# EDGAR Filing Document

**Accession Number:** 0000910612
**File Stem:** 0001193125-26-087049
**Filing Date:** 2026-3
**Character Count:** 1127527
**Document Hash:** 1bbb8af699cc3ab92236119d08ad0570
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-087049.hdr.sgml**: 20260303

**ACCESSION NUMBER**: 0001193125-26-087049

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 116

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260303

**DATE AS OF CHANGE**: 20260303

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CBL & ASSOCIATES PROPERTIES INC
- **CENTRAL INDEX KEY:** 0000910612
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 621545718
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-12494
- **FILM NUMBER:** 26711560

**BUSINESS ADDRESS:**
- **STREET 1:** 2030 HAMILTON PLACE BVLD, SUITE 500
- **STREET 2:** CBL CENTER
- **CITY:** CHATTANOOGA
- **STATE:** TN
- **ZIP:** 37421
- **BUSINESS PHONE:** 4238550001

**MAIL ADDRESS:**
- **STREET 1:** 2030 HAMILTON PLACE BVLD, SUITE 500
- **STREET 2:** CBL CENTER
- **CITY:** CHATTANOOGA
- **STATE:** TN
- **ZIP:** 37421

?xml version='1.0' encoding='ASCII'? 10-K

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

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**FORM** 10-K

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☒ **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**FOR THE FISCAL YEAR ENDED** DECEMBER 31**,** 2025

**Or**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**FOR THE TRANSITION PERIOD FROM ____________ TO _______________**

**COMMISSION FILE NO.** 1-12494

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CBL & ASSOCIATES PROPERTIES, INC.

(Exact Name of Registrant as Specified in Its Charter)

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| | |
|:---|:---|
| Delaware<br>(State or Other Jurisdiction of Incorporation or Organization) | 62-1545718<br>(I.R.S. Employer Identification No.) |
| 2030 Hamilton Place Blvd.**,** Suite 500<br>Chattanooga**,** TN | 37421 |
| (Address of Principal Executive Offices) | (Zip Code) |

---

Registrant's telephone number, including area code: 423**.**855.0001

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Securities registered under Section 12(b) of the Act:

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| | |
|:---|:---|
| **Title of each Class** | **Name of each exchange on**<br>**which registered** |
| &nbsp;&nbsp;Common Stock, $0.001 par value<br> &nbsp;&nbsp;CBL | &nbsp;&nbsp; New York Stock Exchange |

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Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

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| | |
|:---|:---|
| Yes ☒  | No ☐ |

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Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

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| | |
|:---|:---|
| Yes ☒  | No ☐ |

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Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

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| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☒ |
| Non-accelerated filer | ☐ | Smaller Reporting Company | ☐ |
|  |  | Emerging growth company | ☐ |

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b) by the registered public accounting firm that prepared or issued its audit report.

&nbsp;&nbsp;&nbsp;&nbsp;Yes ☒ No ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive oﬃcers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

&nbsp;&nbsp;&nbsp;&nbsp;Yes ☐ No ☒

The aggregate market value of the 18,420,363 shares of CBL & Associates Properties, Inc.'s common stock, $0.001 par value, held by non-affiliates of the registrant as of June 30, 2025 was $467,693,017, based on the closing price of $25.39 per share on the New York Stock Exchange on June 30, 2025. (For this computation, the registrant has excluded the market value of all shares of its common stock reported as beneficially owned by executive officers and directors of the registrant; such exclusion shall not be deemed to constitute an admission that any such person is an "affiliate" of the registrant.)

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.

&nbsp;&nbsp;&nbsp;&nbsp;Yes ☒ No ☐

As of February 26, 2026, 30,975,888 shares of common stock were outstanding.

**DOCUMENTS INCORPORATED BY REFERENCE**

Portions of CBL & Associates Properties, Inc.'s Proxy Statement for the 2026 Annual Meeting of Shareholders are incorporated by reference in [<u>Part III</u>](#part_iii).

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**TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
|  |  | **Page**<br>**Number** |
| [<u>Cautionary Statement Regarding Forward-Looking Statements</u>](#cautionary_statement_regarding_forwardlo) | [<u>Cautionary Statement Regarding Forward-Looking Statements</u>](#cautionary_statement_regarding_forwardlo) | 1 |
| [**<u>PART I</u>**](#part_i) | [**<u>PART I</u>**](#part_i) |  |
| 1. | [<u>Business</u>](#item_1_business_) | 2 |
| 1A. | [<u>Risk Factors</u>](#item_1a_risk_factors_) | 7 |
| 1B. | [<u>Unresolved Staff Comments</u>](#item_1b_unresolved_staff_comments_) | 27 |
| 1C. | [<u>Cybersecurity</u>](#item_1c_cybersecurity) | 27 |
| 2. | [<u>Properties</u>](#item_2_properties) | 28 |
| 3. | [<u>Legal Proceedings</u>](#item_3_legal_proceedings) | 43 |
| 4. | [<u>Mine Safety Disclosures</u>](#item_4_mine_safety_disclosures) | 43 |
| [**<u>PART II</u>**](#part_ii_) | [**<u>PART II</u>**](#part_ii_) |  |
| 5. | [<u>Market For Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities</u>](#item_5_market_for_registrants_common_equ) | 44 |
| 6. | [<u>\[Reserved\]</u>](#item_6_reserved) | 45 |
| 7. | [<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#item_7_managements_discussion_analysis_f) | 46 |
| 7A. | [<u>Quantitative and Qualitative Disclosures About Market Risk</u>](#item_7a_quantitative_qualitative_disclos) | 64 |
| 8. | [<u>Financial Statements and Supplementary Data</u>](#item_8_financial_statements_supplementar) | 64 |
| 9. | [<u>Changes in and Disagreements With Accountants on Accounting and Financial Disclosure</u>](#item_9_changes_in_disagreements_with_acc) | 64 |
| 9A. | [<u>Controls and Procedures</u>](#item_9a_controls_procedures) | 64 |
| 9B. | [<u>Other Information</u>](#item_9b_or_information) | 67 |
| 9C. | [<u>Disclosure Regarding Foreign Jurisdictions that Prevent Inspections</u>](#item_9c) | 67 |
| [**<u>PART III</u>**](#part_iii) | [**<u>PART III</u>**](#part_iii) |  |
| 10. | [<u>Directors, Executive Officers and Corporate Governance</u>](#item_10_directors_executive_ficers_corpo) | 68 |
| 11. | [<u>Executive Compensation</u>](#item_11_executive_compensation_) | 68 |
| 12. | [<u>Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters</u>](#item_12_security_ownership_certain_benef) | 68 |
| 13. | [<u>Certain Relationships and Related Transactions, and Director Independence</u>](#item_13_certain_relationships_related_tr) | 68 |
| 14. | [<u>Principal Accounting Fees and Services</u>](#item_14_principal_accounting_fees_servic) | 68 |
| [**<u>PART IV</u>**](#part_iv) | [**<u>PART IV</u>**](#part_iv) |  |
| 15. | [<u>Exhibits, Financial Statement Schedules</u>](#item_15_exhibits_financial_statement_sch) | 69 |
| 16. | [<u>Form 10-K Summary</u>](#item_16_form_10k_summary) | 69 |
| [<u>Index to Exhibits</u>](#exhibit_index) | [<u>Index to Exhibits</u>](#exhibit_index) | 112 |
| [<u>Signatures</u>](#signatures) | [<u>Signatures</u>](#signatures) | 117 |

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**Cautionary Statement Regarding Forward-Looking Statements** 

Certain statements included or incorporated by reference in this Annual Report on Form 10-K may be deemed "forward looking statements" within the meaning of the federal securities laws. All statements other than statements of historical fact should be considered to be forward-looking statements. In many cases, these forward looking statements may be identified by the use of words such as "will," "may," "should," "could," "believes," "expects," "anticipates," "estimates," "intends," "projects," "goals," "objectives," "targets," "predicts," "plans," "seeks," and variations of these words and similar expressions. Any forward-looking statement speaks only as of the date on which it is made and is qualified in its entirety by reference to the factors discussed throughout this report.

Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, forward-looking statements are not guarantees of future performance or results and we can give no assurance that these expectations will be attained. It is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of known and unknown risks and uncertainties. In addition to the risk factors discussed in Part I, Item 1A of this report, and those factors noted above, such known risks and uncertainties include, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•general industry, economic and business conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•interest rate fluctuations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs and availability of capital, including debt, and capital requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability to obtain suitable equity and/or debt financing and the continued availability of financing, in the amounts and on the terms necessary to support our future refinancing requirements and business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs and availability of real estate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•inability to consummate acquisition or disposition opportunities and other risks associated with acquisitions and dispositions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•competition from other companies and retail formats;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in retail demand and rental rates in our markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•shifts in customer demands including the impact of online shopping;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•tenant bankruptcies or store closings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in vacancy rates at our properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in operating expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in applicable laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•cyberattack or acts of cyberterrorism;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•uncertainty and economic impact of pandemics, epidemics or other public health emergencies or fear of such events; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•other risks referenced from time to time in filings with the Securities and Exchange Commission ("SEC") and those factors listed or incorporated by reference into this report.

This list of risks and uncertainties is only a summary and is not intended to be exhaustive. We disclaim any obligation to update or revise any forward-looking statements to reflect actual results or changes in the factors affecting the forward-looking information.

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**PART I**

**ITEM 1. BUSINESS** 

This Annual Report on Form 10-K (this "Annual Report") is being filed by CBL & Associates Properties, Inc. (the "Company," "CBL," "we," "us" and "our"), a Delaware corporation. Unless stated otherwise or the context otherwise requires, references to the "Company," "we," "us" and "our" also includes our subsidiaries.

**The Company's Business**

We are a self-managed, self-administered, fully integrated real estate investment trust ("REIT"). We own, develop, acquire, lease, manage, and operate regional shopping malls, outlet centers, lifestyle centers, open-air centers and other properties. At December 31, 2025, our properties are located in 22 states, but are primarily in the southeastern and midwestern United States. We have elected to be taxed as a REIT for federal income tax purposes.

We conduct substantially all our business through CBL & Associates Limited Partnership (the "Operating Partnership"), which is a variable interest entity ("VIE"). We are the 100% owner of two qualified REIT subsidiaries, CBL Holdings I, Inc. and CBL Holdings II, Inc. CBL Holdings I, Inc. is the sole general partner of the Operating Partnership. At December 31, 2025, CBL Holdings I, Inc. owned a 1.0% general partner interest and CBL Holdings II, Inc. owned a 98.98% limited partner interest in the Operating Partnership, for a combined interest held by us of 99.98%. As of December 31, 2025, third parties owned a 0.02% limited partner interest in the Operating Partnership.

See [<u>Note 1</u>](#note_1_organization) to the consolidated financial statements for information on our properties as of December 31, 2025. Our malls, lifestyle centers, outlet centers, open-air centers and other property types are collectively referred to as the "properties" and individually as a "property." The other property type (the "All Other" or "All Other Properties") is made up of office buildings, outparcels and hotels.

We conduct our property management and development activities through CBL & Associates Management, Inc. (the "Management Company") to comply with certain requirements of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"). The Operating Partnership owns 100% of the Management Company's outstanding stock.

Rental revenues are primarily derived from leases with retail tenants and generally include fixed minimum rents, percentage rents based on tenants' sales volumes and reimbursements from tenants for expenditures related to real estate taxes, insurance, common area maintenance ("CAM") and other recoverable operating expenses, as well as certain capital expenditures. We also generate revenues from management, leasing and development fees, sponsorships, sales of peripheral land at our properties and from sales of operating real estate assets when it is determined that we can realize an appropriate value for the assets. Proceeds from such sales are generally used to retire related indebtedness, reduce outstanding balances on our indebtedness and for general corporate purposes.

The following terms used in this Annual Report on Form 10-K will have the meanings described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪GLA – refers to gross leasable area of space in square feet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Anchor – refers to a department store, other large retail store, non-retail space or theater greater than or equal to 50,000 square feet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Junior Anchor - retail store, non-retail space or theater comprising 20,000 square feet and greater, but less than 50,000 square feet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Inline – retail store or non-retail space comprising less than 20,000 square feet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Freestanding – property locations that are not attached to the primary complex of buildings that comprise the mall shopping center.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪Outparcel – land and freestanding developments, such as retail stores, banks and restaurants, which are generally on the periphery of our properties.

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**Significant Markets and Tenants** 

*<u>Top Five Markets</u>*

Our top five markets, based on the percentage of our share of total revenues attributable to each such market, were as follows for the year ended December 31, 2025:

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| | |
|:---|:---|
| **Market** | **Percentage of<br>Total Revenues** <sup>(1)</sup> |
| Chattanooga, TN | 6.7% |
| St. Louis, MO | 6.5% |
| Nashville, TN | 5.0% |
| Lexington, KY | 4.3% |
| Kansas City, KS | 4.2% |

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(1)Includes the Company's proportionate share of total revenues from consolidated and unconsolidated affiliates based on the ownership percentage in the respective joint venture and any other applicable terms.

*<u>Top 25 Tenants</u>*

Our top 25 tenants based on percentage of total revenues were as follows for the year ended December 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tenant** | **Number of<br>Stores** | **Square<br>Feet** | **Percentage<br>of Total<br>Revenues** <sup>(1)</sup> |
| 1 | Victoria's Secret & Co. | 46 | 379689 | 2.67% |
| 2 | Signet Group, PLC <sup>(2)</sup> | 107 | 156889 | 2.60% |
| 3 | American Eagle Outfitters, Inc. | 59 | 361167 | 2.45% |
| 4 | Pentland Group <sup>(3)</sup> | 62 | 362211 | 2.25% |
| 5 | Dick's Sporting Goods, Inc. <sup>(4)</sup> | 22 | 1432702 | 2.16% |
| 6 | Foot Locker, Inc. | 59 | 295067 | 2.08% |
| 7 | Bath & Body Works, Inc. | 54 | 230521 | 1.82% |
| 8 | Genesco Inc. <sup>(5)</sup> | 70 | 139832 | 1.50% |
| 9 | Knitwell Group | 80 | 356897 | 1.46% |
| 10 | Catalyst Brands | 72 | 3302484 | 1.29% |
| 11 | The Buckle, Inc. | 35 | 183384 | 1.24% |
| 12 | Luxottica Group S.P.A. <sup>(6)</sup> | 70 | 150562 | 1.17% |
| 13 | The Gap Inc. | 40 | 479672 | 1.16% |
| 14 | Sycamore Partners | 94 | 321416 | 1.04% |
| 15 | Ames Watson, LLC <sup>(7)</sup> | 94 | 120105 | 0.98% |
| 16 | Abercrombie & Fitch, Co. | 28 | 190727 | 0.97% |
| 17 | Barnes & Noble, Inc. | 18 | 473262 | 0.94% |
| 18 | Cinemark Corp. | 7 | 354786 | 0.88% |
| 19 | H & M Hennes & Mauritz AB | 34 | 720910 | 0.88% |
| 20 | The TJX Companies, Inc. <sup>(8)</sup> | 18 | 518467 | 0.88% |
| 21 | Spencer Spirit Holdings, Inc. | 44 | 103126 | 0.85% |
| 22 | Shoe Show, Inc. | 26 | 333408 | 0.76% |
| 23 | Ulta Salon, Cosmetics & Fragrance, Inc. | 22 | 226665 | 0.75% |
| 24 | GoTo Foods <sup>(9)</sup> | 60 | 41240 | 0.74% |
| 25 | Darden Restaurants, Inc. | 32 | 218701 | 0.63% |
|  |  | **1253** | **11453890** | **34.15%** |

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(1)Includes the Company's proportionate share of total revenues from consolidated and unconsolidated affiliates based on the ownership percentage in the respective joint venture and any other applicable terms.

(2)Signet Group, PLC. operates Kay Jewelers, Marks & Morgan, JB Robinson, Shaw's Jewelers, Osterman's Jewelers, LeRoy's Jewelers, Jared Jewelers, Belden Jewelers, Ultra Diamonds, Rogers Jewelers, Zales, Peoples, Banter by Piercing Pagoda and Piercing Pagoda.

