4/A: Executive Amends Ownership Report for Saul Centers

Sentiment:

Insider Ownership Amendment 5 February 2026 5:05 PM

Saul Centers' Executive VP, CAO & Treasurer Joel Albert Friedman filed an amended Form 4 to correct an administrative error in his beneficial ownership of common stock.

Summary

Joel Albert Friedman, Executive VP, CAO & Treasurer of Saul Centers, Inc. (BFS), filed an amended Form 4 on February 5, 2026.
The amendment corrects an administrative error in the reported post-transaction beneficial ownership balance in Column 5 of Table I of the original Form 4 filed on May 21, 2025. All transaction details reported in the original filing were accurate.
On May 17, 2025, 27 shares of common stock were acquired at $34.39 per share. This was an exempt transaction, representing dividend equivalents on a restricted stock award that vested on the same date.
Following the reported transactions, Mr. Friedman beneficially owns 200 shares of Series E Preferred Stock directly and 100 shares of Series D Preferred Stock directly.
His common stock holdings include 14,178 shares indirectly through a 401(k) plan and 4,775.57 shares directly.
He also holds 105,000 employee stock options with exercise prices ranging from $33.79 to $59.41, and expiration dates between May 6, 2026, and May 12, 2033. These options vest 25% annually over four years from their grant dates.
Additionally, Mr. Friedman holds 3,600 performance shares of common stock, with vesting/expiration dates in May 2029 and May 2030.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a neutral filing. The amendment corrects a minor administrative error, which is a slight negative for internal controls, but the underlying transaction (acquisition of shares via dividend equivalents) and substantial executive equity holdings are generally positive for alignment with shareholder interests.

Positives

Acquisition of 27 common shares through dividend equivalents on a restricted stock award, indicating continued equity participation.
Significant holdings of employee stock options (105,000 shares) and performance shares (3,600 shares) align management's interests with shareholder value.

Negatives

The need for an amendment to correct an administrative error in a public filing, though minor, highlights a potential for internal reporting discrepancies.

Future Outlook

This filing does not contain forward-looking statements or guidance regarding the company's future performance, as it is solely focused on reporting changes in beneficial ownership.

Industry Context

StockSavvy.ai notes that Form 4 filings, especially amendments, are routine disclosures for insiders. While this amendment corrects a minor administrative error, the overall holdings of Joel Albert Friedman, including significant stock options and performance shares, indicate a continued alignment of executive interests with Saul Centers' long-term performance, a common practice in the REIT sector to incentivize management.

Comparison to Industry Standards

This filing is a standard insider ownership disclosure. No specific financial results are presented for comparison to industry benchmarks.
The structure of executive compensation, including stock options and performance shares, is consistent with common practices in the real estate investment trust (REIT) industry, aiming to link executive incentives to shareholder returns. For example, similar compensation structures are observed in peer REITs like Federal Realty Investment Trust (FRT) or Regency Centers Corporation (REG), where executive equity ownership is a key component of their compensation packages.

Stakeholder Impact

Shareholders: Provides updated transparency on executive beneficial ownership, confirming management's equity stake.
Employees: The 401(k) plan and employee stock options mentioned highlight existing employee benefit structures.

Key Dates

Date	Description
04/01/2009	Shares formerly held by the B.F. Saul Company Employees' Profit Sharing Reinvestment Trust were distributed to individual 401(k) plan accounts.
05/06/2016	Grant date for 10,000 employee stock options with an exercise price of $57.74.
05/05/2017	Grant date for 10,000 employee stock options with an exercise price of $59.41.
05/11/2018	Grant date for 10,000 employee stock options with an exercise price of $49.46.
05/03/2019	Grant date for 15,000 employee stock options with an exercise price of $55.71.
04/24/2020	Grant date for 20,000 employee stock options with an exercise price of $50.00.
05/07/2021	Grant date for 20,000 employee stock options with an exercise price of $43.89.
05/13/2022	Grant date for 20,000 employee stock options with an exercise price of $47.90.
05/12/2023	Grant date for 20,000 employee stock options with an exercise price of $33.79.
05/17/2025	Transaction date for the acquisition of 27 common shares and vesting date of the restricted stock award.
05/21/2025	Date of original Form 4 filing.
02/05/2026	Signature date of the amended Form 4 by Power of Attorney.
05/06/2026	Expiration date for 10,000 employee stock options granted on 05/06/2016.
05/05/2027	Expiration date for 10,000 employee stock options granted on 05/05/2017.
05/11/2028	Expiration date for 10,000 employee stock options granted on 05/11/2018.
05/03/2029	Expiration date for 15,000 employee stock options granted on 05/03/2019.
05/17/2029	Vesting/expiration date for 1,600 performance shares.
04/24/2030	Expiration date for 20,000 employee stock options granted on 04/24/2020.
05/09/2030	Vesting/expiration date for 2,000 performance shares.
05/07/2031	Expiration date for 20,000 employee stock options granted on 05/07/2021.
05/13/2032	Expiration date for 20,000 employee stock options granted on 05/13/2022.
05/12/2033	Expiration date for 20,000 employee stock options granted on 05/12/2023.

Recommendation

hold

This Form 4/A is an administrative correction of an insider ownership report and does not contain new material information that would warrant a change in investment recommendation. The executive's continued significant equity holdings, including options and performance shares, suggest alignment with long-term company performance, supporting a 'hold' stance for existing investors.

Keywords

Saul Centers, BFS, Form 4/A, Insider Trading, Beneficial Ownership, Executive Compensation, Stock Options, Preferred Stock, Common Stock, SEC Filing

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