CBL insider files to sell 7,368 shares via NewEdge on 10/09/2025

Rhea-AI Filing Summary

CBL & ASSOCIATES PROPERTIES, INC. reported a proposed sale of 7,368 common shares through NewEdge Securities, Inc. with an aggregate market value of $214,851. The filing lists the approximate sale date as 10/09/2025 and shows 30,933,176 shares outstanding, indicating the planned transaction is a relatively small quantity versus total equity.

The shares to be sold were acquired in three tranches: 156 shares received on 11/01/2021 under the issuer's Chapter 11 reorganization in exchange for old common stock; 5,752 shares from equity awards dated 02/17/2022 with payment/vesting noted on 12/31/2024; and 1,460 shares from equity awards dated 02/17/2023 with payment/vesting on 02/15/2025. The filer certifies no undisclosed material adverse information and no sales in the past three months were reported.

Positive

• Clear sourcing of the shares: Chapter 11 exchange and documented equity award vestings
• Complete Rule 144 disclosure including broker, planned sale date, and aggregate market value
• No reported sales in past three months, simplifying aggregation rules under Rule 144

Negative

• None.

Insights

Insider Transactions Analyst

TL;DR: Small insider sale planned for 7,368 shares ($214,851), sourced from equity awards and a Chapter 11 exchange.

The filing identifies a proposed disposal of 7,368 common shares through NewEdge Securities with an aggregate value of $214,851 and an approximate sale date of 10/09/2025. Acquisition records show the shares came from a Chapter 11 exchange on 11/01/2021 and equity award vestings on 12/31/2024 and 02/15/2025, which clarifies the legal sourcing and timing of ownership.

The main dependency for market impact is the small absolute size versus total outstanding shares (30,933,176 reported), so immediate price pressure is unlikely. Monitor the actual execution on or around 10/09/2025 and any subsequent Form 4 filings that would show completed trades and exact prices within days after the planned sale.

Corporate Governance Analyst

TL;DR: Disclosure is complete for Rule 144 mechanics; the signer affirms no undisclosed material adverse information.

The notice documents the nature of acquisition (Chapter 11 exchange and equity-plan vesting) and includes the legal representation required by Rule 144 that the seller lacks material nonpublic information. This satisfies standard procedural and compliance expectations for an insider notice of proposed sale.

Watch for accompanying trading-plan dates or subsequent confirmations (Form 4) that would indicate whether the sale followed a prearranged trading plan; absence of past three-month sales is noted and supports a one-off planned sale rather than ongoing programmatic disposals.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
COMMON	NewEdge Securities, Inc. 1251 Waterfront Place, Suite 510 Pittsburgh PA 15222	7368	214851	30933176	10/09/2025	NYSE

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
COMMON	11/01/2021	156 shares are New Common Stock received on 11/1/2021 under the Issuer's Chapter 11 reorganization, in exchange for old Common Stock acquired through multiple DRIP reinvestments and vesting of equity comp. awards on dates from 5/5/2004 through 11/1/2021.	CBL & Associates Properties, Inc.			156	11/01/2021	Exchange for old Common Stock under Issuer's Chapter 11 Plan.
COMMON	02/17/2022	5,752 shares were acquired on the date indicated through equity awards under the Issuer's registered 2021 Equity Incentive Plan.	CBL & Associates Properties, Inc.			5752	12/31/2024	Vesting of equity awards under Issuer's registered 2021 Equity Incentive Plan.
COMMON	02/17/2023	1,460 shares were acquired on the date indicated through equity awards under the Issuer's registered 2021 Equity Incentive Plan.	CBL & Associates Properties, Inc.			1460	02/15/2025	Vesting of equity awards under Issuer's registered 2021 Equity Incentive Plan.

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Nothing to Report

144: Remarks and Signature

Remarks

Date of Notice

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

What does the CBL (CBL) Form 144 disclose about the planned sale?

The Form 144 discloses a proposed sale of 7,368 common shares via NewEdge Securities with an aggregate market value of $214,851 and an approximate sale date of 10/09/2025.

How were the 7,368 CBL shares acquired?

The shares were acquired in three tranches: 156 via a Chapter 11 exchange on 11/01/2021, 5,752 from equity awards dated 02/17/2022 (vesting/payment 12/31/2024), and 1,460 from equity awards dated 02/17/2023 (vesting/payment 02/15/2025).

Does the filing report any securities sold in the past three months for CBL?

No. The filing states "Nothing to Report" under securities sold during the past three months for the person whose account the securities are to be sold.

What broker will handle the CBL sale and where will it be listed?

The broker named is NewEdge Securities, Inc. located in Pittsburgh, PA, and the securities are listed on the NYSE.

What representation does the filer make about material nonpublic information?

By signing, the person represents they do not know any material adverse information about the issuer that has not been publicly disclosed.