(3)Pentland Group is formerly known as Finish Line, Inc. and operates Finish Line, City Gear, Hibbett Sports, JD Sports and Shoe Palace.

(4)Dick's Sporting Goods, Inc. operates Dick's Sporting Goods, Golf Galaxy and Field & Stream. Includes a former Sears lease acquired by Dick's Sporting Goods, Inc. for future redevelopment.

(5)Genesco Inc. operates Journey's, Underground by Journey's, Shi by Journey's, Johnston & Murphy, Hat Shack, Lids, Hat Zone and Clubhouse.

(6)Luxottica Group S.P.A. operates Lenscrafters, Pearle Vision and Sunglass Hut.

(7)Ames Watson, LLC operates Lid's, Lid's Locker Room and Claire's.

(8)The TJX Companies, Inc. operates T.J. Maxx, Marshalls, HomeGoods and Sierra Trading Post.

(9)GoTo Foods operates Cinnabon, Auntie Anne's, Moe's Southwest Grill, McAlister's Deli and Jamba.

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**Operating Strategy**

We operate a diverse portfolio of dynamic properties including enclosed regional malls, outlet centers, lifestyle centers and open-air centers. Our assets are located in strong mid-tier markets with a focus in the growing southeast and midwest. Approximately 30% of our 2025 same-center net operating income ("NOI") was generated by non-enclosed mall assets. Our primary objective is to operate our portfolio to maximize the long-term value of our company by generating increasing levels of NOI and improving free cash flow through a variety of methods as further discussed below.

NOI is a non-GAAP measure. For a description of NOI, a reconciliation from net income (loss) to NOI, and an explanation of why we believe this is a useful performance measure, see **Non-GAAP Measure – *Same-center Net Operating Income*** in [<u>"Results of Operations."</u>](#results_operations)

*<u>Internal Growth</u>* 

We look to generate internal growth through a variety of strategies. We incorporate contractual rent increases in our leases and negotiate increases in rental rates as leases mature, when possible. We aggressively pursue new tenants to maintain and grow occupancy, enhance our tenant mix to meet changing consumer demand and improve the credit quality of our tenant base. We actively manage our properties including a focus on controlling operating expenses with a goal of maintaining or improving operating margins and enhancing cash flows, while providing a high-quality customer experience. We pursue opportunities to generate ancillary revenues at our properties when space is available for shorter terms through temporary leases and license agreements, as well as advertising including sponsorships and promotional activities. These programs allow us to maximize revenues in our centers during downtime between permanent leases, as well as monetize other aspects of the property.

*<u>Asset Densification</u>*

Our strategy of owning a diverse portfolio of dynamic properties in strong mid-tier markets has served the company well as CBL's dominant locations generate significant demand from retail and non-retail users alike. We actively evaluate unused parking fields and available land for primarily non-retail densification projects, which provides us with the opportunity to capitalize on the embedded equity value of our land and increase the overall value of our properties. We believe the addition of non-retail users drives new and additional traffic and sales to our centers, which may preserve or enhance their dominant position in the market.

Through redevelopment we capitalize on opportunities to increase the productivity of previously occupied space and enhance the overall value of the centers by re-tenanting and/or changing the use of the space, as well as aesthetic upgrades. Redevelopments may result from acquiring or regaining possession of Anchor space (such as former department stores) and re-leasing to a single user, subdividing it into multiple spaces or razing the building for new development. When evaluating a redevelopment project, we review the stand-alone cost and returns, terminal value and co-tenancy, as well as the impact that the project and new tenant(s) is expected to have on the rest of the property including the aesthetic impact and improvements to traffic, sales and leasing demand.

See [<u>Developments and Redevelopments</u>](#developments) in Item 7 of this Annual Report for information on the projects completed during 2025 and under construction at December 31, 2025.

*<u>Active Portfolio Management and Asset Recycling</u>*

We actively manage our asset base with the goal of enhancing the overall quality and value of our portfolio. We regularly review our portfolio to identify assets that no longer fit our strategy or where we believe it appropriate to redeploy resources into investments with higher growth or higher return opportunities. We also selectively acquire properties, including enclosed regional malls that we believe will be additive to our portfolio by providing stable and/or growing cash flow, redevelopment opportunities or other opportunities to realize value. We also selectively acquire available anchors or parcels that we believe will provide resilient cash flows or that can appreciate in value by increasing NOI through our redevelopment, leasing and management expertise.

*<u>Balance Sheet Strategy</u>* 

Our balance sheet strategy is focused on reducing overall debt, extending our debt maturity schedule, limiting exposure to floating rate debt and recourse loans and lowering our overall cost of borrowings to limit maturity risk, improve free cash flow and enhance enterprise value.

We also pursue opportunities to improve the terms of our secured property-level, mortgage loans including refinancing loans at lower interest rates and longer-term maturities. We are exploring refinancing opportunities in the open lending market, as appropriate, in addition to working with our current lenders toward favorable modifications of existing loans.

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*<u>Corporate Responsibility/Green Building Practices</u>*

CBL's Corporate Responsibility ("CR") efforts are led by the CR Steering Committee, a dedicated leadership committee that focuses on factors including Sustainability, Social Governance and Corporate Governance as well as reporting to CBL's board of directors, on our website and in public filings. The members that make up this committee represent various departments within CBL, such as Management, Investor Relations, People & Culture, Legal, Technology Solutions, Corporate & Public Relations and Operations Services with day-to-day efforts for sustainability led by our Vice President - Sustainability. The Nominating/Corporate Governance Committee of CBL's board of directors is responsible for oversight of the Company's CR efforts. Part of our efforts includes regularly reviewing existing policies and procedures to incorporate current best practices and working to ensure compliance with new regulations including related reporting and disclosures. More information on this program and others, including social responsibility and community involvement initiatives, is available in the Human Capital section below and on dedicated web pages at cblproperties.com/corporate-responsibility/overview. The information on our web site is not, and should not be considered, a part of this Form 10-K.

**Environmental Matters**

A discussion of the current effects and potential impacts on our business and properties of compliance with federal, state and local environmental regulations is presented in [<u>Item 1A</u>](#item_1a_risk_factors_) of this Annual Report on Form 10-K under the subheading "Risks Related to Real Estate Investments and Our Business."

**Competition**

Our properties compete with various shopping facilities in attracting retailers to lease space. In addition, retailers at our properties face competition from online shopping alternatives, discount shopping centers, outlet centers, wholesale clubs, direct mail, television shopping networks and other retail shopping developments. The extent of the retail and non-retail competition varies from market to market. We work aggressively to attract customers through marketing promotions and social media campaigns. Many of our retailers have adopted an omni-channel approach which leverages sales through both digital and traditional retailing channels.

**Seasonality**

The shopping center business is, to some extent, seasonal in nature with tenants typically achieving the highest levels of sales during the fourth quarter due to the holiday season, which generally results in higher percentage rent income in the fourth quarter. Additionally, our properties earn most of their "temporary" rents (rents from short-term tenants) during the holiday period. Thus, occupancy levels and revenues are generally the highest in the fourth quarter of each year. Results of operations realized in any one quarter may not be indicative of the results likely to be experienced over the course of our fiscal year.

**Equity**

*<u>Common Stock</u>*

Our authorized common stock consists of 200,000,000 shares at $0.001 par value per share. We had 30,322,052 shares of common stock issued and outstanding as of December 31, 2025, excluding 34 treasury shares.

*<u>Preferred Stock</u>*

Our authorized preferred stock consists of 15,000,000 shares at $0.001 par value per share. No shares of preferred stock were issued and outstanding as of December 31, 2025.

**Financial Information about Segments**

See [<u>Note 11</u>](#note_12_segments) to the consolidated financial statements for information about our reportable segments.

**Human Capital**

We believe our people are critical to the success of our company. We are committed to providing a work environment that attracts, develops, and retains high-performing team members and to promoting a culture that allows each team member to feel respected, included and empowered. We engage with our employees regularly and in 2025 completed an employee engagement assessment. The survey netted a 77% response rate and secured CBL Great Place to Work Certification™, with 93% of employees saying it is a great place to work.

CBL does not have any employees other than its statutory officers. As of December 31, 2025, our Management Company had 408 full-time and 92 part-time employees that represented the following voluntarily provided demographics:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•21% racially diverse and 53% female.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We are proud that 4% of our workforce served in the military.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Within the team, 3% self-identify as disabled.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our workforce spans multiple generations, including Gen X (247), Gen Y (147), and Baby Boomers (69), with a growing Gen Z presence (36) and representation from Traditionalists (1).

CBL continues to benefit from low voluntary employee turnover, which was approximately 7% in 2025 (6% in 2024), reflecting the stability, engagement, and continuity of its workforce. While CBL supports employees' freedom of association, it maintains direct relationships with its employees, and none of its workforce is currently represented by a labor union. Management considers its employee relations to be positive and believes that maintaining open communication and responsiveness to employee feedback contributes to a productive and stable work environment

To attract, retain and develop our high-performing team members, we offer compensation programs that include a mix of salaries, variable incentive bonuses and equity-based awards. To help ensure pay for performance alignment, CBL team members and their direct managers participate in an annual performance evaluation process. The evaluation process includes interactive goal setting and feedback designed to enhance performance, engagement, and professional development. Annually, we conduct a compensation analysis to ensure any pay gaps are reviewed and addressed. Our compensation programs are supplemented by comprehensive employment benefits as well as training and educational programs. Certain benefits are also available to part-time CBL team members.

We provide our team with learning and development opportunities including conferences, leadership programs, and other ad hoc training programs. Programs cover a variety of topics such as career development and skills training; health, well-being, and safety; inclusion and belonging; and more. We also mandate cybersecurity training and ethics training for all full-time employees. In 2025, CBL team members completed 3,571 hours of training. In 2025, CBL launched the CBL Employee Learning Reimbursement Program which helps support a culture of continuous learning by reimbursing employees for personal and professional development opportunities. Employees can seek reimbursement for courses, certifications, books and other learning resources.

We also continued our outreach efforts in recruiting through partnership with Transition Overwatch, which targets Veterans.

We have long maintained several employee-led programs, including CBL Community, CBL Cares, CBL Fit and CBL Social.

CBL Community is focused on initiatives that emphasize the importance and focus we place on people, the driving force behind CBL. CBL Community pursues internal and external endeavors to improve organizational impacts that help foster an inclusive environment for our team members and our customers through education, engagement initiatives, and the creation of opportunities and partnerships with a broad array of groups, including underrepresented groups. In 2025, CBL Community advanced its focus on employee development and inclusion through ongoing initiatives such as the employee book club and a robust calendar of educational programs. Highlights included a special Veteran's Day presentation by a noted author, along with new sessions designed to broaden perspectives and foster a more connected and informed team.

CBL Cares partners with and supports local charitable organizations that contribute to the growth and development of the communities we serve. In 2025, our team volunteered 1,109 hours with non-profit organizations across our portfolio through our CBL Cares program. We also continued matching gifts, which allows employees to submit their individual charitable contributions for a 1:1 company match up to $100 per donation. In total, through volunteer hours, corporate donations, matching gifts, CBL Cares grants, and our annual United Way workplace campaign we provided support valued at nearly $177,000 to organizations across our portfolio that work to meet the needs of our communities.

CBL Fit provides advocacy of wellness for the whole person at work and CBL Social provides engagement opportunities and interconnectivity through team-based events.

**Corporate Offices**

Our principal executive offices are located at CBL Center, 2030 Hamilton Place Boulevard, Suite 500, Chattanooga, Tennessee, 37421 and our telephone number is (423) 855-0001.

**Available Information**

There is additional information about us on our web site at <u>cblproperties.com</u>. Electronic copies of our Annual Report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, as well as any amendments to those reports, are available free of charge by visiting the "Investor Relations" section of our web site. These reports are posted as soon as reasonably practical after they are electronically filed with, or furnished to, the SEC. The information on our web site is not, and should not be considered, a part of this Form 10-K. The SEC also maintains an internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC at www.sec.gov.

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**ITEM 1A. RISK FACTORS** 

Set forth below are certain factors that may adversely affect our business, financial condition, results of operations and cash flows. Any one or more of the following factors may cause our actual results for various financial reporting periods to differ materially from those expressed in any forward-looking statements made by us, or on our behalf. See "Cautionary Statement Regarding Forward-Looking Statements" contained herein on [<u>page 1</u>](#cautionary_statement_regarding_forwardlo).

**RISK FACTOR SUMMARY**

The following is a summary of the most significant risks relating to our business activities that we have identified. If any of these risks occur, our business, financial condition or results of operation, including our ability to generate cash and make distributions, could be materially adversely affected. For a more complete understanding of our material risk factors, this summary should be read in conjunction with the detailed description of our risk factors which follows this summary.

**Risks Related to Real Estate Investments and Our Business**

• Real property investments are relatively illiquid and are subject to various risks, many of which are beyond our control, which could cause declines in the revenues and/or underlying value of one or more of our properties. These include, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;➢Adverse changes to national, regional and local economic conditions, including increased volatility in the capital and credit markets, as well as changes in consumer confidence and consumer spending patterns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;➢Possible inability to lease space in our properties on favorable terms, or at all.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;➢Potential loss of one or more significant tenants, due to bankruptcies or consolidations in the retail industry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;➢Increased operating costs, such as repairs and maintenance, real property taxes, utility rates and insurance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;➢Adverse changes in governmental regulations and related costs, including potential significant costs related to compliance with environmental laws and disclosure requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;➢Competition from other retail facilities, and from alternatives to traditional retail such as online shopping.

• Certain of our properties are subject to ownership interests held by third parties, whose interests may conflict with ours.

• Inflation continues to impact our financial condition and results of operations.

• Increased expenses, decreased occupancy rates, tenants converting to gross leases and requesting deferrals and rent abatements may not allow us to recover the majority of our CAM, real estate taxes and other operating expenses.

• Bankruptcy of joint venture partners could impose delays and costs on us with respect to jointly owned retail properties.

• We use artificial intelligence ("AI") in our business and its use involves technological and legal risk.

• We face possible risks associated with climate change, which may increase our future expenses.

• An increasingly complex and shifting landscape related to reporting sustainability factors and metrics may impose additional costs and expose us to new risks.

• Possible terrorist activity or other acts of violence could adversely affect our financial condition and results of operations.

• Social unrest and acts of vandalism or violence could adversely affect our business operations.

• Our properties may be subject to impairment charges which could adversely affect our financial results.

• While cybersecurity attacks, to date, have not materially impacted our financial results, future cyberattacks, cyberintrusions or other disruptions of our information technology networks - including any loss of access to cloud computing services or other critical vendors - could disrupt our operations, compromise confidential information and adversely impact our financial condition, and the cost of preventative measures - which may not be effective in all cases - continues to increase.

• Use of social media may adversely impact our reputation and business.

• Our success depends, in part, on our ability to attract and retain talented employees, and the loss of any one of our key personnel could adversely impact our business.

• Compliance with the Americans with Disabilities Act and fire, safety and other regulations may require us to make expenditures that could adversely affect our cash flows.

• Uninsured losses could adversely affect us, and in the future our insurance may not cover acts of terrorism.

• Our historical financial information may not be indicative of our future financial performance.

• Any future pandemic or a similar threat, and governmental responses thereto, could materially and adversely impact or disrupt our financial condition, results of operations, cash flows and performance.

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**Risks Related to Debt and Financial Markets**

• A deterioration of the capital and credit markets could adversely affect our ability to access funds and the capital needed to refinance debt or obtain new debt.

• Our indebtedness is substantial and many of our assets are encumbered by property-level indebtedness. Both of these factors could impair our ability to obtain additional financing.

• Rising interest rates could both increase our borrowing costs, thereby adversely affecting our cash flows and the amounts available for distributions to our stockholders, and decrease our stock price, if investors seek higher yields through other investments.

• Various covenants in agreements governing our debt impose restrictions that may affect our ability to operate our business.

• Federal and state statutes allow courts, under specific circumstances, to void guarantees and require holders of indebtedness and lenders to return payments received from guarantors.

