Canyon Capital Advisors sells 1.05M CBL (CBL) shares, keeps 7.4M stake

Rhea-AI Filing Summary

CBL & ASSOCIATES PROPERTIES INC reported an insider transaction by investment manager Canyon Capital Advisors LLC (CCA) on behalf of certain managed funds and accounts. On May 22, 2026, CCA executed an open-market sale of 1,050,000 shares of Common Stock at $46.44 per share for these accounts. After this transaction, entities managed by CCA collectively held 7,416,294 shares indirectly. CCA, along with Mitchell R. Julis and Joshua S. Friedman, may be deemed beneficial owners of these securities for reporting purposes, while each disclaims beneficial ownership except to the extent of any pecuniary interest.

Insider Trade Summary

Net Seller: 1,050,000 shares ($48,762,000)

Net Sell 1 txn

Insider CANYON CAPITAL ADVISORS LLC, Julis Mitchell R, Friedman Joshua S

Role null | null | null

Sold 1,050,000 shs ($48.76M)

Type	Security	Shares	Price	Value
Sale	Common Stock	1,050,000	$46.44	$48.76M

Holdings After Transaction: Common Stock — 7,416,294 shares (Indirect, See footnotes)

Footnotes (1)

1. This Form 4 is being filed jointly by Canyon Capital Advisors LLC, a Delaware limited liability company ("CCA"), Mitchell R. Julis, a citizen of the United States of America, and Joshua S. Friedman, a citizen of the United States of America (collectively, the "Reporting Persons"), each of whom may be deemed to have a pecuniary interest in securities reported on this Form 4 (the "Subject Securities"). The business address of each of the Reporting Persons is 2728 North Harwood Street, 2nd Floor, Dallas, Texas 75201. CCA, as the investment advisor to certain managed funds and accounts that directly hold the Subject Securities, including Canyon-ASP Fund, L.P., Canyon Balanced Master Fund, Ltd., Canyon Distressed Opportunity Master Fund III, L.P., Canyon ESG Credit Master Fund, L.P., Canyon Distressed TX (A) LLC, Canyon Distressed TX (B) LLC, The Canyon Value Realization Master Fund, L.P., Canyon-EDOF (Master) L.P., Canyon NZ-DOF Investing, L.P., EP Canyon Ltd., Canyon Value Realization Fund, L.P. and Canyon ESG Master Fund, L.P. (collectively, the "Accounts"), may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a) under the Securities Exchange Act of 1934. Mitchell R. Julis and Joshua S. Friedman, as persons who manage CCA and control the entities which own 100% of CCA, may each be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a). Each of the Reporting Persons disclaims beneficial ownership of the Subject Securities except to the extent of any pecuniary interest therein. On May 22, 2026, CCA sold 1,050,000 shares of the Issuer's common stock for the account of certain of its Accounts through open market transaction.

Key Figures

Shares sold: 1,050,000 shares Sale price: $46.44 per share Shares held after transaction: 7,416,294 shares +1 more

4 metrics

Shares sold 1,050,000 shares Open-market sale on May 22, 2026

Sale price $46.44 per share Common Stock transaction

Shares held after transaction 7,416,294 shares Indirectly held by managed accounts

Net shares sold 1,050,000 shares Net-sell direction in this Form 4

Key Terms

beneficial owner, pecuniary interest, open market transaction, Rule 16a-1(a)

4 terms

beneficial owner financial

"may be deemed to be the beneficial owner of the Subject Securities"

A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.

pecuniary interest financial

"each of whom may be deemed to have a pecuniary interest in securities"

open market transaction financial

"sold 1,050,000 shares of the Issuer's common stock ... through open market transaction"

An open market transaction is a buy or sell of publicly traded securities executed on an exchange or other public trading venue where many buyers and sellers can participate. It matters to investors because these trades change the visible supply and demand for a stock—like shoppers moving prices in a busy marketplace—affecting share price, liquidity (how easily you can trade), and sometimes the balance of ownership.

