HEARD CARLOS LAWRENCE (Senior Vice President & CFO) purchased 192.9% of their position (1.35K shares) of SAUL CENTERS, INC. on the open market

Open‑market purchase worth $28.0K — a major conviction buy. The strongest form of insider conviction signal.

P · 3 purchases

HEARD CARLOS LAWRENCE

Filed: 11/13/2025ACC: 0000907254-25-000110

InsiderHEARD CARLOS LAWRENCECIK 1849267

→

IssuerSAUL CENTERS, INC.CIK 907254

Officer· Senior Vice President & CFO

Since Apr 2021

+1.35K

Net shares

Net buyer

$28.0K

Total acquired

Open market trades

3B · 0S

Total transactions

1.35K acquired

Non-Derivative Transactions3

Series D Preferred Stock

Direct

P · Purchase

+450.00

Price / share

$20.85

Trade value

$9.38K

% of position

64.3%

11/11/2025

700.00→1.15K

Series D Preferred Stock

Direct

P · Purchase

+450.00

Price / share

$20.70

Trade value

$9.31K

% of position

39.1%

11/12/2025

1.15K→1.60K

Series D Preferred Stock

Direct

P · Purchase

+450.00

Price / share

$20.60

Trade value

$9.27K

% of position

28.1%

11/13/2025

1.60K→2.05K

Total

Net shares

+1.35K

Net value

$27.97K

Security	Date	Type	Shares	Price / Share	Trade Value	% of Position	Held Before	Held After
Series D Preferred Stock Direct	11/11/2025	P · Purchase	+450.00	$20.85	$9.38K	64.3%	700.00	1.15K
Series D Preferred Stock Direct	11/12/2025	P · Purchase	+450.00	$20.70	$9.31K	39.1%	1.15K	1.60K
Series D Preferred Stock Direct	11/13/2025	P · Purchase	+450.00	$20.60	$9.27K	28.1%	1.60K	2.05K
Total			+1.35K		$27.97K

Derivative Transactions0

No derivative transactions reported

Non-Derivative Holdings (Post-Transaction)1

Common Stock

Direct

Shares owned4.73K

Total

4.73K direct4.73K

Security Title	Shares Owned	Ownership Type
Common Stock	4.73K	Direct
Total	4.73K	4.73K direct

Derivative Holdings (Post-Transaction)5

Employee Stock Option

Direct

Underlying security

Common Stock

Underlying shares

10K

Shares owned

10K

Exercise price

43.89

Expiration

—

Exercise window

—

Employee Stock Option

Direct

Underlying security

Common Stock

Underlying shares

15K

Shares owned

15K

Exercise price

47.90

Expiration

—

Exercise window

—

Performance Shares

Direct

Underlying security

Common Stock

Underlying shares

Shares owned

Exercise price

Expiration

—

Exercise window

—

Employee Stock Option

Direct

Underlying security

Common Stock

Underlying shares

15K

Shares owned

15K

Exercise price

33.79

Expiration

—

Exercise window

—

Performance Shares

Direct

Underlying security

Common Stock

Underlying shares

1.60K

Shares owned

1.60K

Exercise price

Expiration

—

Exercise window

—

Total

Underlying

43.60K

Owned

43.60K

Security	Underlying	Exercise Price	Exercise Window	Expiration	Underlying Shares	Shares Owned
Employee Stock Option Direct	Common Stock	43.89	—	—	10K	10K
Employee Stock Option Direct	Common Stock	47.90	—	—	15K	15K
Performance Shares Direct	Common Stock	0	—	—	2K	2K
Employee Stock Option Direct	Common Stock	33.79	—	—	15K	15K
Performance Shares Direct	Common Stock	0	—	—	1.60K	1.60K
Total					43.60K	43.60K