**Risks Related to Dividends and Our Stock**

• We cannot assure you of our ability to pay dividends or distributions in the future or the amount of any dividends or distributions.

• Our ability to pay dividends on our common stock depends on the distributions we receive from our Operating Partnership, through which we conduct substantially all our business.

• Distributions paid by REITs do not qualify for the reduced tax rates that apply to other corporate distributions.

**Risks Related to Geographic Concentrations**

• Our properties are located principally in the southeastern and midwestern United States, so our business is subject generally to economic conditions in these regions and, in particular, to adverse economic developments affecting the operating results of our properties in our five largest markets.

**Risks Related to Federal Income Tax Laws**

• We conduct a portion of our business through taxable REIT subsidiaries, which are subject to certain tax risks.

• If the Operating Partnership fails to qualify as a partnership for U.S. federal income tax purposes, we would fail to qualify as a REIT and would suffer adverse consequences.

• Complying with REIT requirements might cause us to forego otherwise attractive opportunities, and failing to qualify as a REIT would reduce our funds available for distribution to stockholders.

• Transfers of our capital stock to any person in excess of the ownership limits necessary to maintain our status as a REIT would be deemed void ab initio, and those shares would automatically be transferred to the Company as trustee of a charitable trust.

• We must satisfy minimum distribution requirements to maintain our status as a REIT, which may limit the amount of cash available for use in growing our business.

• Transfers or issuances of equity may impair our ability to utilize the existing tax basis in our assets, our federal income tax net operating loss carryforwards and other tax attributes.

**Risks Related to Our Organizational Structure**

• The ownership limit described above, as well as certain provisions in our Second Amended and Restated Certificate of Incorporation (our "Certificate of Incorporation") and our Fifth Amended and Restated Bylaws (our "Bylaws"), may hinder any attempt to acquire us.

• Our Certificate of Incorporation contains a provision renouncing our interest and expectancy in certain corporate opportunities identified by our non-employee directors and their affiliates.

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**RISKS RELATED TO REAL ESTATE INVESTMENTS AND OUR BUSINESS**

***Real property investments are subject to various risks, many of which are beyond our control, which could cause declines in the operating revenues and/or the underlying value of one or more of our properties.***

A number of factors may decrease the income generated by a retail shopping center property, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•national, regional and local economic climates, which may be negatively impacted by loss of jobs, production slowdowns, inflation, border security, tariffs, adverse weather conditions, natural disasters, acts of violence, war, riots or terrorism, declines in residential real estate activity and other factors which tend to reduce consumer spending on retail goods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•adverse changes in levels of consumer spending, consumer confidence and seasonal spending (especially during the holiday season when many retailers generate a disproportionate amount of their annual profits);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•local real estate conditions, such as an oversupply of, or reduction in demand for, retail space or retail goods, and the availability and creditworthiness of current and prospective tenants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•increased operating costs, such as increases in repairs and maintenance, real property taxes, utility rates and insurance premiums;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•delays or cost increases associated with the opening of new properties or redevelopment and expansion of properties, due to higher than estimated construction costs, cost overruns, delays in receiving zoning, occupancy or other governmental approvals, lack of availability of materials and labor, weather conditions, and similar factors which may be outside our ability to control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•perceptions by retailers or shoppers of the safety, convenience and attractiveness of the shopping center;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the convenience and quality of competing retail properties and other retailing options, such as the internet and the adverse impact of online sales; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•public health emergencies or the threat of a public health emergency, which could cause customers of our tenants to avoid public places where large crowds are in attendance, such as shopping centers and related entertainment, hotel, office or restaurant properties operated by our tenants.

In addition, other factors may adversely affect the value of our properties without affecting their current revenues, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•an environment of rising interest rates, which could negatively impact both the value of commercial real estate such as retail shopping centers and the overall retail climate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•adverse changes in governmental regulations, such as local zoning and land use laws, environmental regulations or local tax structures that could inhibit our ability to proceed with development, expansion or renovation activities that otherwise would be beneficial to our properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•potential environmental or other legal liabilities that reduce the amount of funds available to us for investment in our properties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any inability to obtain sufficient financing (including construction financing, permanent debt, secured and unsecured notes issuances, lines of credit and term loans), or the inability to obtain such financing on commercially favorable terms, to fund repayment of maturing loans, new developments, acquisitions, and property redevelopments, expansions and renovations which otherwise would benefit our properties.

***Illiquidity of real estate investments could significantly affect our ability to respond to adverse changes in the performance of our properties and harm our financial condition.***

Substantially all our consolidated assets consist of investments in real estate properties. Because real estate investments are relatively illiquid, our ability to quickly sell one or more properties in our portfolio in response to changing economic, financial and investment conditions is limited. The real estate market is affected by many factors, such as general economic conditions, availability of financing, interest rates and other factors, including supply and demand for space, that are beyond our control. We cannot predict whether we will be able to sell any property for the price or on the terms we set, or whether any price or other terms offered by a prospective purchaser would be acceptable to us. We also cannot predict the length of time needed to find a willing purchaser and to close the sale of a property. In addition, prevailing economic and capital market conditions might make it more difficult for us to sell properties or might adversely affect the price we receive for properties that we do sell, as prospective buyers might experience increased costs of debt financing or other difficulties in obtaining debt financing.

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Moreover, there are some limitations under federal income tax laws applicable to REITs that limit our ability to sell assets. In addition, because many of our properties are mortgaged to secure our debts, we may not be able to obtain a release of a lien on a mortgaged property without the payment of the associated debt or release price, and/or a substantial prepayment penalty, or transfer of debt to a buyer, which restricts our ability to dispose of a property, even though the sale might otherwise be desirable. Furthermore, the number of prospective buyers interested in purchasing shopping centers is limited. Therefore, if we want to sell one or more of our properties, we may not be able to dispose of it in the desired time period and may receive less consideration than we originally invested in the property.

Before a property can be sold, we may be required to make expenditures to correct defects or to make improvements. We cannot assure you that we will have funds available to correct those defects or to make those improvements, and if we cannot do so, we might not be able to sell the property, or might be required to sell the property on unfavorable terms. In acquiring a property, we might agree to provisions that materially restrict us from selling that property for a period of time or impose other restrictions, such as limitations on the amount of debt that can be placed or repaid on that property. These factors and any others that would impede our ability to respond to adverse changes in the performance of our properties could adversely affect our financial condition and results of operations.

***We may elect not to proceed with certain developments, redevelopments or expansion projects once they have been undertaken, resulting in charges that could have a material adverse effect on our results of operations for the period in which the charge is taken.***

We will incur various risks in connection with any developments, redevelopments or property expansions, including the risk that developments, redevelopments or expansion opportunities explored by us may be abandoned for various reasons including, but not limited to, credit disruptions that require the Company to conserve its cash until the capital markets stabilize or alternative credit or funding arrangements can be made. Developments, redevelopments or expansions also include the risk that construction costs of a project may exceed original estimates, possibly making the project unprofitable. Other risks include the risk that we may not be able to refinance construction loans which are generally with full recourse to us, the risk that occupancy rates and rents at a completed project will not meet projections and will be insufficient to make the project profitable, and the risk that we will not be able to obtain Anchor, mortgage lender and property partner approvals for certain expansion activities.

When we elect not to proceed with a development opportunity, the development costs ordinarily are charged against income for the then-current period. Any such charge could have a material adverse effect on our results of operations for the period in which the charge is taken.

***Certain of our properties are subject to ownership interests held by third parties, whose interests may conflict with ours and thereby constrain us from taking actions concerning these properties which otherwise would be in the best interests of the Company and our stockholders.***

We own partial interests in 4 malls, 5 outlet centers, 1 lifestyle center, 11 open-air centers, 2 office buildings and 2 hotels. Of those interests, 2 malls, 3 outlet centers, 2 open-air centers and 2 hotels are all owned by unconsolidated joint ventures and are managed by a property manager that is affiliated with the third-party partner, which receives a fee for its services. The third-party partner of each of these properties controls the cash flow distributions, although our approval is required for certain major decisions. We have interests in two outlet centers that are owned by consolidated joint ventures and managed by a property manager that is affiliated with the third-party partner, which receives a fee for its services.

Where we serve as managing general partner (or equivalent) of the entities that own our properties, we may have certain fiduciary responsibilities to the other owners of those entities. In certain cases, the approval or consent of the other owners is required before we may sell, finance, expand or make other significant changes in the operations of such properties. To the extent such approvals or consents are required, we may experience difficulty in, or may be prevented from, implementing our plans with respect to expansion, development, financing or other similar transactions with respect to such properties.

With respect to those properties for which we do not serve as managing general partner (or equivalent), we do not have day-to-day operational control or control over certain major decisions, including leasing and the timing and amount of distributions, which could result in decisions by the managing entity that do not fully reflect our interests. This includes decisions relating to the requirements that we must satisfy in order to maintain our status as a REIT for tax purposes. However, decisions relating to sales, expansion and disposition of all or substantially all of the assets and financings are subject to approval by the Operating Partnership.

***Inflation has impacted and may continue to impact our financial condition and results of operations.***

Inflationary pressures pose risks to the Company's business, tenants and the U.S. economy. Inflationary price increases could have an adverse effect on consumer spending, which could impact our tenants' sales and, in turn, our tenants' business operations. This could affect our tenants' ability to pay rent and, to the extent their leases provide for

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additional rent based on a percentage of sales, could have either positive (based on increased prices) or negative (based on decreased consumer spending) effects on such rent. Also, inflation has caused increases in operating expenses, which could increase occupancy costs for tenants and, to the extent that we are unable to recover operating expenses from tenants, could increase operating expenses for us. In addition, if the rate of inflation exceeds the scheduled rent increases included in our leases, then our net operating income and our profitability would decrease. Further, inflationary pricing may have a negative effect on the construction costs necessary to complete our development and redevelopment projects, including, but not limited to, costs of construction materials, labor and services from third-party contractors and suppliers. Inflation also has resulted in increases in market interest rates, which not only negatively impact consumer spending and tenant investment decisions, but also increases the borrowing costs associated with our existing or any future variable-rate debt, to the extent such rates are not effectively hedged or fixed, or any future debt that we incur. Inflation might also inhibit our ability to obtain new financing or refinancing.

***Increased operating expenses, decreased occupancy rates, tenants converting to gross leases and requesting deferrals and rent abatements may not allow us to recover the majority of our CAM, real estate taxes and other operating expenses from our tenants, which could adversely affect our financial position, results of operations and funds available for future distributions.***

Energy costs, repairs, maintenance and capital improvements to common areas of our properties, janitorial services, administrative, property and liability insurance costs and security costs are typically allocable to our properties' tenants. Our lease agreements typically provide that the tenant is responsible for a portion of the common area maintenance ("CAM") and other operating expenses. The majority of our current leases require an equal periodic tenant reimbursement amount for our cost recoveries, which serves to fix our tenants' CAM contributions to us. In these cases, a tenant will pay a fixed amount, or a set expense reimbursement amount, subject to annual increases, regardless of the actual amount of operating expenses. The tenant's payment remains the same regardless of whether operating expenses increase or decrease, causing us to be responsible for any excess amounts or to benefit from any declines. As a result, the CAM and tenant reimbursements that we receive may or may not allow us to recover a substantial portion of these operating costs.

There is also a trend of more tenants moving to gross leases with periodic increases, which provide that the tenant pays a single specified amount, with no additional payments for reimbursements of the tenant's portion of operating expenses. As a result, we are responsible for any increases in operating expenses, and benefit from any decreases in operating expenses.

Additionally, in the event that our properties are not fully occupied, we would be required to pay the portion of any operating, redevelopment or renovation expenses allocable to the vacant space(s) that would otherwise typically be paid by the residing tenant(s).

***International trade disputes, including U.S. trade tariffs and retaliatory tariffs, could adversely impact our business.***

International trade disputes, including threatened or implemented tariffs imposed by the United States and threatened or implemented tariffs imposed by foreign countries in retaliation, could adversely impact our business. Many of our tenants sell imported goods, and tariffs or other trade restrictions could materially increase costs for these tenants. To the extent our tenants are unable to pass these costs on to their customers, our tenants' operations could be adversely impacted, which among other things, could weaken demand by those tenants for our real estate. If the operations of potential future tenants are similarly adversely impacted, overall demand for our real estate may also weaken. In addition, international trade disputes, including those related to tariffs, could result in inflationary pressures that directly impact our costs, such as costs for steel, lumber and other materials applicable to our redevelopment projects. Trade disputes could also adversely impact global supply chains which could further increase costs for us and our tenants or delay delivery of key inventories and supplies.

***Bankruptcy of joint venture partners could impose delays and costs on us with respect to the jointly owned retail properties.***

The bankruptcy of one of the other investors in any of our jointly owned shopping centers could materially and adversely affect the relevant property or properties. Under the bankruptcy laws, we would be precluded from taking some actions affecting the estate of the other investor without prior approval of the bankruptcy court, which would, in most cases, entail prior notice to other parties and a hearing in the bankruptcy court. At a minimum, the requirement to obtain court approval may delay the actions we would or might want to take. If the relevant joint venture through which we have invested in a property has incurred recourse obligations, the discharge in bankruptcy of one of the other investors might result in our ultimate liability for a greater portion of those obligations than we would otherwise bear.

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***We may be unable to lease space in our properties on favorable terms, or at all.***

Our results of operations depend on our ability to continue to lease space in our properties, including vacant space and re-leasing space in properties where leases are expiring, optimizing our tenant mix, or leasing properties on economically favorable terms. Because we have leases expiring annually, we are continually focused on leasing our properties. Similarly, we are pursuing a strategy of replacing expiring short-term leases with long-term leases. For more information on lease expirations see [<u>Mall Lease Expirations</u>](#mall_leaseexp), [<u>Outlet Center Lease Expirations</u>](#outletcenter_leaseexp), [<u>Lifestyle Center Lease Expirations</u>](#lifestylecenter_leaseexp) and [<u>Open-Air Center Lease Expirations</u>](#openaircenter_leaseexp) under Item 2 - Properties in this report.

There can be no assurance that our leases will be renewed, that bankrupt tenants will assume our leases, or that vacant space will be re-leased at rates equal to or above the current average net effective rental rates or that substantial rent abatements, tenant improvements, early termination rights or below market renewal options will not be offered to attract new tenants or retain existing tenants. If the rental rates decrease, if our existing tenants do not renew their leases, reject our leases in bankruptcy, or if we do not re-lease a significant portion of our available space and space for which leases will expire, our financial condition and results of operations could be adversely affected.

***We use AI in our business and its use involves technological and legal risk.***

We currently use AI in certain internal business processes. Technological advances in AI are rapidly evolving, and along with this rapid evolution comes risks and challenges that could negatively impact our business. AI may create incomplete, inaccurate, or misleading outputs or other discriminatory or unexpected results or behaviors, such as hallucinatory behavior that can generate irrelevant, nonsensical, or factually incorrect results. While we take measures designed to ensure the accuracy of such AI-generated content, those measures may not always be successful. Accordingly, reliance on these models could lead us to make impaired decisions that could result in adverse consequences to us, including legal liability, reputational and competitive harm. Additionally, sensitive or otherwise confidential information could be leaked, disclosed, or revealed in connection with the use of AI by our employees, vendors or contractors and, where an AI model processes personal information and makes connections with that data, it may disclose sensitive, proprietary, or confidential information generated by the model. Furthermore, bad actors may utilize AI to obtain sensitive or confidential information concerning our business.

Uncertainty in the regulatory environment relating to AI may hinder our ability to use such technologies in our business or require us to change our business practices, which could decrease any benefits from using AI and negatively impact our business. Additionally, we may need to expend additional resources to modify and maintain our use of AI to comply with applicable law, and failure to do so may lead to regulatory fines or penalties.

