CBL Properties (NYSE: CBL) director reports 3,346-share equity grant

Rhea-AI Filing Summary

CBL & Associates Properties, Inc. director Michael A. Torres reported receiving a grant of 3,346 shares of restricted common stock on 12/15/2025 under the company’s 2021 Equity Incentive Plan. The shares are shown at a price of $37.365 per share. Following this grant, he beneficially owns 12,578 common shares directly.

An additional 4,000 common shares are held indirectly in a charitable remainder trust, of which he is the sole non-charitable beneficiary. He disclaims beneficial ownership of those trust-held shares except to the extent of his pecuniary interest. The report covers a single reporting person in his role as a director of CBL.

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

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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^*

TORRES MICHAEL A

(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)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
12/15/2025

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	12/15/2025		A(1)		3,346	A	$37.365	12,578	D
Common Stock								4,000	I	By trust(2)

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. Grant of restricted Common Stock pursuant to the 2021 Equity Incentive Plan.

2. These shares are held in a charitable remainder trust of which the reporting person is the sole non-charitable beneficiary. The reporting person disclaims beneficial ownership of the shares except to the extent of his pecuniary interest therein.

	/s/ Jeffery V. Curry, attorney-in-fact for Michael A. Torres	12/17/2025
	** 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 insider transaction did CBL (CBL) director Michael A. Torres report?

Director Michael A. Torres reported a grant of 3,346 shares of restricted common stock of CBL & Associates Properties, Inc. on 12/15/2025.

How many CBL common shares were granted and at what price?

He was granted 3,346 restricted common shares at a reported price of $37.365 per share.

Under which plan was the CBL restricted stock granted to Michael A. Torres?

The restricted common stock was granted pursuant to CBL’s 2021 Equity Incentive Plan.

How many CBL shares does Michael A. Torres own after this transaction?

After the grant, he beneficially owns 12,578 CBL common shares directly.

How many CBL shares does Michael A. Torres hold indirectly through a trust?

He has an indirect interest in 4,000 CBL common shares held in a charitable remainder trust.

How does Michael A. Torres treat beneficial ownership of the trust-held CBL shares?

He is the sole non-charitable beneficiary of the trust and disclaims beneficial ownership of those shares except to the extent of his pecuniary interest.