of ownership
Common Stock	15,248	I^[F1]	401K
Series E Preferred Stock	200	D
Series D Preferred Stock	100	D

Table key

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^[F3]	2027-05-05	Common Stock	10,000	10,000	D
Employee Stock Option	49.46	2018-05-11^[F3]	2028-05-11	Common Stock	10,000	10,000	D
Employee Stock Option	55.71	2019-05-03^[F3]	2029-05-03	Common Stock	15,000	15,000	D
Employee Stock Option	50	2020-04-24^[F3]	2030-04-24	Common Stock	20,000	20,000	D
Employee Stock Option	43.89	2021-05-07^[F3]	2031-05-07	Common Stock	20,000	20,000	D
Employee Stock Option	47.90	2022-05-13^[F3]	2032-05-13	Common Stock	20,000	20,000	D
Employee Stock Option	33.79	2023-05-12^[F3]	2033-05-12	Common Stock	20,000	20,000	D
Performance Shares	0	2029-05-17	2029-05-17	Common Stock	1,200	1,200	D
Performance Shares	0	2030-05-09	2030-05-09	Common Stock	1,600	1,600	D
Performance Shares	0	2031-05-08	2031-05-08	Common Stock	2,000	2,000	D

Table key

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.↩ 1
F2: Shares acquired in an exempt transaction as dividend equivalents on filers restricted stock award, which vested on May 17, 2026.↩ 1
F3: The options vest 25% per year over four years from the date of grant.↩ 1 ↩ 2 ↩ 3 ↩ 4 ↩ 5 ↩ 6 ↩ 7