***We face possible risks associated with climate change.***

We may become subject to laws or regulations related to climate change, which could cause our business, results of operations and financial condition to be impacted adversely. Some of the states and localities in which we operate may enact certain climate change laws and regulations or have begun regulating carbon footprints and greenhouse gas emissions. Although these laws and regulations have not had any known material adverse effects on our business to date, they could result in substantial costs, including compliance costs, increased energy costs, retrofit costs and construction costs, including monitoring and reporting costs, and capital expenditures for environmental control facilities and other new equipment. We have implemented strategies to support our continued effort to reduce energy and water consumption, greenhouse gas emissions and waste production across our portfolio. We cannot predict how future laws and regulations, or future interpretations of current laws and regulations, related to climate change will affect our business, results of operations and financial condition. Additionally, the potential physical impacts of climate change on our operations are highly uncertain, and would be particular to the geographic circumstances in areas in which we operate. These may include changes to global weather patterns, which could include local changes in rainfall and storm patterns and intensities, water shortages, changing sea levels and changing temperature averages or extremes. These impacts may adversely affect our properties, our business, financial condition and results of operations.

***An increasingly complex and shifting landscape related to reporting sustainability factors and metrics may impose additional costs and expose us to new risks.***

Certain investors and other stakeholders have become more focused on understanding how companies address a variety of sustainability factors in their businesses. As they evaluate investment decisions, many investors look not only at company disclosures but also to sustainability rating systems that have been developed by third parties to allow such comparisons among companies. Although we participate in a number of these ratings systems, we do not participate in all such systems. The criteria used in these ratings systems may conflict and change frequently, and we cannot predict how these third parties will score us, nor can we have any assurance that they score us accurately or other companies accurately or that other companies have provided them with accurate data. We supplement our participation in ratings systems with published disclosures of our sustainability initiatives and activities, but some investors may desire other disclosures that we

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do not provide. Failure to participate in certain of the third-party ratings systems, failure to score well in those ratings systems or failure to provide certain types of sustainability disclosures could result in reputational harm when investors compare us to other companies, and could cause certain investors to be unwilling to invest in our stock which could adversely impact our stock price.

***We may incur significant costs related to compliance with environmental laws, which could have a material adverse effect on our results of operations, cash flows and the funds available to us to pay dividends.***

Under various federal, state and local laws, ordinances and regulations, a current or previous owner or operator of real estate may be liable for the costs of removal or remediation of petroleum, certain hazardous or toxic substances on, under or in such real estate. Such laws typically impose such liability without regard to whether the owner or operator knew of, or was responsible for, the presence of such substances. The costs of remediation or removal of such substances may be substantial. The presence of such substances, or the failure to promptly remove or remediate such substances, may adversely affect the owner's or operator's ability to lease or sell such real estate or to borrow using such real estate as collateral. Persons who arrange for the disposal or treatment of hazardous or toxic substances may also be liable for the costs of removal or remediation of such substances at the disposal or treatment facility, regardless of whether such facility is owned or operated by such person. Certain laws also impose requirements on conditions and activities that may affect the environment or the impact of the environment on human health. Failure to comply with such requirements could result in the imposition of monetary penalties (in addition to the costs to achieve compliance) and potential liabilities to third parties. Among other things, certain laws require abatement or removal of friable and certain non-friable asbestos-containing materials in the event of demolition or certain renovations or remodeling. Certain laws regarding asbestos-containing materials require building owners and lessees, among other things, to notify and train certain employees working in areas known or presumed to contain asbestos-containing materials. Certain laws also impose liability for release of asbestos-containing materials into the air and third parties may seek recovery from owners or operators of real properties for personal injury or property damage associated with asbestos-containing materials. In connection with the ownership and operation of properties, we may be potentially liable for all or a portion of such costs or claims.

All our properties (but not properties for which we hold an option to purchase but do not yet own) have been subject to Phase I environmental assessments or updates of existing Phase I environmental assessments. Such assessments generally consisted of a visual inspection of the properties, review of federal and state environmental databases and certain information regarding historic uses of the property and adjacent areas and the preparation and issuance of written reports. Some of our properties contain, or contained, underground storage tanks used for storing petroleum products or wastes typically associated with automobile service or other operations conducted at our properties. Certain of our properties contain, or contained, dry-cleaning establishments utilizing solvents. Where believed to be warranted, samplings of building materials or subsurface investigations were undertaken. At certain of our properties, where warranted by the conditions, we have developed and implemented an operations and maintenance program that establishes operating procedures with respect to asbestos-containing materials. The cost associated with the development and implementation of such programs was not material. We have also obtained environmental insurance coverage at certain of our properties.

We believe that our properties are in compliance in all material respects with all federal, state and local ordinances and regulations regarding the handling, discharge and emission of hazardous or toxic substances. As of December 31, 2025, we have recorded in our consolidated financial statements a liability of $2.1 million related to potential future asbestos abatement activities at our properties which are not expected to have a material impact on our financial condition or results of operations. We have not been notified by any governmental authority, and are not otherwise aware, of any material noncompliance, liability or claim relating to hazardous or toxic substances in connection with any of our present or former properties. Therefore, we have not recorded any liability related to hazardous or toxic substances. Nevertheless, it is possible that the environmental assessments available to us do not reveal all potential environmental liabilities. It is also possible that subsequent investigations will identify material adverse environmental conditions that have arisen subsequent to the performance of the environmental assessments, or that there are material environmental liabilities of which management is unaware. Moreover, no assurances can be given that (i) future laws, ordinances or regulations will not impose any material environmental liability or (ii) the current environmental condition of our properties has not been or will not be affected by tenants and occupants of our properties, by the condition of properties in the vicinity of our properties or by third parties unrelated to us, the Operating Partnership or the relevant property's partnership.

***Possible terrorist activity or other acts of violence could adversely affect our financial condition and results of operations.***

Future terrorist attacks in the United States, and other acts of violence, including domestic or international terrorism or war, might result in declining consumer confidence and spending, which could harm the demand for goods and services offered by our tenants and the values of our properties, and might adversely affect an investment in our securities. A decrease in retail demand could make it difficult for us to renew or re-lease our properties at lease rates equal to or above historical rates and, to the extent our tenants are affected, could adversely affect their ability to continue to meet obligations

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under their existing leases. Terrorist activities also could directly affect the value of our properties through damage, destruction or loss. Furthermore, terrorist acts might result in increased volatility in national and international financial markets, which could limit our access to capital or increase our cost of obtaining capital.

***Social unrest and acts of vandalism or violence could adversely affect our business operations.***

Our business may be adversely affected by social, political, and economic instability, unrest, or disruption, including protests, demonstrations, strikes, riots, civil disturbance, disobedience, insurrection and looting in geographic regions where our properties are located. Such events may result in property damage and destruction and in restrictions, curfews, or other governmental actions that could give rise to significant changes in economic conditions and cycles, which may adversely affect our financial condition and operations.

Over the last few years, there have been demonstrations and protests, some of which involved violence, looting, arson and property destruction, in cities throughout the United States. While the majority of protests have been peaceful, looting, vandalism and fires have taken place in certain places, which led to the imposition of mandatory curfews and, in some locations, deployment of the National Guard. Governmental actions taken to protect people and property, including curfews and restrictions on business operations, may disrupt operations, harm perceptions of personal well-being and increase the need for additional expenditures on security resources. The effect and frequency of the demonstrations, protests or other factors is uncertain, and we cannot assure there will not be further political or social instability in the future or that there will not be other events that could lead to further social, political and economic instability. If such events or disruptions persist for a prolonged period of time, our overall business and results of operations may be adversely affected.

***Clauses in leases with certain tenants in our properties may include inducements, such as reduced rent and tenant allowance payments or other clauses such as co-tenancy or sales-based kick-out provisions, which can reduce our rents and Funds From Operations ("FFO"), and adversely impact our financial condition and results of operations and the value of our properties. This impact could be exacerbated by the loss of one or more significant tenants, due to lease rejections in bankruptcies or as a result of consolidations in the retail industry.***

We could be adversely affected by the bankruptcy, early termination, sales performance, or closing of tenants and Anchors. Certain of our lease agreements include co-tenancy and/or sales-based kick-out provisions which allow a tenant to pay a reduced rent amount and, in certain instances, terminate the lease, if we fail to maintain certain occupancy levels or retain specified named Anchors, or if the tenant does not achieve certain specified sales targets. If occupancy or tenant sales do not meet or fall below certain thresholds, rents we are entitled to receive from our tenants could be reduced. Additionally, some tenants may have rent abatement clauses that delay rent commencement or reduce contractual rents for a prolonged period of time after initial occupancy. The effect of these clauses reduces our rents and FFO while they are applicable. We expect to continue to offer co-tenancy and rent abatement clauses in the future to attract tenants to our properties. As a result, our financial condition and results of operations may be adversely impacted.

The bankruptcy of a tenant could result in the rejection of its lease and potentially trigger co-tenancy or other clauses in other tenants' leases, which would lower the amount of cash generated by that property. Replacing tenants with better performing, emerging retailers may take longer than our historical experience of re-tenanting due to their lack of infrastructure and limited experience in opening stores as well as the significant competition for such emerging brands. In addition, when a department store operating as an Anchor at one of our properties has ceased operating, in certain instances we have experienced difficulty and delay and incurred significant expense in replacing the Anchor, re-tenanting, or otherwise re-merchandising the use of the Anchor space. This difficulty can be, and in some instances has been, exacerbated if the Anchor space is owned by a third party and we are not able to acquire the space, if the third party's plans to lease or redevelop the space do not align with our interests or the third party does not act in a timely manner to lease or redevelop the space. In addition, the Anchor's closing may, and in some instances has, lead to reduced customer traffic and lower mall tenant sales. As a result, we may, and in some instances have, also experience difficulty or delay in leasing spaces in areas adjacent to the vacant Anchor space. The early termination or closing of tenants or Anchors for reasons other than bankruptcy could have a similar impact on the operations of our properties, although in the case of early terminations we may benefit in the short-term from lease termination income.

Certain traditional department stores have experienced challenges including limited opportunities for new investment/openings and declining sales, which lead department stores to close stores or seek rent reductions. Department stores' market share is declining, and their ability to drive traffic has substantially decreased. Despite traffic to our malls, lifestyle centers and outlet centers traditionally being driven by department store Anchors, in the event of a need for replacement, it has become necessary to consider non-department store Anchors. Certain of these non-department store Anchors may demand higher allowances or other less favorable terms than a standard mall tenant due to the nature of the services/products they provide.

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***We are in a competitive business.***

There are numerous shopping facilities that compete with our properties in attracting retailers to lease space. Our ability to attract tenants to our properties and lease space is important to our success, and difficulties in doing so can materially impact our properties' performance. The existence of competing shopping centers could have a material adverse impact on our ability to develop, redevelop or operate properties, lease space to desirable Anchors and tenants, and on the level of rents that can be achieved. In addition, retailers at our properties face continued competition from shopping through various means and channels, including via the internet, lifestyle centers, value and outlet centers, wholesale and discount shopping clubs, and television shopping networks. Competition of this type could adversely affect our revenues and cash available for distribution to shareholders.

As new technologies emerge, the relationship among customers, retailers, and shopping centers are evolving on a rapid basis and we may not be able to adapt to such new technologies and relationships on a timely basis. Our relative size may limit the capital and resources we are willing to allocate to invest in strategic technology to enhance the mall experience, which may make our properties relatively less desirable to anchors, mall tenants, and consumers. Tenants also more commonly utilize their physical stores as part of an omni-channel strategy (allowing customers to shop seamlessly through various sales channels). As a result, customers may make purchases through other sales channels during or immediately after visiting our properties, with such sales not being captured currently in our tenant sales figures or monetized in our minimum or overage rents.

We compete with other major real estate investors with significant capital for attractive investment opportunities. These competitors include other REITs, investment banking firms, and private and institutional investors, some of whom have greater financial resources or have different investment criteria than we do. In particular, there is competition to acquire, develop, or redevelop highly productive retail properties. This could become even more severe as competitors gain size and economies of scale as a result of merger and consolidation activity. This competition may impair our ability to acquire, develop, or redevelop suitable properties, and to attract key retailers, on favorable terms in the future.

Many of our tenants are omni-channel retailers who also distribute their products through online sales and provide options to consumers like buy online pick up in store, buy online ship to store or buy online return to store. Our business currently is predominantly reliant on consumer demand for shopping at physical stores, and our business could be materially and adversely affected if we are unsuccessful in adapting our business to evolving consumer purchasing habits. The increased popularity of digital and mobile technologies has accelerated the transition of a percentage of market share from shopping at physical stores to web-based shopping, and may, particularly in certain market segments, accelerate the long-term penetration of pure online retail. Although a brick-and-mortar presence may have a positive impact on retailers' online sales, the increased utilization of pure online shopping may lead to the closure of underperforming stores by retailers, which could impact our occupancy levels and the rates that tenants are willing to pay to lease our space. Additionally, the increase in online shopping may result in certain tenants underreporting sales at our properties which may materially and adversely impact our collection of overage rent. Examples may include, retailers and restaurants not reporting curbside pick-up sales or online sales fulfilled with store inventory, and tenants reducing store sales by including online returns processed in the store.

***Our properties may be subject to impairment charges which could adversely affect our financial results.***

We monitor events or changes in circumstances that could indicate the carrying value of a long-lived asset may not be recoverable. We use significant judgment in assessing events or circumstances which might indicate impairment, including but not limited to, changes in our intent to hold a long-lived asset over its previously estimated useful life. Changes in our intent to hold a long-lived asset has a significant impact on the estimated undiscounted cash flows expected to result from the use and eventual disposition of a long-lived asset and whether a potential impairment loss shall be measured. When indicators of potential impairment are present that suggest that the carrying amounts of a long-lived asset may not be recoverable, we assess the recoverability of the asset by determining whether the asset's carrying value will be recovered through the estimated undiscounted future cash flows expected from our use and its eventual disposition. In the event that such undiscounted future cash flows do not exceed the carrying value, we adjust the carrying value of the long-lived asset to its estimated fair value and recognize an impairment loss. The estimated fair value is calculated based on the following information, in order of preference, depending upon availability: (Level 1) recently quoted market prices, (Level 2) market prices for comparable properties, or (Level 3) the present value of future cash flows, including estimated salvage value. Certain of our long-lived assets may be carried at more than an amount that could be realized in a current disposition transaction. Projections of expected future operating cash flows require that we estimate future market rental income amounts subsequent to expiration of current lease agreements, property operating expenses, the number of months it takes to re-lease the property, and the number of years the property is held for investment, among other factors. As these assumptions are subject to economic and market uncertainties, they are difficult to predict and are subject to future events that may alter the assumptions used or management's estimates of future possible outcomes. Therefore, the future cash flows estimated in our impairment analyses may not be achieved.

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***Breaches or other adverse cybersecurity incidents on our systems or those of our service providers or business partners could expose us to liability and lead to the loss or compromise of our information, including confidential information, sensitive information and intellectual property, and could result in a material adverse effect on our business and financial condition.***

As a regular part of our business operations, we rely on information technology systems and network infrastructure, including the internet, to process, transmit and store electronic information and to manage or support a variety of our business processes, including financial transactions and maintenance of records. We rely on our own systems and also outsource some of our business requirements through service providers and other business partners pursuant to agreements. The risk of a security breach or disruption, particularly through cyberattack or cyberintrusion, including by internal actors, computer hackers, foreign governments and cyberterrorists, has generally increased as the number, intensity and sophistication of attempted attacks and intrusions from around the world have increased. Our IT networks and related systems and infrastructure – and those of our providers/partners – are essential to the operation of our business and our ability to perform day-to-day operations (including managing our building systems) and, in some cases, may be critical to the operations of certain of our tenants.

We have experienced adverse security incidents. All incidents experienced to date have been minor in scope and impact, were resolved quickly, had no material impact on the Company's reputation, financial performance, customer or vendor relationships, and management believes they have posed no material risk of potential litigation or regulatory investigations or actions. We expect unauthorized parties to continue to attempt to gain access to our systems or information, and/or those of our business partners and service providers. These risks may also be intensified by factors such as an increased volume and complexity of cyberattacks during periods of heightened geopolitical tensions and emerging technological innovations, such as the use of AI tools and quantum computing, that may enable malicious actors to develop more advanced social engineering attacks, circumvent security controls, evade detection and remove forensic evidence. Cyberattacks targeting our infrastructure could result in a full or partial disruption of our operations, as well as those of our tenants.

