[SCHEDULE 13D/A] CBL & ASSOCIATES PROPERTIES INC Amended Major Shareholder Report

Rhea-AI Filing Summary

Canyon Capital Advisors and affiliates reduced their stake in CBL & Associates Properties, Inc. but remain a major shareholder. On May 22, 2026, they sold 1,050,000 shares of common stock at $46.44 per share in open market transactions through managed accounts.

After this sale, the reporting group beneficially owns 7,416,294 shares, representing 24.0% of CBL’s 30,944,758 outstanding common shares as of May 6, 2026. Voting and dispositive power over these shares is allocated among Canyon Capital Advisors and its principals as described in the filing.

Insights

Equity ownership & governance analyst

Large shareholder trims CBL position but keeps a sizeable 24% stake.

The filing shows Canyon Capital Advisors and related parties sold 1,050,000 CBL common shares at $46.44 each on May 22, 2026. Even after this transaction, they still report beneficial ownership of 7,416,294 shares, or 24.0% of outstanding stock.

This indicates a reduction, not an exit, by a key holder. The transaction was made through managed accounts in open market trades, which suggests ordinary portfolio activity. Future changes in this holder’s reported percentage, visible in subsequent beneficial ownership reports, will further clarify their long-term positioning.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 5)

CBL & Associates Properties, Inc.

(Name of Issuer)

Common Stock, $0.001 par value

(Title of Class of Securities)

124830878

(CUSIP Number)

Canyon Partners, LLC
2728 North Harwood Street, 2nd Floor, Attention: Jonthan M. Kaplan
Dallas, TX, 75201
(214) 253-6000

Copy to: Robert W. Downes
Sullivan & Cromwell LLP, 125 Broad Street
New York, NY, 10004
(212) 558-4312

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

05/22/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 124830878

1

Name of reporting person

Canyon Capital Advisors LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 7,416,294.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 7,416,294.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

7,416,294.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

24.0 %

14

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13D

CUSIP Number(s): 124830878

1

Name of reporting person

Mitchell R. Julis

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 7,416,294.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 7,416,294.00

11

Aggregate amount beneficially owned by each reporting person

7,416,294.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

24.0 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP Number(s): 124830878

1

Name of reporting person

Joshua S. Friedman

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 7,416,294.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 7,416,294.00

11

Aggregate amount beneficially owned by each reporting person

7,416,294.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

24.0 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, $0.001 par value
(b)	Name of Issuer: CBL & Associates Properties, Inc.
(c)	Address of Issuer's Principal Executive Offices: 2030 Hamilton Place Blvd., Suite 500, Chattanooga, TENNESSEE , 37421.
Item 1 Comment: This Amendment No. 5 (this "Amendment No. 5") supplements the information set forth in the Schedule 13D filed by Canyon Capital Advisors LLC ("CCA"), Mr. Mitchell R. Julis, Mr. Joshua S. Friedman and Mr. Jonathan M. Heller (collectively, the "Reporting Persons") with the United States Securities and Exchange Commission (the "SEC") on November 9, 2021, as amended by Amendment No. 1 thereto filed on February 7, 2022, by Amendment No. 2 thereto filed on March 2, 2022, by Amendment No. 3 thereto filed on August 10, 2022 and by Amendment No. 4 thereto filed on October 16, 2024 (the "Schedule 13D") relating to the shares of common stock, $0.001 par value per share (the "Common Stock"), of CBL & Associates Properties, Inc., a Delaware corporation (the "Issuer"). This Amendment No. 5 is being filed to reflect a sale of shares of Common Stock by the Reporting Persons on May 22, 2026 resulting in a decrease in the Reporting Persons' beneficial ownership by more than 1% of the outstanding Common Stock. The Reporting Persons' beneficial ownership percentage has been calculated based on 30,944,758 shares of Common Stock outstanding as of May 6, 2026, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on May 8, 2026. The Issuer's principal executive offices are located at 2030 Hamilton Place Blvd., Suite 500, Chattanooga, TN 37421. All capitalized terms contained herein but not otherwise defined shall have the meanings ascribed to such terms in the Schedule 13D. The information set forth in response to each separate Item below shall be deemed to be a response to all Items where such information is relevant. The Schedule 13D is hereby supplementally amended as follows:
Item 5.	Interest in Securities of the Issuer
(a)	See rows (11) and (13) of the cover pages to this Schedule 13D for the aggregate number of shares of Common Stock. The percentage reported in this Schedule 13D is calculated based upon 30,944,758 shares of Common Stock outstanding as of May 6, 2026, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on May 8, 2026.
(b)	See rows (7) through (10) of the cover pages to this Schedule 13D for the number of shares of Common Stock.
(c)	On May 22, 2026, CCA, with respect to the shares of Common Stock directly held by certain managed accounts ("Accounts") with respect to which it acts as investment advisor, sold an aggregate of 1,050,000 shares of Common Stock for the account of those Accounts at $46.44 per share through open market transactions.
(d)	No person other than the Reporting Persons and the Accounts is known to have the right to participate in the receipt of dividends from, or proceeds from the sale of, the shares of Common Stock held by the Accounts.
(e)	Not applicable.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 99.1: Joint Filing Agreement as required by Rule 13d-1(k)(1) under the Act (incorporated by reference to Exhibit 99.1 to Schedule 13D filed by the Reporting Persons with the SEC on November 9, 2021). Exhibit 99.2: Commitment Letter, by and among the Issuer, the Operating Partnership, CCA and other commitment parties thereto, dated as of April 26, 2021 (incorporated by reference to Exhibit 99.2 to Schedule 13D filed by the Reporting Persons with the SEC on November 9, 2021). Exhibit 99.3: Registration Rights Agreement, by and among the Issuer and the other parties thereto and any additional parties identified on the signature pages of any joinder agreement executed and delivered pursuant thereto, dated as of November 1, 2021 (incorporated by reference to Exhibit 10.5 to Form 8-K filed by the Issuer with the SEC on November 2, 2021). Exhibit 99.4: Exchangeable Notes Indenture, by and among the New Notes Issuer, the guarantors thereto, the Issuer, Wilmington Savings Fund Society, FSB, as trustee and collateral agent, dated as of November 1, 2021 (incorporated by reference to Exhibit 10.3 to Form 8-K filed by the Issuer with the SEC on November 2, 2021). Exhibit 99.5: Director Resignation Agreement, between Canyon Partners LLC and Jeffrey Kivitz, dated as of August 9, 2022 (incorporated by reference to Exhibit 99.5 to Amendment No.3 to Schedule 13D filed by the Reporting Persons with the SEC on August 10, 2022).

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Canyon Capital Advisors LLC

Signature:	/s/ Doug Anderson
Name/Title:	Doug Anderson, Chief Compliance Officer
Date:	05/26/2026

Mitchell R. Julis

Signature:	/s/ Mitchell R. Julis
Name/Title:	Mitchell R. Julis
Date:	05/26/2026

Joshua S. Friedman

Signature:	/s/ Joshua S. Friedman
Name/Title:	Joshua S. Friedman
Date:	05/26/2026