[Form 4] CBL & Associates Properties, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Benjamin W. Jaenicke, EVP and Chief Financial Officer of CBL & Associates Properties, reported a sale of 1,968 shares of CBL common stock on 09/01/2025 at a price of $31.825 per share. After the transaction he beneficially owned 52,630 shares, held directly. The Form 4 was signed on behalf of Mr. Jaenicke by an attorney-in-fact, Jeffery V. Curry, on 09/03/2025. The filing discloses the insider sale and the remaining direct ownership without additional explanatory details.

Positive

• Timely and specific disclosure of the insider transaction including date, price, and post-transaction ownership
• Clear identification of reporting person and role (EVP - Chief Financial Officer)

Negative

• Insider sale of 1,968 shares on 09/01/2025 at $31.825 could be interpreted negatively by some investors
• No indication in the provided content that the sale was made under a 10b5-1 plan or similar pre-arranged program

Insights

Financial Analyst

TL;DR Insider sale reported: 1,968 shares sold at $31.825; remaining direct holdings 52,630 shares.

This Form 4 records a routine disposition by a senior executive. The transaction size is modest relative to typical institutional volumes and the filing provides clear post-transaction ownership. There are no derivative transactions or additional context in the filing to suggest broader compensation-related exercises or hedging activity. From a financial-materiality perspective, the sale alone does not indicate a material change to the company’s capital structure or governance.

Corporate Governance Expert

TL;DR Timely disclosure of an insider sale by the CFO; documentation executed by attorney-in-fact.

The filing meets Section 16 reporting requirements by disclosing the sale date, price, and resulting beneficial ownership. Signature by an attorney-in-fact is properly noted. The filing contains no indications of policy breaches, stock-plans execution details, or coordinated group activity. For governance review, the record is compliant but lacks context on whether the sale was pre-planned under a 10b5-1 plan (no such box is checked in the form text provided).

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)
09/01/2025

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	09/01/2025		F		1,968	D	$31.825	52,630	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	09/03/2025
	** 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.

FAQ

What transaction did CBL insider Benjamin W. Jaenicke report on Form 4?

The Form 4 reports a sale of 1,968 shares of CBL common stock executed on 09/01/2025 at $31.825 per share.

How many CBL shares does Benjamin W. Jaenicke beneficially own after the reported transaction?

After the sale, Mr. Jaenicke beneficially owned 52,630 shares, held directly.

What is Benjamin W. Jaenicke's role at CBL as shown on the Form 4?

The filing lists him as EVP - Chief Financial Officer and an officer of the issuer.

Was the Form 4 signed by Benjamin Jaenicke himself?

The form shows it was signed by Jeffery V. Curry, attorney-in-fact, for Benjamin W. Jaenicke on 09/03/2025.

Does the filing indicate the sale was under a 10b5-1 trading plan?

The provided content does not indicate that the transaction was made pursuant to a 10b5-1 plan.