CBL CFO Sells 5,000 Shares at $31 — Insider Form 4

Benjamin W. Jaenicke, EVP and Chief Financial Officer of CBL & Associates Properties, sold 5,000 shares of CBL on 08/27/2025 at a reported price of $31 per share, leaving him with 54,598 shares beneficially owned.

Rhea-AI Filing Summary

Benjamin W. Jaenicke, EVP and Chief Financial Officer of CBL & Associates Properties, sold 5,000 shares of CBL on 08/27/2025 at a reported price of $31 per share, leaving him with 54,598 shares beneficially owned. The Form 4 was signed on behalf of Mr. Jaenicke by an attorney-in-fact and filed the next day.

Insights

Corporate Governance Expert

TL;DR: Routine insider sale by the CFO; transaction size appears modest relative to total holdings.

The filing documents an open-market sale of 5,000 common shares by the company's EVP and CFO at $31 per share on 08/27/2025, reducing his beneficial stake to 54,598 shares. The form was executed by an attorney-in-fact and filed promptly. There are no derivative transactions or additional disclosures in this Form 4 that would indicate change in compensation arrangements or new agreements.

Securities Compliance Analyst

TL;DR: Disclosure appears complete and timely for a single non-derivative sale.

The Form 4 reports a single non-derivative disposition coded as 'S' and includes required details: transaction date, number of shares sold, sale price, and post-transaction beneficial ownership. The signature by an attorney-in-fact is dated 08/28/2025. There is no indication in this filing of Rule 10b5-1 plan usage or derivative activity.

Insider Trade Summary

Net Seller: 5,000 shares

Net Sell 1 txn

Insider Jaenicke Benjamin W

Role EVP - Chief Financial Officer

Sold 5,000 shs ($155K)

Type	Security	Shares	Price	Value
Sale	Common Stock	5,000	$31.00	$155K

Holdings After Transaction: Common Stock — 54,598 shares (Direct)

FAQ

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

What did CBL (CBL) insider Benjamin Jaenicke report on 08/27/2025?

He reported a sale of 5,000 common shares at $31 per share on 08/27/2025, leaving 54,598 shares beneficially owned.

What is Benjamin Jaenicke's role at CBL?

The filing lists him as EVP - Chief Financial Officer of CBL & Associates Properties.

Was the Form 4 filed timely and who signed it?

The Form 4 shows a transaction date of 08/27/2025 and a signature by an attorney-in-fact dated 08/28/2025.

Did the Form 4 disclose any derivative transactions or 10b5-1 plan?

No. The filing reports only a non-derivative sale and contains no indication of derivative activity or a 10b5-1 plan.

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

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Accepted by SEC EDGAR 08/28/2025 - 04:19 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Jaenicke Benjamin W

(Last) (First) (Middle)

C/O CBL PROPERTIES

2030 HAMILTON PLC BLVD, CBL CTR, STE 500

(Street)

CHATTANOOGA TN 37421

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
CBL & ASSOCIATES PROPERTIES INC [ CBL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP - Chief Financial Officer

3. Date of Earliest Transaction (Month/Day/Year)
08/27/2025

4. If Amendment, Date of 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

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	08/27/2025		S		5,000	D	$31	54,598	D

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 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: 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

Explanation of Responses:

	/s/ Jeffery V. Curry, attorney-in-fact for Benjamin W. Jaenicke	08/28/2025
	** 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).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.