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

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
CARACI PHILIP D
  2. Issuer Name and Ticker or Trading Symbol
SAUL CENTERS, INC. [BFS] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
7501 WISCONSIN AVENUE, 15TH FLOOR		 3. Date of Earliest Transaction (Month/Day/Year)
05/17/2024
(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               20,564 I Wife's-Trust
Common Stock               2,602 I Wife's IRA
Common Stock               53,187 I (1) Self-Trust
Common Stock 05/17/2024   A   2,000 (2) A $ 0 51,416 D  

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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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
Stock Option $ 51.07             05/08/2015 05/08/2025 Common Stock 2,500   2,500 D  
Stock Option $ 57.74             05/06/2016 05/06/2026 Common Stock 2,500   2,500 D  
Stock Option $ 59.41             05/05/2017 05/05/2027 Common Stock 2,500   2,500 D  
Stock Option $ 49.46             05/11/2018 05/11/2028 Common Stock 2,500   2,500 D  
Stock Option $ 55.71             05/03/2019 05/03/2029 Common Stock 2,500   2,500 D  
Stock Option $ 50             04/24/2020 04/24/2030 Common Stock 2,500   2,500 D  
Stock Option $ 43.89             05/07/2021 05/07/2031 Common Stock 2,500   2,500 D  
Stock Option $ 47.9             05/13/2022 05/13/2032 Common Stock 2,500   2,500 D  
Stock Option $ 33.79             05/12/2023 05/12/2033 Common Stock 2,500   2,500 D  
Phantom Stock (3)               (4)   (4) Common Stock 34,158.446   34,158.446 (5) D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
CARACI PHILIP D
7501 WISCONSIN AVENUE
15TH FLOOR
BETHESDA, MD 20814		   X      

Signatures

 /s/ Carlos L. Heard, by Power of Attorney   05/21/2024
**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) Self-Trust. Reporting person is a Trustee
(2) Represents restricted shares of Common Stock. Such shares vest on the first three anniversaries of May 17, 2024 in equal annual installments, assuming continued service.
(3) Phantom shares are issuable pursuant to the Issuer's Deferred Compensation Plan for Directors under its 2004 Stock Plan, as amended (the "Deferred Compensation Plan"). Each share of phantom stock is the economic equivalent of one share of common stock. The shares of phantom stock become payable, in cash or common stock, at the election of the reporting person, upon the reporting person's termination of service.
(4) The conversion of the phantom stock into shares of the Issuer's common stock is governed by the Deferred Compensation Plan and the reporting person's Deferred Fee Election Agreement.
(5) Balance increased by July 31, 2023 Dividend Reinvestment Plan award, October 31, 2023, January 31, 2024 award and April 30, 2024 award totaling 2,157.175 shares.
 
Remarks:
Previous beneficial ownership reports filed pursuant to Section 16(a) by the reporting person referred to the Issuer's Common Stock, par value $0.01 per share as "Common Shares." Going forward, such shares will be referred to as "Common Stock."

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