Saul Centers Inc.

03/12/2026 | Press release | Distributed by Public on 03/12/2026 15:25

Statement of Changes in Beneficial Ownership (Form 4)

FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
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(Print or Type Responses)
1. Name and Address of Reporting Person *
Collich John
2. Issuer Name and Ticker or Trading Symbol
SAUL CENTERS, INC. [BFS] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Sr. VP, Chief Acq. & Dev. Off.
(Last) (First) (Middle)
7501 WISCONSIN AVENUE, 15TH FLOOR 		3. Date of Earliest Transaction (Month/Day/Year)
03/11/2026
(Street)
BETHESDA, MD 20814 		4. If Amendment, Date Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City) (State) (Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4) 		7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 2,878(1) I Wife
Series E Preferred Stock 872 D
Common Stock 2,221(2) I IRA
Common Stock 03/11/2026 M 600(3) A $ 0 49,859.62(4) D
Common Stock 03/11/2026 A 300(5) A $ 0 51,042.62 D
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. SEC 1474 (9-02)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8) 		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5) 		6. Date Exercisable and Expiration Date
(Month/Day/Year) 		7. Title and Amount of Underlying Securities
(Instr. 3 and 4) 		8. Price of Derivative Security
(Instr. 5) 		9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4) 		10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4) 		11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Employee Stock Option $57.74 05/06/2016(6) 05/06/2026 Common Stock 20,000 20,000 D
Employee Stock Option $59.41 05/05/2017(6) 05/05/2027 Common Stock 20,000 20,000 D
Employee Stock Option $49.46 05/11/2018(6) 05/11/2028 Common Stock 20,000 20,000 D
Employee Stock Option $55.71 05/03/2019(6) 05/03/2029 Common Stock 20,000 20,000 D
Employee Stock Option $50 04/24/2020(6) 04/24/2030 Common Stock 20,000 20,000 D
Employee Stock Option $43.89 05/07/2021(6) 05/07/2031 Common Stock 20,000 20,000 D
Employee Stock Option $47.9 05/13/2022(6) 05/13/2032 Common Stock 20,000 20,000 D
Employee Stock Option $33.79 05/12/2023(6) 05/12/2033 Common Stock 20,000 20,000 D
Performance Shares $ 0 03/11/2026 M 300 05/17/2029 05/17/2029 Common Stock 300 $ 0 900 D
Performance Shares $ 0 03/11/2026 M 300 05/09/2030 05/09/2030 Common Stock 300 $ 0 1,200 D

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Collich John
7501 WISCONSIN AVENUE
15TH FLOOR
BETHESDA, MD 20814 		Sr. VP, Chief Acq. & Dev. Off.

Signatures

/s/ Carlos L. Heard, by Power of Attorney 03/12/2026
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Balance increased by January 31, 2026 Dividend Reinvestment Plan award of 54 shares.
(2) Balance increased by January 31, 2026 Dividend Reinvestment Plan award of 41 shares.
(3) 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.
(4) Balance increased by January 31, 2026 Dividend Reinvestment Plan award of 883 shares.
(5) 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.
(6) The options vest 25% per year over four years from the date of grant.
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure. Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.
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