CBL & Associates CEO reports Form 4 insider share transaction

Rhea-AI Filing Summary

CBL & Associates Properties Inc. CEO and director Stephen D. Lebovitz reported a Form 4 insider transaction involving the disposition of 29,513 shares of common stock on 12/17/2025 at $37.365 per share, coded “F.”

After this transaction, he reported beneficial ownership of 372,244 common shares held directly, plus additional indirect holdings of 53 and 269 shares through two irrevocable trusts. The filing notes that he disclaims beneficial ownership of the trust-held securities except to the extent of his pecuniary interest. The form is filed for one reporting person and reflects his role as both director and CEO of CBL.

Insider Trade Summary

Exercise Price or Tax Liability: 29,513 shares

Exercise Price or Tax Liability 3 txns

Insider LEBOVITZ STEPHEN D

Role CEO

Type	Security	Shares	Price	Value
Exercise Price or Tax Liability	Common Stock	29,513	$37.365	$1.10M
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 372,244 shares (Direct); Common Stock — 322 shares (Indirect, By Trust)

Footnotes (3)

1. F1. The Reporting Person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.
2. F2. By Stephen D. Lebovitz Irrevocable Trust U/A dated 2/27/1998, Charles B. Lebovitz, Trustee
3. F3. By Stephen D. Lebovitz and Lisa S. Lebovitz Irrevocable Trust U/A dated 4/5/2005, Michael I. Lebovitz, Trustee

FAQ

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

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

The Form 4 reports that CEO and director Stephen D. Lebovitz disposed of 29,513 shares of CBL common stock on 12/17/2025 at $37.365 per share, with transaction code “F.”

How many CBL common shares does the CEO report owning after the transaction?

Following the reported transaction, Stephen D. Lebovitz reports 372,244 common shares owned directly, plus additional 53 and 269 shares held indirectly through trusts.

What roles does Stephen D. Lebovitz hold at CBL & Associates Properties Inc.?

Stephen D. Lebovitz is identified as both a Director and an Officer, specifically serving as CEO of CBL & Associates Properties Inc.

What does the Form 4 say about the CEO’s beneficial ownership of trust-held CBL shares?

The filing states that the reporting person disclaims beneficial ownership of the securities held in the trusts except to the extent of his pecuniary interest in them.

How are the indirect CBL share holdings structured for the reporting person?

Indirect holdings include 53 shares held by the Stephen D. Lebovitz Irrevocable Trust U/A dated 2/27/1998 with Charles B. Lebovitz as trustee, and 269 shares held by the Stephen D. Lebovitz and Lisa S. Lebovitz Irrevocable Trust U/A dated 4/5/2005 with Michael I. Lebovitz as trustee.

Who signed the CBL Form 4 on behalf of Stephen D. Lebovitz?

The Form 4 is signed by /s/ Jeffery V. Curry as attorney-in-fact for Stephen D. Lebovitz on 12/18/2025.

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

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Accepted by SEC EDGAR 12/18/2025 - 05:15 PM EST 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^*

LEBOVITZ STEPHEN D

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
12/17/2025

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	12/17/2025		F		29,513	D	$37.365	372,244	D
Common Stock								53	I(1)(2)	By Trust
Common Stock								269	I(1)(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. The Reporting Person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.

2. By Stephen D. Lebovitz Irrevocable Trust U/A dated 2/27/1998, Charles B. Lebovitz, Trustee

3. By Stephen D. Lebovitz and Lisa S. Lebovitz Irrevocable Trust U/A dated 4/5/2005, Michael I. Lebovitz, Trustee

	/s/ Jeffery V. Curry, attorney-in-fact for Stephen D. Lebovitz	12/18/2025
	** 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.