A security incident, breach or other significant disruption involving our information technology networks and related systems could occur due to a virus or other harmful circumstance, intentional penetration or disruption of our information technology resources by a third party, natural disaster, hardware or software corruption or failure or error or poor product or vendor/developer selection (including a failure of security controls incorporated into or applied to such hardware or software), telecommunications system failure, service provider error or failure, intentional or unintentional personnel actions (including the failure to follow our security protocols), or lost connectivity to our networked resources. Such occurrences could disrupt the proper functioning of our networks and systems; result in disruption of business operations and loss of service to our tenants and customers; result in significantly decreased revenues; result in increased costs associated in obtaining and maintaining cybersecurity investigations and testing, as well as implementing protective measures and systems; result in increased insurance premiums and operating costs; result in misstated financial reports and/or missed reporting deadlines; result in our inability to properly monitor our compliance with the rules and regulations regarding our qualification as a REIT; result in the unauthorized access to, and destruction, loss, theft, misappropriation or release of proprietary, confidential, sensitive or otherwise valuable information of ours or others, which others could use to compete against us or for disruptive, destructive or otherwise harmful purposes and outcomes; result in our inability to maintain the building systems relied upon by our tenants for the efficient use of their leased space; require significant management attention and resources to remedy any damages that result; subject us to claims for breach of contract, damages, credits, penalties or termination of leases or other agreements; subject us to regulatory investigations and actions; cause harm to our competitive position and business value; and damage our reputation among our tenants and investors generally. Moreover, cyberattacks perpetrated against our Anchors and tenants, including unauthorized access to customers' credit card data and other confidential information, could subject us to significant litigation, liability and costs, adversely impact our reputation, or diminish consumer confidence and consumer spending and negatively impact our business.

The compromise of our or our business partners' or service providers' technology systems resulting in the loss, disclosure, misappropriation of, or access to, our information or that of our tenants, employees or business partners or failure to comply with ever-evolving regulatory obligations or contractual obligations with respect to such information could result in legal claims or proceedings, liability or regulatory penalties under laws protecting the privacy of personal information, disruption to our operations and damage to our reputation, any or all of which could adversely affect our business. The costs to remediate breaches and similar system compromises that do occur could be material. In addition, as cybercriminals become more sophisticated, the cost of proactive defensive measures continues to increase.

Although we and our service providers/business partners have implemented processes, procedures and controls to help mitigate these risks, there can be no assurance that these measures, as well as our increased awareness of the risk of cyberincidents, will be effective or that attempted or actual security incidents, breaches or system disruptions that could be damaging to us or others will not occur. Even the most well protected information, networks, systems and facilities remain

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potentially vulnerable because the techniques used in such attempted security breaches evolve and generally are not recognized until launched against a target, and in some cases are designed not to be detected and, in fact, may not be detected. Accordingly, we may be unable to anticipate these techniques or to implement adequate security barriers or other preventative measures, and thus it is impossible for us to entirely mitigate this risk. Lastly, while we have cybersecurity insurance, damages and claims arising from such incidents may not be covered, or may exceed the amount of any insurance coverage.

**Use of social media may adversely impact our reputation and business.**

There has been a significant increase in the use of social media platforms, including blogs, social media websites and other forms of internet-based communications, which allow individuals access to a broad audience, including our significant business constituents. The availability of information through these platforms is virtually immediate as is its impact and such information may be posted at any time without affording us an opportunity to redress or correct it in a timely manner. This information may be adverse to our interests, may be inaccurate and may harm our reputation, brand image, goodwill, performance, prospects, or business. Furthermore, these platforms may increase the risk of unauthorized disclosure of material non-public Company information.

***If a third-party vendor fails to provide agreed upon services, we may suffer losses.***

We are dependent and rely on third-party vendors, including cloud providers, for redundancy of our network, system data, security and data integrity. If a vendor fails to provide services as agreed, suffers outages, business interruptions, financial difficulties or bankruptcy, we may experience service interruption, delays, or loss of information. Cloud computing is dependent upon having access to an internet connection in order to retrieve data. If a natural disaster, blackout or other unforeseen event were to occur that disrupted the ability to obtain an internet connection, we may experience a slowdown or delay in our operations. We conduct appropriate due diligence on all services providers and restrict access, use and disclosure of personal information. We engage vendors with formal written agreements clearly defining the roles of the parties and specifying privacy and data security responsibilities.

***Declines in economic conditions, including increased volatility in the capital and credit markets, could adversely affect our business, results of operations and financial condition.***

An economic recession can result in extreme volatility and disruption of our capital and credit markets. The resulting economic environment may be affected by dramatic declines in the stock and housing markets, increases in foreclosures, unemployment and costs of living, as well as limited access to credit. This economic situation can, and most often will, impact consumer spending levels, which can result in decreased revenues for our tenants and related decreases in the values of our properties. A sustained economic downward trend could impact our tenants' ability to meet their lease obligations due to poor operating results, lack of liquidity, bankruptcy or other reasons. Our ability to lease space and negotiate rents at advantageous rates could also be affected in this type of economic environment. Additionally, access to capital and credit markets could be disrupted over an extended period, which may make it difficult to obtain the financing we may need for future growth and/or to meet our debt service obligations as they mature. Any of these events could harm our business, results of operations and financial condition.

***Future litigation could have a material adverse effect on our business, financial condition and results of operations.***

We may from time to time be a defendant in lawsuits and regulatory proceedings relating to our business. Such litigation and proceedings may result in defense costs, settlements, fines or judgments against us, some of which may not be covered by insurance. Due to the inherent uncertainties of litigation and regulatory proceedings, we cannot accurately predict the ultimate outcome of any such litigation or proceedings. An unfavorable outcome may result in our having to pay significant fines, judgments or settlements, which, if uninsured, or if exceeding insurance coverage, could adversely impact our financial condition, cash flows, results of operations and the trading price of our common stock. Additionally, certain proceedings or the resolution of certain proceedings may affect the availability or cost of some of our insurance coverage and expose us to increased risks that would be uninsured.

***Our success depends, in part, on our ability to attract and retain talented employees, and the loss of any one of our key personnel could adversely impact our business.***

The success of our business depends, in part, on the leadership and performance of our executive management team and key employees, and our ability to attract, retain and motivate talented employees could significantly impact our future performance. Competition for these individuals is intense, and we cannot assure you that we will retain our executive management team and key employees or that we will be able to attract and retain other highly qualified individuals for these positions in the future. Losing any one or more of these persons could have a material adverse effect on our results of operations, financial condition and cash flows.

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***Compliance with the Americans with Disabilities Act and fire, safety and other regulations may require us to make expenditures that could adversely affect our cash flows.***

All the properties in our portfolio are required to comply with the Americans with Disabilities Act (the "ADA"). Compliance with the ADA requirements could require removal of access barriers, and non-compliance could result in the imposition of fines by the United States government, awards of damages to private litigants, or both. While the tenants to whom our portfolio is leased are obligated to comply with ADA provisions within their leased premises, if required changes within their leased premises involve greater expenditures than anticipated, or if the changes must be made on a more accelerated basis than anticipated, the ability of tenants to cover costs could be adversely affected. Furthermore, we are required to comply with ADA requirements within the common areas of the properties in our portfolio and we may not be able to pass on to our tenants any costs necessary to remediate any common area ADA issues. In addition, we are required to operate the properties in compliance with fire and safety regulations, building codes and other land use regulations, as they may be adopted by governmental agencies and bodies and become applicable to our portfolio. We may be required to make substantial capital expenditures to comply with, and we may be restricted in our ability to renovate or redevelop the properties subject to, those requirements and to comply with the provisions of the ADA. The resulting expenditures and restrictions could have a material adverse effect on our financial condition and operating results.

***Uninsured losses could adversely affect our financial condition, and in the future our insurance may not include coverage for acts of terrorism.***

We carry a comprehensive blanket policy for general liability, property casualty (including fire, earthquake, flood and wind) and rental loss covering our properties, with specifications and insured limits customarily carried for similar properties. However, even insured losses could result in a serious disruption to our business and delay our receipt of revenue. Furthermore, there are some types of losses, including lease and other contract claims, as well as some types of environmental losses, that generally are not insured or are not economically insurable. If an uninsured loss or a loss in excess of insured limits occurs, we could lose all or a portion of the capital we have invested in a property, as well as the anticipated future revenues from the property. If this happens, we, or the applicable property's partnership, may still remain obligated under guarantees provided to the lender for any mortgage debt, secured debt or other financial obligations related to the property.

We believe that the general liability and property casualty insurance policies on our properties currently include adequate coverage for losses resulting from acts of terrorism, as defined by TRIPRA. The cost of coverage for acts of terrorism is currently mitigated by the Terrorism Risk Insurance Act ("TRIA"). In January 2015, Congress reinstated TRIA under the Terrorism Risk Insurance Program Reauthorization Act of 2015 ("TRIPRA") and extended the program through December 31, 2020. Under TRIPRA, the amount of terrorism-related insurance losses triggering the federal insurance threshold was raised from $180 million in 2019 to $200 million in 2020. Additionally, the bill increased insurers' co-payments for losses exceeding their deductibles, in annual steps, from 19% in 2019 to 20% in 2020. Each of these changes may have the effect of increasing the cost to insure against acts of terrorism for property owners, such as the Company, notwithstanding the other provisions of TRIPRA. In December 2019, Congress further extended TRIPRA through December 31, 2027. If TRIPRA is not continued beyond 2027 or is significantly modified, we may incur higher insurance costs and experience greater difficulty in obtaining insurance that covers terrorist-related damages. Our tenants may also have similar difficulties.

***Our historical financial information may not be indicative of our future financial performance.***

Our capital structure was significantly altered by CBL and the Operating Partnership's, together with certain of its direct and indirect subsidiaries (collectively, the "Debtors") Third Amended Joint Chapter 11 Plan of CBL & Associates Properties, Inc. and its Affiliated Debtors (With Technical Modifications) (as modified at Docket No. 1521, the "Plan"). Under fresh-start reporting rules, our assets and liabilities were adjusted to fair values and our accumulated deficit was restated to zero. Accordingly, under fresh-start reporting rules, our financial condition and results of operations following our emergence from bankruptcy will not be comparable to the financial condition and results of operations reflected in our historical financial statements for periods prior to November 1, 2021, the date on which we emerged from bankruptcy.

***Any future pandemic or a similar threat, and governmental responses thereto, could once again materially and adversely impact or disrupt our financial condition, results of operations, cash flows and performance.***

Any future public health emergency could result in governments and other authorities instituting measures intended to control its spread, including restrictions on freedom of movement, group gatherings and business operations such as travel bans, border closings, business closures, quarantines, stay-at-home orders, shelter-in-place orders, density limitations and social distancing measures, or imposing more restrictive measures, in response to our tenants' and consumers' perception of the related risks.

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Demand for retail space and the profitability of our properties depends, in part, on the ability and willingness of tenants to enter into and perform obligations under leases. Any future public health emergency could reduce the willingness of customers to visit our properties and adversely impact our tenants' businesses based on many factors, including local transmission rates, the emergence of new variants, the development, availability, distribution, effectiveness and acceptance of existing and new vaccines, and the effectiveness and availability of cures or treatments.

The impact of a future public health emergency on our business, financial condition, results of operations, cash flows, liquidity and ability to satisfy our debt service obligations and make distributions to our shareholders could depend on additional factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the financial condition and viability of our tenants, and their ability or willingness to pay rent in full;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•state, local, federal and industry-initiated tenant relief efforts that may adversely affect landlords, including us, and their ability to collect rent and/or enforce remedies for the failure to pay rent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the increased popularity and utilization of e-commerce;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to renew leases or re-lease available space in our properties on favorable terms or at all, including as a result of a deterioration in the economic and market conditions in the markets in which we own properties or due to restrictions intended to prevent the spread of any future public health emergencies, including any additional government mandated closures of businesses that frustrate our leasing activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a severe and prolonged disruption and instability in the global financial markets, including the debt and equity capital markets, which may adversely impact the valuation of financial assets and liabilities and affect our ability or our tenants' ability to access capital necessary to fund business operations or repay, refinance or renew maturing liabilities on a timely basis, on attractive terms, or at all;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a reduction in the cash flows generated by our properties and the values of our properties that could result in impairments or limit our ability to dispose of them at attractive prices or obtain debt financing secured by our properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the complete or partial closure of one or more of our tenants' manufacturing facilities or distribution centers, temporary or long-term disruption in our tenants' supply chains from local and international suppliers and/or delays in the delivery of our tenants' inventory, any of which could reduce or eliminate our tenants' sales, cause the temporary closure of our tenants' businesses, and/or result in their bankruptcy or insolvency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a negative impact on consumer discretionary spending caused by high unemployment levels, reduced economic activity or a severe or prolonged recession;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our and our tenants' ability to manage our respective businesses to the extent our and their management or personnel (including on-site employees) are impacted in significant numbers by any future public health emergency or are otherwise not willing, available or allowed to conduct work, including any impact on our tenants' ability to deliver timely information to us that is necessary for us to make effective decisions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our and our tenants' ability to ensure business continuity in the event our or our tenants' continuity of operations plan is (i) not effective or improperly implemented or deployed or (ii) compromised due to increased cyber and remote access activity due to any future public health emergency.

To the extent any of these risks and uncertainties adversely impact us in the ways described above or otherwise, they may also have the effect of heightening many of the other risks described herein.

**RISKS RELATED TO DEBT AND FINANCIAL MARKETS**

***A deterioration of the capital and credit markets could adversely affect our ability to access funds and the capital needed to refinance debt or obtain new debt.***

We are significantly dependent upon external financing to fund the growth of our business and ensure that we meet our debt servicing requirements. Our access to financing depends on the willingness of lending institutions to grant credit to us and conditions in the capital markets in general. An economic recession may cause extreme volatility and disruption in the capital and credit markets. This may make it difficult to obtain the financing we may need for future growth and/or to meet our debt service obligations as they mature. Although, we successfully obtained debt for refinancings and retirement of our maturing debt, acquisitions and the construction of new developments and redevelopments in the past, we cannot make any assurances as to whether we will be able to obtain debt in the future, or that the financing options available to us will be on favorable or acceptable terms.

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***Our indebtedness is substantial and could impair our ability to obtain additional financing.***

At December 31, 2025, our pro-rata share of consolidated and unconsolidated debt outstanding, excluding debt discounts and deferred financing costs, was approximately $2,622.6 million. At December 31, 2025, our total share of consolidated and unconsolidated debt, excluding debt discounts and deferred financing costs, maturing in 2026, 2027 and 2028 giving effect to all maturity extensions, is approximately $670.2 million, $649.5 million and $289.1 million, respectively. Of the $670.2 million that is maturing in 2026, $48.3 million is related to a loan secured by a property that was placed in receivership in connection with the foreclosure process. Additionally, we have $9.7 million of debt, at our share, which matured prior to December 31, 2025, for which we anticipate returning the property to the lender. See [<u>Note 7</u>](#note_7_unconsolidated_affiliates_cost_me) and [<u>Note 8</u>](#note_8_mortgage_or_indebtedness_net) to the consolidated financial statements for additional information.

Our leverage and the limitations imposed on us by our financing arrangements and debt service obligations could have important consequences. For example, it could:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•result in the acceleration of a significant amount of debt for non-compliance with the terms of such debt or, if such debt contains cross-default or cross-acceleration provisions, other debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•result in the loss of assets due to foreclosure or sale on unfavorable terms, which could create taxable income without accompanying cash proceeds, which could hinder our ability to meet the REIT distribution requirements imposed by the Internal Revenue Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•materially impair our ability to borrow unused amounts under financing arrangements or to obtain additional financing or refinancing on favorable terms or at all;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•require us to dedicate a substantial portion of our cash flow to paying principal and interest on our indebtedness, reducing the cash flow available to fund our business, to pay dividends, including those necessary to maintain our REIT qualification, or to use for other purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•increase our vulnerability to an economic downturn;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•limit our ability to withstand competitive pressures; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•reduce our flexibility to respond to changing business and economic conditions.

