Oaktree-backed holders disclose 8.21% stake in CBL (NYSE: CBL)

Rhea-AI Filing Summary

Xb CBL-E Holdings, LLC, together with Oaktree Capital Holdings, LLC and Oaktree Capital Group Holdings GP, LLC, has filed an amended Schedule 13G reporting passive ownership of CBL & Associates Properties, Inc. common stock. The reporting group states beneficial ownership of 2,517,577 shares of common stock, representing 8.21% of the class, with shared voting and shared dispositive power over all of these shares and no sole voting or dispositive power. The ownership percentage is based on 30,682,618 shares outstanding as of November 3, 2025, as reported in CBL's Form 10-Q. The filers certify that the securities were not acquired and are not held for the purpose of changing or influencing control of CBL.

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Accepted by SEC EDGAR 01/26/2026 - 05:29 PM Learn about SEC filing dates

FAQ

What stake in CBL (CBL) is reported in this Schedule 13G/A?

The filing reports that the group including Xb CBL-E Holdings, LLC beneficially owns 2,517,577 shares of CBL & Associates Properties, Inc. common stock, representing 8.21% of the outstanding shares.

Who are the reporting persons in the CBL (CBL) Schedule 13G/A?

The reporting persons are Xb CBL-E Holdings, LLC, Oaktree Capital Holdings, LLC (in its capacity as indirect manager of Xb CBL-E) and Oaktree Capital Group Holdings GP, LLC (as indirect owner of the class B units of Oaktree Capital Holdings, LLC).

Does the Oaktree-related group seek control of CBL (CBL) according to this filing?

No. The certification states the securities were not acquired and are not held for the purpose or effect of changing or influencing control of CBL & Associates Properties, Inc., other than activities solely in connection with a nomination under Rule 14a-11.

What voting and dispositive powers over CBL (CBL) shares are reported?

Each reporting person discloses 0 shares with sole voting power and 2,517,577 shares with shared voting power, and 0 shares with sole dispositive power and 2,517,577 shares with shared dispositive power.

How was the 8.21% ownership in CBL (CBL) calculated?

The 8.21% figure is calculated based on 30,682,618 shares of CBL common stock outstanding as of November 3, 2025, as reported in CBL’s Form 10-Q filed on November 7, 2025.

What is the relationship between the Oaktree entities and Xb CBL-E regarding CBL (CBL) shares?

Oaktree Capital Holdings, LLC is identified as the indirect manager of Xb CBL-E, and Oaktree Capital Group Holdings GP, LLC is identified as the indirect owner of the class B units of Oaktree Capital Holdings, LLC, linking both entities to Xb CBL-E’s holdings in CBL.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

CBL & ASSOCIATES PROPERTIES, INC.

(Name of Issuer)

Common Stock, $0.001 par value per share

(Title of Class of Securities)

124830878

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 124830878

1

Names of Reporting Persons

OCM Xb CBL-E Holdings, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,517,577.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,517,577.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,517,577.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.21 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Calculated based upon 30,682,618 shares of Common Stock outstanding as of November 3, 2025, as reported on the Issuer's Form 10-Q, filed with the SEC on November 7, 2025.

SCHEDULE 13G

CUSIP No. 124830878

1

Names of Reporting Persons

Oaktree Capital Holdings, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,517,577.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,517,577.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,517,577.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.21 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Calculated based upon 30,682,618 shares of Common Stock outstanding as of November 3, 2025, as reported on the Issuer's Form 10-Q, filed with the SEC on November 7, 2025.

SCHEDULE 13G

CUSIP No. 124830878

1

Names of Reporting Persons

Oaktree Capital Group Holdings GP, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,517,577.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,517,577.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,517,577.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.21 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Calculated based upon 30,682,618 shares of Common Stock outstanding as of November 3, 2025, as reported on the Issuer's Form 10-Q, filed with the SEC on November 7, 2025.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: CBL & ASSOCIATES PROPERTIES, INC.
(b)	Address of issuer's principal executive offices: 2030 Hamilton Place Blvd., Suite 500, Chattanooga, TN 37421
Item 2.
(a)	Name of person filing: This Schedule 13G/A is filed jointly by each of the following persons (collectively, the "Reporting Persons"): (1) OCM Xb CBL-E Holdings, LLC ("Xb CBL-E"), Delaware limited partnership; (2) Oaktree Capital Holdings, LLC (f/k/a Atlas OCM Holdings, LLC) ("OCH"), in its capacity as the indirect manager of Xb CBL-E; and (3) Oaktree Capital Group Holdings, GP LLC ("OCGH"), a Delaware limited liability company, in its capacity as the indirect owner of the class B units of OCH.
(b)	Address or principal business office or, if none, residence: The principal business address of each of the Reporting Persons is 333 S. Grand Avenue, 28th Floor, Los Angeles, CA 90071.
(c)	Citizenship: See responses to Item 4 on each cover page.
(d)	Title of class of securities: Common Stock, $0.001 par value per share
(e)	CUSIP No.: 124830878
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See responses to Item 9 on each cover page.
(b)	Percent of class: See responses to Item 11 on each cover page.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See responses to Item 5 on each cover page.
	(ii) Shared power to vote or to direct the vote: See responses to Item 6 on each cover page.
	(iii) Sole power to dispose or to direct the disposition of: See responses to Item 7 on each cover page.
	(iv) Shared power to dispose or to direct the disposition of: See responses to Item 8 on each cover page.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

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.

OCM Xb CBL-E Holdings, LLC

Signature:	/s/ Henry Orren
Name/Title:	Henry Orren/ Senior Vice President
Date:	01/21/2026

Oaktree Capital Holdings, LLC

Signature:	/s/ Henry Orren
Name/Title:	Henry Orren/ Senior Vice President
Date:	01/21/2026

Oaktree Capital Group Holdings GP, LLC

Signature:	/s/ Henry Orren
Name/Title:	Henry Orren/ Senior Vice President
Date:	01/21/2026

Exhibit Information

Exhibit A Joint Filing Agreement, dated as of January 21, 2026.