CBL insider plans $2.7M stock sale for 2026

CBL & ASSOCIATES PROPERTIES, INC.

Rhea-AI Filing Summary

CBL & ASSOCIATES PROPERTIES, INC. (CBL) received a notice under Rule 144 that insider Stephen D. Lebovitz intends to sell 50,000 shares of common stock through J.P. Morgan Securities LLC on or after September 16, 2026.

The shares relate to an equity award of performance stock units granted on February 16, 2022 and vesting on December 31, 2024 under CBL’s 2021 Equity Incentive Plan. The filing lists an aggregate market value of $2,721,500 for the shares and 30,942,757 shares of common stock outstanding.

Key Figures

Shares to be sold: 50,000 shares Aggregate market value: $2,721,500 Shares outstanding: 30,942,757 shares +3 more

6 metrics

Shares to be sold 50,000 shares Common stock covered by the Rule 144 notice

Aggregate market value $2,721,500 Value of 50,000 shares to be sold under Rule 144

Shares outstanding 30,942,757 shares Common shares outstanding listed in the notice

Approximate sale date September 16, 2026 Planned sale timing for the Rule 144 transaction

Equity award grant date February 16, 2022 Date performance stock units underlying the shares were granted

Equity award vesting date December 31, 2024 Vesting date of the performance stock unit award

Key Terms

Rule 144, performance stock units, Equity Incentive Plan, aggregate market value

4 terms

Rule 144 regulatory

"See the definition of "person" in paragraph (a) of Rule 144."

Rule 144 is a U.S. securities regulation that sets conditions under which restricted or insider-held shares can be legally resold to the public, such as required holding periods, availability of public information, limits on how much can be sold at once, and certain filing requirements. For investors it matters because it determines when previously locked-up shares can enter the market — like a release valve that can increase supply, affect share price, and signal insider intent.

performance stock units financial

"50,000 shares were acquired through an equity award of performance stock units"

Performance stock units are a type of company award that grants employees shares of stock only if certain performance goals are met. They motivate employees to work toward specific company achievements, aligning their interests with those of shareholders. For investors, they can influence a company's future stock supply and reflect management’s confidence in reaching key targets.

Equity Incentive Plan financial

"under the Issuer's registered 2021 Equity Incentive Plan."

An equity incentive plan is a program that gives employees, executives or directors the right to receive company stock or options to buy stock as part of their pay. Think of it as offering slices of future company profit to motivate people to boost long‑term performance; for investors it matters because it can align employee goals with shareholder value but also increases the number of shares outstanding, which can dilute existing ownership.

aggregate market value financial

"50000 | 2721500 | 30942757 | 09/16/2026 | NYSE"

Aggregate market value is the combined price you would pay to buy all outstanding shares of a company or all companies in a group at current market prices — essentially the sum of each stock’s market capitalization. It matters to investors because it shows the overall size and weight of an investment or sector (like the total cost to buy every piece of a puzzle), helps compare scale across companies or markets, and influences index composition and risk exposure.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What does the Form 144 filing disclose for CBL?

It discloses that insider Stephen D. Lebovitz plans to sell 50,000 shares of CBL common stock under Rule 144 through J.P. Morgan Securities LLC, with an approximate sale date of September 16, 2026 and an aggregate market value of $2,721,500.

How many CBL (CBL) shares are covered by this Rule 144 notice?

The notice covers 50,000 shares of CBL common stock. These shares are tied to an equity award of performance stock units granted on February 16, 2022 and vesting on December 31, 2024 under the company’s 2021 Equity Incentive Plan.

What is the approximate value of the CBL shares to be sold?

The filing lists an aggregate market value of $2,721,500 for the 50,000 CBL common shares covered by the planned Rule 144 sale. This figure comes from the securities information section of the notice.

When were the CBL shares to be sold by Stephen D. Lebovitz acquired?

According to the filing, the 50,000 shares were acquired on February 16, 2022 through an equity award of performance stock units under CBL’s registered 2021 Equity Incentive Plan, with vesting described as occurring on December 31, 2024.

How many CBL shares are outstanding according to this Form 144?

The securities information section lists 30,942,757 shares of CBL common stock outstanding. This figure is provided as part of the Rule 144 notice and serves as the outstanding share count baseline, not the amount being sold.

Which broker and exchange are involved in the planned CBL share sale?

The filing names J.P. Morgan Securities LLC, located at 160 Federal Street, Boston, as the broker for the planned sale of CBL common shares. The common stock is listed for trading on the NYSE as indicated in the securities information section.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/16/2026 - 09:13 AM Accepted by SEC EDGAR 09/16/2026 - 09:13 AM Learn about SEC filing dates

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	0001220925
Filer CCC	XXXXXXXX
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer	CBL & ASSOCIATES PROPERTIES, INC.
SEC File Number	001-12494
Address of Issuer	2030 Hamilton Place Blvd., Suite 500 Chattanooga TENNESSEE 37421-6000
Phone	423-855-0001
Name of Person for Whose Account the Securities are To Be Sold	LEBOVITZ STEPHEN D
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	Officer
Relationship to Issuer	Director

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	J.P. Morgan Securities LLC 160 Federal Street, FL8 Boston MA 02110	50000	2721500	30942757	09/16/2026	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	02/16/2022	50,000 shares were acquired through an equity award of performance stock units on the date indicated under the Issuer's registered 2021 Equity Incentive Plan.	CBL & Associates Properties, Inc.			50000	12/31/2024	Vesting of equity award 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	09/16/2026
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	/s/ Stephen D. Lebovitz
ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)