Tax withholding trims CBL (NYSE: CBL) president’s stake by 2,661 shares

Rhea-AI Filing Summary

CBL & Associates Properties President Michael I. Lebovitz reported tax-related share dispositions, with 2,661 common shares withheld on February 17, 2026 to cover taxes on restricted stock vesting on February 12, 2026 and February 15, 2026 at average prices of $35.59 and $36.125.

Following these tax-withholding dispositions, he holds 110,542 common shares directly, plus indirect holdings of 10 shares through his spouse and 386 shares in trusts for his children, and he disclaims beneficial ownership except to the extent of his pecuniary interest.

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

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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^*

LEBOVITZ MICHAEL I

(Last) (First) (Middle)

CBL CENTER, SUITE 500

2030 HAMILTON PLACE BLVD

(Street)

CHATTANOOGA TN 374216000

(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)
	President

3. Date of Earliest Transaction (Month/Day/Year)
02/17/2026

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	02/17/2026		F		1,146	D	$35.59(1)	112,057	D
Common Stock	02/17/2026		F		1,515	D	$36.125(1)	110,542	D
Common Stock								10	I(2)	By Spouse
Common Stock								296	I(2)(3)	By Trust
Common Stock								90	I(2)(3)	By Trust

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:

1. On February 17, 2026, the Issuer calculated and notified the Reporting Person of the number of shares to be withheld for taxes in connection with the vesting of shares from prior restricted stock awards on February 12, 2026 (determined using the $35.59 average of the high and low NYSE prices reported for Issuer's common stock on such date) and on February 15, 2026 (using the $36.125 average of the high and low NYSE prices reported for Issuer's common stock on February 13, 2026, the last trading day prior to the vesting date).

2. The Reporting Person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.

3. Reported ownership includes the following holdings by Trusts: (i) 90 shares held in three Trusts for the benefit of the Reporting Person's children, as to which the Reporting Person's father serves as Trustee and (ii) 296 shares held in a Trust for the benefit of the Reporting Person's children, as to which the Reporting Person's brother serves as Trustee.

	/s/ Jeffery V. Curry, attorney-in-fact for Michael I. Lebovitz	02/18/2026
	** 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).
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FAQ

What did CBL (CBL) President Michael I. Lebovitz report in this Form 4?

He reported tax-related dispositions of 2,661 CBL common shares. The shares were withheld to satisfy tax liabilities from restricted stock vesting, rather than sold in open-market transactions, and he continues to hold a substantial direct and indirect ownership position.

Were Michael I. Lebovitz’s CBL (CBL) transactions open-market sales?

No, the filings show tax-withholding dispositions coded "F". Shares were delivered to cover tax obligations upon vesting of restricted stock awards, using NYSE price averages on specified dates, not discretionary open-market sales initiated for portfolio or liquidity reasons.

How many CBL (CBL) shares were disposed of for tax withholding?

A total of 2,661 common shares were withheld for taxes. This includes 1,146 shares valued at $35.59 and 1,515 shares valued at $36.125, based on average high and low NYSE prices on the referenced trading dates.

What is Michael I. Lebovitz’s direct CBL (CBL) share ownership after these transactions?

After the reported tax-withholding dispositions, his direct ownership is 110,542 CBL common shares. This figure reflects his remaining position excluding additional indirect holdings reported through his spouse and children’s trusts associated with his family.

What indirect CBL (CBL) holdings related to Michael I. Lebovitz are reported?

The filing lists 10 common shares held by his spouse and 386 shares held in trusts for his children. Trustees are his father and brother, and he disclaims beneficial ownership of these securities except to the extent of any pecuniary interest.

How were the CBL (CBL) tax-withholding share values determined?

The issuer used average NYSE prices on specific dates. For February 12, 2026 vesting, it used $35.59, the average high and low that day; for February 15, 2026 vesting, it used $36.125, from February 13, 2026, the last trading day before vesting.