If any of the foregoing occurs, our business, financial condition, liquidity, results of operations and prospects could be materially and adversely affected, and the trading price of our common stock or other securities could decline significantly.

***Rising interest rates could both increase our borrowing costs, thereby adversely affecting our cash flows and the amounts available for distributions to our stockholders, and decrease our stock price, if investors seek higher yields through other investments.***

An environment of rising interest rates could lead holders of our securities to seek higher yields through other investments, which could adversely affect the market price of our stock. One of the factors that has likely influenced the price of our stock in public markets is the annual distribution rate we pay as compared with the yields on alternative investments. In addition, increases in market interest rates could result in increased borrowing costs for us, which could be expected to adversely affect our cash flow and the amounts available for distributions to our stockholders and the Operating Partnership's unitholders. Further, numerous other factors, such as governmental regulatory action and tax laws, could have a significant impact on the future market price of our stock.

As of December 31, 2025, our total share of consolidated and unconsolidated variable-rate debt, excluding debt discounts and deferred financing costs, was $751.4 million. Increases in interest rates will increase our cash interest payments on any variable-rate debt we have outstanding. If we do not have sufficient cash flow from operations, we might not be able to make all required payments of principal and interest on our debt, which could result in a default or have a material adverse effect on our financial condition and results of operations, and which might have further adverse effects on our cash flow and our ability to make distributions to shareholders. These significant debt payment obligations might also require us to use a significant portion of our cash flow from operations to make interest and principal payments on our debt rather than for other purposes such as working capital, capital expenditures or distributions to holders of our equity securities.

***We may not be able to raise capital through financing activities.***

Many of our assets are encumbered by property-level indebtedness; therefore, we may be limited in our ability to raise additional capital through property-level or other financings. In addition, our ability to raise additional capital could be

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limited to refinancing existing secured mortgages before their maturity date which may result in yield maintenance or other prepayment penalties to the extent that the mortgage is not open for prepayment at par.

***The agreements governing our debt contain various covenants that impose restrictions on us that may affect our ability to operate our business.***

Other agreements that we enter into governing our debt have or will contain covenants that impose restrictions on us. These restrictions on our ability to operate our business could harm our business by, among other things, limiting our ability to take advantage of corporate opportunities. Various risks, uncertainties and events beyond our control could affect our ability to comply with these covenants. Failure to comply with any of the covenants in our existing or future financing agreements could result in a default under those agreements and under other agreements containing cross-default provisions.

***We may not be able to generate sufficient cash flow to meet our debt service obligations.***

Our ability to meet our debt service obligations on, and to refinance, our indebtedness, and to fund our operations, working capital, acquisitions, capital expenditures and other important business uses, depends on our ability to generate sufficient cash flow in the future. To a certain extent, our cash flow is subject to general economic, industry, financial, competitive, operating, legislative, regulatory and other factors, many of which are beyond our control.

We cannot be certain that our business will generate sufficient cash flow from operations or that future sources of cash will be available to us in an amount sufficient to enable us to meet our debt service obligations on our indebtedness, or to fund our other important business uses. Additionally, if we incur additional indebtedness in connection with future acquisitions or development projects or for any other purpose, our debt service obligations could increase significantly and our ability to meet those obligations could depend, in large part, on the returns from such acquisitions or projects, as to which no assurance can be given.

We may need to refinance all or a portion of our indebtedness, at or prior to maturity. Our ability to refinance our indebtedness or obtain additional financing will depend on, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our financial condition, liquidity, results of operations and prospects and market conditions at the time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•restrictions in the agreements governing our indebtedness.

As a result, we may not be able to refinance any of our indebtedness, on favorable terms, or at all.

If we do not generate sufficient cash flow from operations, and additional borrowings or refinancings are not available to us, we may be unable to meet all our debt service obligations. As a result, we would be forced to take other actions to meet those obligations, such as selling properties, raising equity or delaying capital expenditures, any of which could have a material adverse effect on us. Furthermore, we cannot be certain that we will be able to affect any of these actions on favorable terms, or at all.

***Despite our substantial outstanding indebtedness, we may still incur significantly more indebtedness in the future, which would exacerbate any or all the risks described above.***

We may be able to incur substantial additional indebtedness in the future. To the extent that we incur substantial additional indebtedness in the future, the risks associated with our substantial leverage described above, including our inability to meet our debt service obligations, would be exacerbated.

***Federal and state statutes allow courts, under specific circumstances, to void guarantees and require holders of indebtedness and lenders to return payments received from guarantors.***

Under the federal bankruptcy law and comparable provisions of state fraudulent transfer laws, a guarantee or payments made pursuant to a guarantee could be voided and required to be returned to the guarantor, or to a fund for the benefit of the creditors of the guarantor, if, among other things, the guarantor, at the time it incurred the indebtedness evidenced by its guarantee (i) received less than reasonably equivalent value or fair consideration for the incurrence of the guarantee and (ii) one of the following was true with respect to the guarantor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the guarantor was insolvent or rendered insolvent by reason of the incurrence of the guarantee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the guarantor was engaged in a business or transaction for which the guarantor's remaining assets constituted unreasonably small capital; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the guarantor intended to incur, or believed that it would incur, debts beyond its ability to pay those debts as they mature.

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In addition, any claims in respect of a guarantee could be subordinated to all other debts of that guarantor under principles of "equitable subordination," which generally require that the claimant must have engaged in some type of inequitable conduct, the misconduct must have resulted in injury to the creditors of the debtor or conferred an unfair advantage on the claimant, and equitable subordination must not be inconsistent with other provisions of the U.S. bankruptcy code.

The measures of insolvency for purposes of these fraudulent transfer laws will vary depending upon the law applied in any proceeding to determine whether a fraudulent transfer has occurred. Generally, however, a guarantor would be considered insolvent if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the sum of its debts, including contingent liabilities, was greater than the fair saleable value of all of its assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the present fair saleable value of its assets was less than the amount that would be required to pay its probable liability on its existing debts, including contingent liabilities, as they became absolute and mature; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•it could not pay its debts as they become due.

The court might also void such guarantee, without regard to the above factors, if it found that a guarantor entered into its guarantee with actual or deemed intent to hinder, delay, or defraud its creditors.

A court would likely find that a guarantor did not receive reasonably equivalent value or fair consideration for its guarantee unless it benefited directly or indirectly from the issuance or incurrence of such indebtedness. If a court voided such guarantee, holders of the indebtedness and lenders would no longer have a claim against such guarantor or the benefit of the assets of such guarantor constituting collateral that purportedly secured such guarantee. In addition, the court might direct holders of the indebtedness and lenders to repay any amounts already received from a guarantor.

**RISKS RELATED TO DIVIDENDS AND OUR STOCK**

***We may change the dividend policy for our common stock in the future.***

Depending upon our liquidity needs, we reserve the right to pay any or all of a dividend in a combination of cash and shares of common stock, to the extent permitted by any applicable revenue procedures of the Internal Revenue Service ("IRS"). In the event that we should pay a portion of any future dividends in shares of our common stock pursuant to such procedures, taxable U.S. stockholders would be required to pay tax on the entire amount of the dividend, including the portion paid in shares of common stock, in which case such stockholders may have to use cash from other sources to pay such tax. If a U.S. stockholder sells any common stock it receives as a dividend in order to pay its taxes, the sales proceeds may be less than the amount included in income with respect to the dividend, depending on the market price of our common stock at the time of the sale. Furthermore, with respect to non-U.S. stockholders, we may be required to withhold federal tax with respect to any future dividends, including any dividends that are paid in common stock. In addition, if a significant number of our stockholders sell shares of our common stock in order to pay taxes owed on any future dividends, such sales would put downward pressure on the market price of our common stock.

The decision to declare and pay dividends on any outstanding shares of our common stock, as well as the timing, amount and composition of any such future dividends, will be at the sole discretion of our board of directors and will depend on our earnings, taxable income, FFO, liquidity, financial condition, capital requirements, contractual prohibitions or other limitations under our then-current indebtedness, the annual distribution requirements under the REIT provisions of the Internal Revenue Code, Delaware law and such other factors as our board of directors deems relevant. Any dividends payable will be determined by our board of directors based upon the circumstances at the time of declaration. Any change in our future dividend policy could have a material adverse effect on the market price of our future outstanding common stock.

***Since we conduct substantially all our operations through our Operating Partnership, our ability to pay dividends on our common stock depends on the distributions we receive from our Operating Partnership.***

Because we conduct substantially all our operations through our Operating Partnership, our ability to service our debt obligations, as well as our ability to pay any future dividends on our common stock will depend almost entirely upon the earnings and cash flows of the Operating Partnership and the ability of the Operating Partnership to make distributions to us on our ownership interests in our Operating Partnership. Under the Delaware Revised Uniform Limited Partnership Act, the Operating Partnership is prohibited from making any distribution to us to the extent that at the time of the distribution, after giving effect to the distribution, all liabilities of the Operating Partnership (other than some non-recourse liabilities and some liabilities to the partners) exceed the fair value of the assets of the Operating Partnership.

Additionally, the terms of our secured term loan provide a waterfall calculation for distributions of excess cash flow generated by the properties secured as collateral on the term loan. The waterfall calculation generally provides that the excess cash flow be used for additional payments of principal on the secured term loan before distributions may be made

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for other purposes. In the event of a default, no amounts may be distributed other than to repay the outstanding balance on the secured term loan. This in turn may limit our ability to make some types of payments, including payment of dividends to our stockholders. Any inability to make cash distributions from the Operating Partnership could jeopardize our ability to pay any future dividends to our stockholders for one or more dividend periods which, in turn, could jeopardize our ability to maintain qualification as a REIT.

***Distributions paid by REITs do not qualify for the reduced tax rates that apply to other corporate distributions.***

The maximum tax rate for "qualified dividends" paid by corporations to non-corporate stockholders generally is 20%. Distributions paid by REITs to non-corporate stockholders generally are taxed at rates lower than ordinary income rates, but those rates are higher than the 20% tax rate on qualified dividend income paid by corporations. Although this does not adversely affect the taxation of REITs or dividends payable by REITs, to the extent that the preferential rates continue to apply to regular corporate qualified dividends, the more favorable rates for corporate dividends may cause non-corporate investors to perceive that an investment in a REIT is less attractive than an investment in a non-REIT entity that pays dividends, thereby reducing the demand and market price of shares of our common stock.

**RISKS RELATED TO GEOGRAPHIC CONCENTRATIONS**

***Since our properties are located principally in the southeastern and midwestern United States, our financial position, results of operations and funds available for distribution to shareholders are subject generally to economic conditions in these regions and, in particular, to adverse economic developments affecting the operating results of properties in our five largest markets.*** 

Our properties are located principally in the southeastern and midwestern United States. Our properties located in the southeastern United States accounted for approximately 51.4% of our total pro-rata share of revenues from all properties for the year ended December 31, 2025 and currently include 20 malls, 3 lifestyle centers, 2 outlet centers, 17 open-air centers, 2 office buildings and 2 hotels. Our properties located in the midwestern United States accounted for approximately 24.7% of our total pro-rata share of revenues from all properties for the year ended December 31, 2025 and currently include 15 malls and 2 open-air centers. Further, our properties located in our five largest metropolitan area markets – Chattanooga, TN; St. Louis, MO; Nashville, TN; Lexington, KY; and Kansas City, KS – accounted for approximately 6.7%, 6.5%, 5.0%, 4.3% and 4.2%, respectively, of our total pro-rata share of revenues for the year ended December 31, 2025. No other market accounted for more than 3.7% of our total pro-rata share of revenues for the year ended December 31, 2025.

Our results of operations and funds available for distribution to shareholders therefore will be impacted generally by economic conditions in the southeastern and midwestern United States, and particularly by the results experienced at properties located in our five largest market areas. While we have properties located in six states across the southwestern, northeastern and western regions, we will continue to look for opportunities to geographically diversify our portfolio in order to minimize dependency on any particular region; however, the expansion of the portfolio through both acquisitions and developments is contingent on many factors including consumer demand, competition and economic conditions.

**RISKS RELATED TO FEDERAL INCOME TAX LAWS**

***We conduct a portion of our business through taxable REIT subsidiaries, which are subject to certain tax risks.***

We have established several taxable REIT subsidiaries including CBL Holdings I, LLC, the general partner of the Operating Partnership, and our Management Company. Despite our qualification as a REIT, our taxable REIT subsidiaries must pay income tax on their taxable income. In addition, we must comply with various tests to continue to qualify as a REIT for federal income tax purposes, and our income from and investments in our taxable REIT subsidiaries generally do not constitute permissible income and investments for these tests. While we will attempt to ensure that our dealings with our taxable REIT subsidiaries will not adversely affect our REIT qualification, we cannot provide assurance that we will successfully achieve that result. Furthermore, we may be subject to a 100% penalty tax, or our taxable REIT subsidiaries may be denied deductions, to the extent our dealings with our taxable REIT subsidiaries are not deemed to be arm's length in nature.

***If we fail to qualify as a REIT in any taxable year, our funds available for distribution to stockholders will be reduced.***

We intend to continue to operate so as to qualify as a REIT under the Internal Revenue Code. Although we believe that we are organized and operate in such a manner, no assurance can be given that we currently qualify and, in the future, will continue to qualify as a REIT. Such qualification involves the application of highly technical and complex Internal Revenue Code provisions for which there are only limited judicial or administrative interpretations. The determination of various factual matters and circumstances not entirely within our control may affect our ability to qualify. In addition, no assurance can be given that legislation, new regulations, administrative interpretations or court decisions will not significantly change the tax laws with respect to qualification or its corresponding federal income tax consequences. Any such change could have a retroactive effect.

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If in any taxable year we were to fail to qualify as a REIT, we would not be allowed a deduction for distributions to stockholders in computing our taxable income and we would be subject to federal income tax on our taxable income at regular corporate rates. Unless entitled to relief under certain statutory provisions, we also would be disqualified from treatment as a REIT for the four taxable years following the year during which qualification was lost. As a result, the funds available for distribution to our stockholders would be reduced for each of the years involved. This would likely have a significant adverse effect on the value of our securities and our ability to raise additional capital. In addition, we would no longer be required to make distributions to our stockholders. We currently intend to operate in a manner designed to qualify as a REIT. However, it is possible that future economic, market, legal, tax or other considerations may cause our board of directors to revoke the REIT election.

***If the Operating Partnership fails to qualify as a partnership for U.S. federal income tax purposes, we would fail to qualify as a REIT and would suffer adverse consequences.***

As a partnership, the Operating Partnership is not subject to federal income tax on its income. Instead, each of its partners, including us, is allocated, and may be required to pay tax with respect to, such partner's share of its income. We cannot assure you that the IRS will not challenge the status of the Operating Partnership or any other subsidiary partnership or limited liability company in which we own an interest as a disregarded entity or partnership for federal income tax purposes, or that a court would not sustain such a challenge. If the IRS were successful in treating the Operating Partnership or any such other subsidiary as an entity taxable as a corporation for federal income tax purposes, we could fail to meet (and if the Operating Partnership were subject to such treatment, would fail to meet) the gross income tests and certain of the asset tests applicable to REITs and, accordingly, we would likely cease to qualify as a REIT. Also, the failure of the Operating Partnership or any subsidiary partnerships or limited liability company to qualify as a disregarded entity or partnership for applicable income tax purposes could cause it to become subject to federal and state corporate income tax, which would reduce significantly the amount of cash available for debt service and for distribution to its partners or members, including us.

***Any issuance or transfer of our capital stock to any person in excess of the applicable limits on ownership necessary to maintain our status as a REIT would be deemed void ab initio, and those shares would automatically be transferred to the Company as trustee of a charitable trust.***

To maintain our status as a REIT under the Internal Revenue Code, not more than 50% in value of our outstanding capital stock may be owned, directly or indirectly, by five or fewer individuals (as defined in the Internal Revenue Code to include certain entities) at any time during the last half of a taxable year. Our Certificate of Incorporation generally prohibits ownership of more than 9.9% of the outstanding shares of our capital stock by any single stockholder, either directly or constructively as determined through the application of applicable provisions of the Internal Revenue Code. The approval of our board of directors and the affirmative vote of the holders of a majority of our outstanding voting stock is required to amend this provision.

