X0609 4 2026-09-28 0 0000907254 SAUL CENTERS, INC. BFS 0001472420 Friedman Joel Albert false 7501 WISCONSIN AVENUE 15TH FLOOR BETHESDA MD 20814 0 1 0 0 Exec VP, CAO & Treasurer 0 Common Stock 15550 I 401K Series D Preferred Stock 100 D Series E Preferred Stock 2026-09-28 4 P 0 200 18.53 A 400 D Common Stock 7847.39 D Employee Stock Option 59.41 2017-05-05 2027-05-05 Common Stock 10000 10000 D Employee Stock Option 49.46 2018-05-11 2028-05-11 Common Stock 10000 10000 D Employee Stock Option 55.71 2019-05-03 2029-05-03 Common Stock 15000 15000 D Employee Stock Option 50 2020-04-24 2030-04-24 Common Stock 20000 20000 D Employee Stock Option 43.89 2021-05-07 2031-05-07 Common Stock 20000 20000 D Employee Stock Option 47.90 2022-05-13 2032-05-13 Common Stock 20000 20000 D Employee Stock Option 33.79 2023-05-12 2033-05-12 Common Stock 20000 20000 D Performance Shares 0 2029-05-17 2029-05-17 Common Stock 1200 1200 D Performance Shares 0 2030-05-09 2030-05-09 Common Stock 1600 1600 D Performance Shares 0 2031-05-08 2031-05-08 Common Stock 2000 2000 D 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. The reporting person purchased 100 shares at $18.60 per share and 100 shares at $18.46 per share. Balance increased by July 31, 2026 Dividend Reinvestment Plan award of 21.68 shares. The options vest 25% per year over four years from the date of grant. /s/ Carlos L. Heard, by Power of Attorney 2026-09-30