Rule 16a-1(a) regulatory

"beneficial owner of the Subject Securities for purposes of Rule 16a-1(a)"

Form 4 Insider Transactions: What Each Field Means →

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^*

CANYON CAPITAL ADVISORS LLC

(Last) (First) (Middle)

2728 NORTH HARWOOD STREET,

2ND FLOOR

(Street)

DALLAS TEXAS 75201

(City) (State) (Zip)

UNITED STATES

(Country)

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
	Officer (give title below)	X	Other (specify below)
			Member of 10% owner group

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/22/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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	05/22/2026		S(4)		1,050,000	D	$46.44	7,416,294	I	See footnotes(1)(2)(3)

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

1. Name and Address of Reporting Person^*

CANYON CAPITAL ADVISORS LLC

(Last) (First) (Middle)

2728 NORTH HARWOOD STREET,

2ND FLOOR

(Street)

DALLAS TEXAS 75201

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			Member of 10% owner group

1. Name and Address of Reporting Person^*

Julis Mitchell R

(Last) (First) (Middle)

2728 NORTH HARWOOD STREET, 2ND FLOOR

(Street)

DALLAS TEXAS 75201

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			Member of 10% owner group

1. Name and Address of Reporting Person^*

Friedman Joshua S

(Last) (First) (Middle)

2728 NORTH HARWOOD STREET, 2ND FLOOR

(Street)

DALLAS TEXAS 75201

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			Member of 10% owner group

Explanation of Responses:

1. This Form 4 is being filed jointly by Canyon Capital Advisors LLC, a Delaware limited liability company ("CCA"), Mitchell R. Julis, a citizen of the United States of America, and Joshua S. Friedman, a citizen of the United States of America (collectively, the "Reporting Persons"), each of whom may be deemed to have a pecuniary interest in securities reported on this Form 4 (the "Subject Securities"). The business address of each of the Reporting Persons is 2728 North Harwood Street, 2nd Floor, Dallas, Texas 75201.

2. CCA, as the investment advisor to certain managed funds and accounts that directly hold the Subject Securities, including Canyon-ASP Fund, L.P., Canyon Balanced Master Fund, Ltd., Canyon Distressed Opportunity Master Fund III, L.P., Canyon ESG Credit Master Fund, L.P., Canyon Distressed TX (A) LLC, Canyon Distressed TX (B) LLC, The Canyon Value Realization Master Fund, L.P., Canyon-EDOF (Master) L.P., Canyon NZ-DOF Investing, L.P., EP Canyon Ltd., Canyon Value Realization Fund, L.P. and Canyon ESG Master Fund, L.P. (collectively, the "Accounts"), may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a) under the Securities Exchange Act of 1934.

3. Mitchell R. Julis and Joshua S. Friedman, as persons who manage CCA and control the entities which own 100% of CCA, may each be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a). Each of the Reporting Persons disclaims beneficial ownership of the Subject Securities except to the extent of any pecuniary interest therein.

4. On May 22, 2026, CCA sold 1,050,000 shares of the Issuer's common stock for the account of certain of its Accounts through open market transaction.

	Canyon Capital Advisors LLC, By /s/ Doug Anderson, Chief Compliance Officer	05/26/2026
	/s/ Mitchell R. Julis	05/26/2026
	/s/ Joshua S. Friedman	05/26/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did CBL (CBL) disclose in this Form 4?

CBL disclosed that Canyon Capital Advisors LLC sold 1,050,000 shares of CBL common stock in an open-market transaction. The sale was made on May 22, 2026, for the accounts of certain managed funds and accounts advised by Canyon Capital Advisors.

Who actually sold the CBL (CBL) shares reported in this Form 4?

The shares were sold by Canyon Capital Advisors LLC as investment advisor to certain managed funds and accounts. These funds and accounts directly hold the securities, while Canyon Capital Advisors reports them due to its advisory role and potential deemed beneficial ownership under securities rules.

How many CBL (CBL) shares were sold and at what price?

The filing reports that 1,050,000 shares of CBL common stock were sold in an open-market transaction at a price of $46.44 per share. This transaction reflects a sizable single-day sale by accounts managed by Canyon Capital Advisors LLC.

How many CBL (CBL) shares remain held after the reported sale?

After the sale, entities managed by Canyon Capital Advisors LLC held 7,416,294 CBL common shares indirectly. This post-transaction figure shows that, despite the sale, the managed accounts still retain a substantial remaining position in CBL stock.

What is the relationship of Julis and Friedman to the CBL (CBL) shares?

Mitchell R. Julis and Joshua S. Friedman manage Canyon Capital Advisors LLC and control entities owning 100% of it. They may each be deemed beneficial owners of the reported CBL securities but disclaim beneficial ownership except to the extent of any pecuniary interest.

Was the CBL (CBL) Form 4 transaction direct or indirect ownership?

The Form 4 classifies the transaction as indirect ownership because the shares are held in managed funds and accounts advised by Canyon Capital Advisors LLC. The reporting persons’ interest arises through their roles with the advisor, not through direct personal share ownership.