Our board of directors may, subject to certain conditions, waive the applicable ownership limit upon receipt of a ruling from the IRS or an opinion of counsel to the effect that such ownership will not jeopardize our status as a REIT. Historically, our board of directors has granted such waivers to certain institutional investors based upon the receipt of such opinions from the Company's tax counsel. Absent any such waiver, however, any issuance or transfer of our capital stock to any person in excess of the applicable ownership limit or any issuance or transfer of shares of such stock which would cause us to be beneficially owned by fewer than 100 persons, will be null and void and the intended transferee will acquire no rights to the stock. Instead, such issuance or transfer with respect to that number of shares that would be owned by the transferee in excess of the ownership limit provision would be deemed void ab initio and those shares would automatically be transferred to a trust with the Company or its designated successor serving as trustee, for the exclusive benefit of a charitable beneficiary to be designated by us. Any acquisition of our capital stock and continued holding or ownership of our capital stock constitutes, under our Certificate of Incorporation, a continuous representation of compliance with the applicable ownership limit.

***In order to maintain our status as a REIT and avoid the imposition of certain additional taxes under the Internal Revenue Code, we must satisfy minimum requirements for distributions to shareholders, which may limit the amount of cash we might otherwise have been able to retain for use in growing our business.***

To maintain our status as a REIT under the Internal Revenue Code, we generally will be required each year to distribute to our stockholders at least 90% of our taxable income after certain adjustments. However, to the extent that we do not distribute all our net capital gains or distribute at least 90% but less than 100% of our REIT taxable income, as adjusted, we will be subject to tax on the undistributed amount at regular corporate tax rates, as the case may be. Also, our cash flows from operations may be insufficient to fund required distributions as a result of differences in timing between the actual receipt of income and the payment of expenses and the recognition of income and expenses for federal income tax purposes, or the effect of nondeductible expenditures, such as capital expenditures, payments of compensation for which

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Section 162(m) of the Internal Revenue Code denies a deduction, interest expense deductions limited by Section 163(j) of the Internal Revenue Code, the creation of reserves or required debt service or amortization payments. If we are unable to distribute 90% of our taxable income, we would potentially need to borrow funds, in certain limited cases distribute a combination of cash and stock (at our shareholders' election but subject to an aggregate cash limit established by us), and/or liquidate or sell a portion of our properties or investments (potentially at disadvantageous or unfavorable prices) or find another alternative source of funds. These alternatives could increase our costs or reduce our equity. In addition, to the extent we borrow funds to pay distributions, the amount of cash available to us in future periods will be decreased by the amount of cash flow we will need to service principal and interest on the amounts we borrow, which will limit cash flow available to us for other investments or business opportunities. In addition, we will be subject to a 4% nondeductible excise tax on the amount, if any, by which certain distributions paid by us during each calendar year are less than the sum of 85% of our ordinary income for such calendar year, 95% of our capital gain net income for the calendar year and any amount of such income that was not distributed in prior years. In the case of property acquisitions, including our initial formation, where individual properties are contributed to our Operating Partnership for Operating Partnership units, we have assumed the tax basis and depreciation schedules of the entities contributing properties. The relatively low tax basis of such contributed properties may have the effect of increasing the cash amounts we are required to distribute as dividends, thereby potentially limiting the amount of cash we might otherwise have been able to retain for use in growing our business. This low tax basis may also have the effect of reducing or eliminating the portion of distributions made by us that are treated as a non-taxable return of capital.

***Complying with REIT requirements might cause us to forego otherwise attractive opportunities.***

In order to qualify as a REIT for U.S. federal income tax purposes, we must satisfy tests concerning, among other things, our sources of income, the nature of our assets, the amounts we distribute to our shareholders and the ownership of our stock. We may also be required to make distributions to our shareholders at disadvantageous times or when we do not have funds readily available for distribution. Thus, compliance with REIT requirements may cause us to forego opportunities we would otherwise pursue. In addition, the REIT provisions of the Internal Revenue Code impose a 100% tax on income from "prohibited transactions." "Prohibited transactions" generally include sales of assets that constitute inventory or other property held for sale in the ordinary course of business, other than foreclosure property. This 100% tax could impact our desire to sell assets and other investments at otherwise opportune times if we believe such sales could be considered "prohibited transactions."

***Partnership tax audit rules could have a material adverse effect on us.***

Under the rules applicable to U.S. federal income tax audits of partnerships, subject to certain exceptions, any audit adjustment to items of income, gain, loss, deduction, or credit of a partnership (and any partner's distributive share thereof) is determined, and taxes, interest, or penalties attributable thereto could be assessed and collected, at the partnership level. Absent available elections, it is possible that a partnership in which we directly or indirectly invest could be required to pay additional taxes, interest and penalties as a result of an audit adjustment, and we, as a direct or indirect partner of these partnerships, could be required to bear the economic burden of those taxes, interest, and penalties even though we may not otherwise have been required to pay additional taxes had we owned the assets of the partnership directly. The partnership tax audit rules apply to the Operating Partnership and its subsidiaries that are classified as partnerships for U.S. federal income tax purposes. There can be no assurance that these rules will not have a material adverse effect on us.

***Transfers of our equity, or issuances of equity, may impair our ability to utilize the existing tax basis in our assets, our federal income tax net operating loss carryforwards and other tax attributes during the current year and in future years.***

Under certain provisions of the Internal Revenue Code, and similar state provisions, a corporation is generally permitted to offset net taxable income in a given year with net operating losses carried forward from prior years, and its existing adjusted tax basis in its assets may be used to offset future gains or to generate annual cost recovery deductions.

In order to qualify for taxation as a REIT, we must meet various requirements including a requirement to distribute 90% of our taxable income; and, to avoid paying corporate income tax, we must distribute 100% of our taxable income. Our ability to utilize future tax deductions, net operating loss carryforwards and other tax attributes to offset future taxable income is subject to certain requirements and restrictions. We experienced an "ownership change," as defined in section 382 of the Internal Revenue Code, in connection with our emergence from bankruptcy, that may substantially limit our ability to use future tax deductions, net operating loss carryforwards and other tax attributes to offset future taxable income, which could have a negative impact on our financial position and results of operations. Generally, there is an "ownership change" under section 382 of the Internal Revenue Code if one or more stockholders owning 5% or more of a corporation's common stock have aggregate increases in their ownership of such stock of more than 50 percentage points over a prescribed testing period. Under section 382 and section 383 of the Internal Revenue Code, absent an applicable exception, if a corporation undergoes an "ownership change", certain future tax deductions (through "recognized built-in losses" arising when a

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company has a "net unrealized built-in loss" (NUBIL) if they are recognized within five years of the "ownership change"), net operating loss carryforwards and other tax attributes that may be utilized to offset future taxable income generally are subject to an annual limitation.

We had a significant NUBIL in our assets, as well as net operating loss carryforwards and other tax attributes at the November 1, 2021 date of our emergence from bankruptcy, that are subject to limitation under section 382.

Whether or not future tax deductions, net operating loss carryforwards and other tax attributes are subject to limitation under section 382, net operating loss carryforwards and other tax attributes are expected to be further reduced by the amount of discharge of indebtedness arising in our emergence from bankruptcy under section 108 of the Internal Revenue Code.

**RISKS RELATED TO OUR ORGANIZATIONAL STRUCTURE**

***The ownership limit described above, as well as certain provisions in our Certificate of Incorporation and Bylaws, may hinder any attempt to acquire us.***

There are certain provisions of Delaware law (which we have opted out of having apply to the Company), our Certificate of Incorporation and our Bylaws, which may have the effect of delaying, deferring or preventing a third party from making an acquisition proposal for us. These provisions may also inhibit a change in control that some, or a majority, of our stockholders might believe to be in their best interest or that could give our stockholders the opportunity to realize a premium over the then-prevailing market prices for their shares. These provisions and agreements are summarized as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•<u>The Ownership Limit</u> – As described above, to maintain our status as a REIT under the Internal Revenue Code, not more than 50% in value of our outstanding capital stock may be owned, directly or indirectly, by five or fewer individuals (as defined in the Internal Revenue Code to include certain entities) during the last half of a taxable year. Our Certificate of Incorporation generally prohibits ownership of more than 9.9% of the outstanding shares of our capital stock by any single stockholder, either directly or constructively as determined through the application of applicable provisions of the Internal Revenue Code, subject to the ability of the board of directors to grant waivers in appropriate circumstances, and further subject to Existing Holder Limits that were established in connection with our emergence from bankruptcy for two stockholder groups, Canyon Capital Advisors and certain of its affiliates and Oaktree Capital Group, LLC and certain of its affiliates. In addition to preserving our status as a REIT, the ownership limit may have the effect of precluding an acquisition of control of us without the approval of our board of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•<u>Approval by a Majority of Our Outstanding Voting Stock Required for Removal of Directors</u> – Our governing documents provide that stockholders can remove directors with or without cause, but only by the affirmative vote of holders of at least a majority of the outstanding voting stock. This provision makes it more difficult to change the composition of our board of directors and may have the effect of encouraging persons considering unsolicited tender offers or other unilateral takeover proposals to negotiate with our board of directors rather than pursue non-negotiated takeover attempts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•<u>Advance Notice Requirements for Stockholder Proposals</u> – Our Bylaws establish advance notice procedures with regard to stockholder proposals relating to the nomination of candidates for election as directors or new business to be brought before meetings of our stockholders. These procedures generally require advance written notice of any such proposals, containing prescribed information, to be given to our Secretary at our principal executive offices not less than 90 days nor more than 120 days prior to the anniversary date of the date on which we first mailed our proxy materials for the prior year's annual meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•<u>Vote Required to Amend Bylaws</u> – Approval by the affirmative vote of the holders of a majority of the outstanding voting power of our outstanding capital stock entitled to vote in the election of directors (in addition to any separate approval that may be required by the holders of any particular class of stock) is necessary for stockholders to amend our Bylaws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•<u>Opt-Out From Delaware Anti-Takeover Statute</u> – While we are a Delaware corporation, we have elected under the provisions of our current Certificate of Incorporation not to be governed by Section 203 of the Delaware General Corporation Law. In general, had we continued to be subject to Section 203 as we were prior to emerging from bankruptcy, Section 203 would prevent an "interested stockholder" (defined generally as a person owning 15% or more of a company's outstanding voting stock) from engaging in a "business combination" (as defined in Section 203) with us for three years following the date that person becomes an interested stockholder (subject to certain exceptions specified in Section 203).

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***Our Certificate of Incorporation contains a provision renouncing our interest and expectancy in certain corporate opportunities identified by our non-employee directors and their affiliates.***

Certain of our non-employee directors and their affiliates engage in the same or similar business activities or lines of business in which we operate and may make investments in properties or businesses that directly or indirectly compete with certain portions of our business. As set forth in our Certificate of Incorporation, such non-employee directors and their affiliates shall not have any duty, to the fullest extent permitted by law, to refrain from (x) engaging in the same or similar business activities or lines of business in which we operate or propose to operate, (y) making investments in any kind of property in which we make or may make investments or (z) otherwise competing with us or any of our affiliates. Our Certificate of Incorporation also provides that if our non-employee directors or their affiliates acquire knowledge of a potential transaction that could be a corporate opportunity, they have no duty to communicate or offer such corporate opportunity to us or our affiliates, unless such corporate opportunity is expressly offered to the non-employee director solely in his or her capacity as one of our directors (or officers, if applicable).

Therefore, a non-employee director of our company may pursue certain acquisition opportunities that may be complementary to our business and, as a result, such acquisition opportunities may not be available to us. In addition, in the event that any of our non-employee directors or his or her affiliates acquires knowledge of a corporate opportunity or is offered a corporate opportunity, provided that this knowledge was not acquired solely in such person's capacity as a director or officer of the Company, then to the fullest extent permitted by law such person is deemed to have fully satisfied such person's fiduciary duties owed to us and is not liable to us if such director or its affiliates pursues or acquires the corporate opportunity or if such person did not present the corporate opportunity to us. These potential conflicts of interest could have a material adverse effect on our business, financial condition, results of operations, or prospects if attractive corporate opportunities are allocated by such non-employee directors to themselves or their other affiliates instead of to us.

**ITEM 1B. UNRESOLVED STAFF COMMENTS** 

None.

**ITEM 1C. CYBERSECURITY**

We face risks associated with security breaches through cyberattacks, cyberintrusions or otherwise, and other significant disruptions of information technology networks and related systems. We have not identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected us, including our operations, business strategy, results of operations, or financial condition. However, we face certain ongoing risks from cybersecurity threats that, if realized, are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition. Refer to Risk Factors in [<u>Part I, Item 1A</u>](#item_1a_risk_factors_) for a disclosure of our cybersecurity risks. We continue to monitor cybersecurity risks to prevent and mitigate materially negative impacts on the Company's reputation, financial performance, customer or vendor relationships and potential litigation or regulatory investigations or actions.

*<u>Governance</u>*

As part of its regular oversight of risk management, our audit committee is responsible for the oversight of cybersecurity risk and threat mitigation related to our information technology and information systems including protection and security of employee and customer data. Our Senior Vice President – Technology Solutions is responsible for the day-to-day management of our cybersecurity program and reports directly to our President. Our Senior Vice President – Technology Solutions has served in this capacity for over four years and has more than 25 years of experience in the aggregate, including more than ten years with the Company, in various information technology roles. Our audit committee is responsible for overseeing cybersecurity risks, and our management team reports to our audit committee on the Company's cybersecurity program, current cybersecurity projects and industry trends and efforts to mitigate cybersecurity risk on at least a semi-annual basis.

*<u>Cybersecurity Risk Management and Strategy</u>*

We have designed and implemented a comprehensive program intended to protect the confidentiality, integrity, and availability of our critical systems and information. We designed this program based on the National Institute of Standards and Technology cybersecurity framework ("NIST CSF"). This does not imply that we meet any particular technical standards, specifications, or requirements, only that we use the NIST CSF as a guide to help us identify, assess, and manage cybersecurity risks relevant to our business. We monitor and regularly assess our cybersecurity risks and adjust our program accordingly.

We maintain a cybersecurity incident response plan which outlines our response and action in the event of a major cybersecurity incident. The cybersecurity incident response plan sets forth a process for detecting and responding to cybersecurity incidents, determining their scope and risk, developing an appropriate response to mitigate and remediate

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the incident, communicating effectively to varying levels and personnel within the Company depending on the severity of the threat, effectively communicating to stakeholders and participants and reducing the likelihood of similar future incidents. In the event of a real or perceived cybersecurity incident, the Senior Vice President – Technology Solutions would, as soon as practicable, inform the Cybersecurity Incident Response Team, the members of which would then collaborate with the Senior Vice President – Technology Solutions to manage material risks.

We have adopted and require employees to abide by the following relevant policies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Personally Identifiable Information policy - helps protect personal employee, vendor and tenant information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Personal Use of Office Equipment policy – mandates safe use of CBL computers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Password Handling Policy – mandates use of a secure password management platform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•AI Policy – mandates responsible use of AI tools.

Employees are required to complete regular cybersecurity training and education annually, which is followed up with quarterly testing and re-training, as necessary. In order to prevent any successful social engineering attacks, all new employees go through a thorough cybersecurity onboarding and existing employees are updated and reminded regularly about new and persisting attack techniques.

By the second quarter of 2026, all employees will have the opportunity to attend AI training that will address responsible usage of AI platforms. Additionally, we monitor the use of all AI platforms and have technology in place to block risky AI sites.

We contract with an independent cybersecurity provider to perform an annual cybersecurity risk and vulnerability assessment. We regularly test areas of potential vulnerability, utilizing penetration testing, ransomware-focused disaster recovery tests as well as testing exercises for other higher risk areas. We contract with an AI-enabled 24/7 extended detection and remediation partner to monitor all network and endpoint traffic and take appropriate action on our behalf.

We conduct annual reviews of third-party hosted applications where sensitive Company data is shared. Additionally, cybersecurity tools and services are configured to identify threats and risks that may be associated with the use of third-party applications or solutions.

