BFS-D Saul Centers Inc

FORM 4 ☐ Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response... 0.5
	Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

1. Name and Address of Reporting Person * Friedman Joel Albert	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, CAO & Treasurer
(Last)          (First)          (Middle) 7501 WISCONSIN AVENUE, 15TH FLOOR	3. Date of Earliest Transaction (MM/DD/YYYY) 5/12/2023
(Street) BETHESDA, MD 20814	4. If Amendment, Date Original Filed (MM/DD/YYYY)	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)	Rule 10b5-1(c) Transaction Indication ☐ 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.

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security (Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	3. Trans. 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 Shares								12338	I (1)	401K
Series E Preferred Stock								200	D
Series D Preferred Stock								100	D
Common Shares								130.387 (2)	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	4. Trans. 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		7. Title and Amount of Securities Underlying Derivative Security (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	$47.03							5/9/2014 (3)	5/9/2024	Common Stock	10000.0		10000	D
Employee Stock Option	$51.07							5/8/2015 (3)	5/8/2025	Common Stock	10000.0		10000	D
Employee Stock Option	$57.74							5/6/2016 (3)	5/6/2026	Common Stock	10000.0		10000	D
Employee Stock Option	$59.41							5/5/2017 (3)	5/5/2027	Common Stock	10000.0		10000	D
Employee Stock Option	$49.46							5/11/2018 (3)	5/11/2028	Common Stock	10000.0		10000	D
Employee Stock Option	$55.71							5/3/2019 (3)	5/3/2029	Common Stock	15000.0		15000	D
Employee Stock Option	$50.0							4/24/2020 (3)	4/24/2030	Common Stock	20000.0		20000	D
Employee Stock Option	$43.89							5/7/2021 (3)	5/7/2031	Common Stock	20000.0		20000	D
Employee Stock Option	$47.9							5/13/2022 (3)	5/13/2032	Common Stock	20000.0		20000	D
Employee Stock Option	$33.79	5/12/2023		A		20000		5/12/2023 (3)	5/12/2033	Common Stock	20000.0	$0	20000	D

Explanation of Responses:
(1)	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.
(2)	Balance increased by July 29, 2022 Dividend Reinvestment Plan award, October 31, 2022, January 31, 2023 award and April 28, 2023 award of 7.256 shares combined.
(3)	The options vest 25% per year over four years from the date of grant.

Reporting Owners
Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
Friedman Joel Albert 7501 WISCONSIN AVENUE 15TH FLOOR BETHESDA, MD 20814			Sr. VP, CAO & Treasurer

Signatures
/s/ Carlos L. Heard, by Power of Attorney		5/16/2023
**Signature of Reporting Person		Date

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
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