We maintain cybersecurity risk insurance coverage; however, there is no assurance that the insurance the Company maintains will cover all cybersecurity breaches or that policy limits will be sufficient to cover all related losses.

**ITEM 2. PROPERTIES**

Refer to Management's Discussion and Analysis of Financial Condition and Results of Operations included in [<u>Item 7</u>](#item_7_managements_discussion_analysis_f) for additional information pertaining to our properties' performance.

**Malls**

We owned a controlling interest in 43 malls and a non-controlling interest in 4 malls as of December 31, 2025. Our malls generally have strong competitive positions because they are the only, or the dominant, regional property in their respective trade areas. The malls consist of enclosed large regional shopping centers, generally anchored by two or more anchors or junior anchors, a wide variety of in-line stores and brand name discount or off-price stores. Anchor and junior anchor tenants own or lease their stores and non-anchor stores lease their locations.

We own the land underlying each property in fee simple interest, except for Brookfield Square, Dakota Square Mall, Meridian Mall, St. Clair Square and Stroud Mall. We lease all or a portion of the land at each of these properties subject to long-term ground leases.

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The following table sets forth certain information for each of the malls as of December 31, 2025 (dollars in thousands, except for sales per square foot amounts):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Property / Location** | **Year of<br>Opening/<br>Acquisition** | **Year of<br>Most<br>Recent<br>Expansion** | **Our<br>Ownership** | **Total Center<br>Square Feet** <sup>(1)</sup> | **Total<br>In-Line GLA** <sup>(2)</sup> | **In-Line<br>Sales per<br>Square<br>Foot** <sup>(3)</sup> | **Percentage<br>In-Line GLA<br>Leased** <sup>(4)</sup> | **Anchors & Junior<br>Anchors** <sup>(5)</sup> |
| **<u>Malls:</u>** |  |  |  |  |  |  |  |  |
| Arbor Place<br> Atlanta (Douglasville), GA | 1999 | N/A | 100% | 1164324 | 327087 | 351 | 90% | Belk, former Conn's Home Plus <sup>(6)</sup>, Dillard's, H&M, JC Penney, Macy's, Planet Fitness, Q, Regal Cinemas, former Sears <sup>(6)</sup> |
| Ashland Town Center<br> Ashland, KY | 2025 | N/A | 100% | 342194 | 182248 | 440 | 89% | Belk, Belk Men & Home, Cinemark, JC Penny, T.J. Maxx |
| CherryVale Mall<br> Rockford, IL | 1973/2001 | 2007 | 100% | 870541 | 348125 | 301 | 84% | Barnes & Noble, Home Trends, JC Penney, Macy's, Tilt Studio |
| Coastal Grand Mall <sup>(7)</sup><br> Myrtle Beach, SC | 2004 | 2007 | 50% | 1117260 | 341664 | 428 | 100% | Belk, Cinemark, Crunch Fitness, Dick's Sporting Goods, Dillard's, H&M, JC Penney, former Sears, Stars & Strikes |
| CoolSprings Galleria<br> Nashville, TN | 1991 | 2015 | 100% | 1171181 | 435589 | 677 | 89% | Belk, Dillard's, H&M, JC Penney, King's Dining & Entertainment, Macy's, Primark |
| Cross Creek Mall<br> Fayetteville, NC | 1975/2003 | 2013 | 100% | 917543 | 292786 | 473 | 96% | Belk, H&M, JC Penney, Macy's, Main Event, Rooms to Go |
| Dakota Square Mall<br> Minot, ND | 1980/2012 | 2016 | 100% | 740844 | 222552 | 312 | 81% | AMC Theatres, Barnes & Noble, JC Penney, Scheels, Sleep Inn & Suites, Target, Tilt Studio |
| East Towne Mall<br> Madison, WI | 1971/2001 | 2004 | 100% | 801292 | 212003 | 317 | 87% | Barnes & Noble, former Boston Store <sup>(6)</sup>, Dick's Sporting Goods, Flix Brewhouse, H&M, JC Penney, former Sears, Thrill Factory |
| Eastland Mall<br> Bloomington, IL | 1967/2005 | N/A | 100% | 732649 | 247507 | 336 | 48% | Former Bergner's, Kohl's, former Macy's, Planet Fitness, former Sears |
| Fayette Mall <br> Lexington, KY | 1971/2001 | 2014 | 100% | 1161394 | 463117 | 511 | 95% | Dick's Sporting Goods, Dillard's, H&M, JC Penney, Macy's |
| Frontier Mall<br> Cheyenne, WY | 1981 | 1997 | 100% | 524711 | 204591 | 339 | 90% | Former AMC Theatres, Appliance Factory Mattress Kingdom, Dillard's, Bomgaars <sup>(6)</sup>, JC Penney <sup>(6)</sup> |
| Governor's Square <sup>(7)(8)</sup><br> Clarksville, TN | 1986 | 1999 | 47.5% | 684519 | 237754 | 409 | 94% | Belk, Best Buy, Dick's Sporting Goods, Dillard's, JC Penney, Phoenix Theatres, Ross Dress for Less, partial former Sears |
| Hamilton Place<br> Chattanooga, TN | 1987 | 2016 | 90% | 1138622 | 349750 | 490 | 94% | Barnes & Noble, Belk for Men, Kids & Home, Belk for Women, Crunch Fitness, Dave & Buster's, Dick's Sporting Goods, Dillard's for Men, Kids & Home, Dillard's for Women, H&M, JC Penney |
| Hanes Mall<br> Winston-Salem, NC | 1975/2001 | 1990 | 100% | 1435142 | 468440 | 408 | 88% | Belk, Dave & Buster's, Dillard's, Encore, H&M, JC Penney, future Novant Health <sup>(6)(9)</sup>, Truliant Federal Credit Union <sup>(6)</sup> |
| Jefferson Mall<br> Louisville, KY | 1978/2001 | 1999 | 100% | 723705 | 225199 | 338 | 86% | BJ's Wholesale Club, Dillard's, H&M, JC Penney, Ross Dress for Less, Tilted 10 |
| Kentucky Oaks Mall <sup>(7)(8)</sup><br> Paducah, KY | 1982/2001 | 1995 | 50% | 774760 | 286501 | 295 | 80% | Best Buy, Burlington <sup>(6)</sup>, Dick's Sporting Goods, former Dillard's, former Dillard's Home Store, HomeGoods, JC Penney, Ross Dress for Less <sup>(6)</sup>, Vertical Jump Park |
| Kirkwood Mall<br> Bismarck, ND | 1970/2012 | 2017 | 100% | 835159 | 231295 | 364 | 96% | H&M, I. Keating Furniture, JC Penney, Scheels, Target, Tilt |
| Mall del Norte<br> Laredo, TX | 1977/2004 | 1993 | 100% | 1219711 | 408718 | 425 | 90% | Former Beall's, Cinemark, Dillard's, Foot Locker, H&M, JC Penney, Macy's, Macy's Home Store, Main Event, Mega Furniture, partial former Sears, TruFit Athletic Club |
| Meridian Mall <sup>(10)</sup><br> Lansing, MI | 1969/1998 | 2001 | 100% | 947815 | 281394 | 285 | 77% | Ashley HomeStore, former Bed Bath & Beyond, Dick's Sporting Goods, H&M, High Caliber Karting, JC Penney, Launch Trampoline Park, Macy's, Planet Fitness, Schuler Books & Music |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Property / Location** | **Year of<br>Opening/<br>Acquisition** | **Year of<br>Most<br>Recent<br>Expansion** | **Our<br>Ownership** | **Total Center<br>Square Feet** <sup>(1)</sup> | **Total<br>In-Line GLA** <sup>(2)</sup> | **In-Line<br>Sales per<br>Square<br>Foot** <sup>(3)</sup> | **Percentage<br>In-Line GLA<br>Leased** <sup>(4)</sup> | **Anchors & Junior<br>Anchors** <sup>(5)</sup> |
| **<u>Malls:</u>** |  |  |  |  |  |  |  |  |
| Mesa Mall<br> Grand Junction, CO | 2025 | N/A | 100% | 336239 | 247920 | 386 | 92% | Cabela's, Dick's Sporting Goods, Dillard's, Homegoods, Encore, JC Penney, Target |
| Mid Rivers Mall<br> St. Peters, MO | 1987/2007 | 2015 | 100% | 1035843 | 286726 | 305 | 94% | Dick's Sporting Goods, Dillard's, H&M, JC Penney, Macy's, Marcus Theatres, former Sears, V-Stock |
| Northgate Mall<br> Chattanooga, TN | 1972/2011 | 2014 | 100% | 643021 | 177741 | 357 | 74% | Belk, future BJ's Wholesale Club <sup>(6)(11)</sup>, former Burlington, future Sound Force <sup>(6)</sup> |
| Northpark Mall<br> Joplin, MO | 1972/2004 | 1996 | 100% | 892580 | 274856 | 382 | 74% | Dunham's Sports, H&M, JC Penney, former Jo-Ann Fabrics & Crafts, Joplin Expo Center, former Macy's Children's & Home, former Sears, T.J. Maxx, Tilt, Vintage Stock |
| Northwoods Mall<br> North Charleston, SC | 1972/2001 | 1995 | 100% | 748094 | 255846 | 367 | 97% | Belk, Books-A-Million, Burlington <sup>(6)</sup>, Dillard's, JC Penney, Planet Fitness |
| Oak Park Mall<br> Overland Park, KS | 1974/2005 | 1998 | 100% | 1515503 | 428333 | 557 | 95% | Barnes & Noble, Dillard's for Women, Dillard's for Men, Children & Home, Giselle's, H&M, JC Penney, Macy's, Nordstrom |
| Old Hickory Mall<br> Jackson, TN | 1967/2001 | 1994 | 100% | 538668 | 161573 | 312 | 53% | Belk, JC Penney, former Macy's, former Sears |
| Paddock Mall<br> Ocala, FL | 2025 | N/A | 100% | 318902 | 171019 | 543 | 94% | Belk, JC Penney, Macy's, future Paddock Market <sup>(6)(12)</sup> |
| Parkdale Mall<br> Beaumont, TX | 1972/2001 | 2018 | 100% | 1087996 | 294007 | 338 | 86% | Former Ashley HomeStore, former Beall's, Crunch Fitness, Dick's Sporting Goods, Dillard's, former Forever 21, H&M, HomeGoods, JC Penney, former Macy's, former Sears, Tilt, 2nd & Charles |
| Parkway Place<br> Huntsville, AL | 1957/1998 | 2002 | 100% | 639063 | 269885 | 400 | 90% | Belk, Dillard's |
| Post Oak Mall<br> College Station, TX | 1982 | 1985 | 100% | 788531 | 301006 | 344 | 83% | Former Bealls, City of College Station, former Conn's Home Plus <sup>(6)</sup>, Dillard's Men & Home, Dillard's Women & Children, Encore, JC Penney, Murdoch's Farm & Ranch <sup>(6)</sup> |
| Richland Mall<br> Waco, TX | 1980/2002 | 1996 | 100% | 693777 | 192199 | 409 | 98% | Dick's Sporting Goods, Dillard's for Men, Kids & Home, Dillard's for Women <sup>(6)</sup>, former Dillard's for Women, JC Penney, Tilt Studio |
| South County Center<br> St. Louis, MO | 1963/2007 | 2001 | 100% | 932986 | 220763 | 303 | 77% | Dick's Sporting Goods, Dillard's, JC Penney, former Macy's, former Sears |
| Southgate Mall<br> Missoula, MT | 2025 | N/A | 100% | 545780 | 212955 | 357 | 89% | AMC Theatres, Dillard's for Men & Kids, Dillard's for Women, Hobby Lobby, Scheels |
| St. Clair Square <sup>(13)</sup><br> Fairview Heights, IL | 1974/1996 | 1993 | 100% | 1068416 | 291161 | 362 | 95% | Dillard's, JC Penney, Macy's, former Sears |
| Stroud Mall <sup>(14)</sup><br> Stroudsburg, PA | 1977/1998 | 2005 | 100% | 414427 | 136100 | 223 | 91% | Cinemark, EFO Furniture Outlet, JC Penney, Reaching Out For Jesus Christian Center, ShopRite |
| Sunrise Mall<br> Brownsville, TX | 1979/2003 | 2015 | 100% | 911500 | 242175 | 454 | 97% | Barnes & Noble, Cinemark, Dick's Sporting Goods, Dillard's, JC Penney, Main Event <sup>(6)</sup>, TruFit <sup>(6)</sup>, Z Cages Hitters' Hangout |
| Turtle Creek Mall<br> Hattiesburg, MS | 1994 | 1995 | 100% | 845004 | 191617 | 344 | 90% | At Home, Belk, Dillard's, JC Penney, former Sears, Southwest Theaters, Urban Planet |
| Valley View Mall<br> Roanoke, VA | 1985/2003 | 2007 | 100% | 864137 | 337377 | 375 | 97% | Barnes & Noble, Belk, future Dave & Buster's, JC Penney, Macy's, former Sears |
| Volusia Mall<br> Daytona Beach, FL | 1974/2004 | 2013 | 100% | 1060340 | 253564 | 290 | 82% | Dillard's for Men & Home, Dillard's for Women, Dillard's for Juniors & Children, H&M, JC Penney, former Macy's, former Sears <sup>(6)</sup> |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Property / Location** | **Year of<br>Opening/<br>Acquisition** | **Year of<br>Most<br>Recent<br>Expansion** | **Our<br>Ownership** | **Total Center<br>Square Feet** <sup>(1)</sup> | **Total<br>In-Line GLA** <sup>(2)</sup> | **In-Line<br>Sales per<br>Square<br>Foot** <sup>(3)</sup> | **Percentage<br>In-Line GLA<br>Leased** <sup>(4)</sup> | **Anchors & Junior<br>Anchors** <sup>(5)</sup> |
| **<u>Malls:</u>** |  |  |  |  |  |  |  |  |
| West County Center<br> Des Peres, MO | 1969/2007 | 2002 | 100% | 1199373 | 385423 | 872 | 92% | Barnes & Noble, Dick's Sporting Goods, former Forever 21, H&M, JC Penney, Macy's, Nordstrom |
| West Towne Mall<br> Madison, WI | 1970/2001 | 2013 | 100% | 773422 | 282300 | 390 | 92% | Dave & Buster's <sup>(6)</sup>, Dick's Sporting Goods, Hobby Lobby <sup>(6)</sup>, JC Penney, Planet Fitness, Total Wine & More <sup>(6)</sup>, Von Maur <sup>(6)</sup> |
| Westmoreland Mall<br> Greensburg, PA | 1977/2002 | 1994 | 100% | 976667 | 286936 | 366 | 97% | Dick's Sporting Goods, H&M, JC Penney, Live! Casino Pittsburgh, Macy's, Macy's Home Store, Old Navy |
| York Galleria<br> York, PA | 1989/1999 | N/A | 100% | 756715 | 225866 | 292 | 66% | Boscov's <sup>(6)</sup>, H&M, Hollywood Casino, Life Storage <sup>(6)</sup>, Marshalls, PA Fitness |
| **Total Malls** |  |  |  | **36890350** | **11893668** | $**425** | **88%** |  |
| **Excluded Properties** <sup>(15)</sup> |  |  |  |  |  |  |  |  |
| Brookfield Square <sup>(16)</sup><br> Brookfield, WI | 1967/2001 | 2008 | 100% | 865299 | 307266 | N/A | N/A | Barnes & Noble, H&M, JC Penney, Movie Tavern by Marcus, Whirlyball |
| Harford Mall<br> Bel Air, MD | 1973/2003 | 2007 | 100% | 367019 | 179602 | N/A | N/A | Encore, Macy's, Macy's Furniture Gallery, future grocer |
| Laurel Park Place<br> Livonia, MI | 1989/2005 | 1994 | 100% | 491263 | 198119 | N/A | N/A | Dunham Sports, Von Maur |
| Southpark Mall<br> Colonial Heights, VA | 1989/2003 | 2007 | 100% | 676590 | 213183 | N/A | N/A | Dick's Sporting Goods, Dick's Sporting Goods Fulfillment Center, H&M, JC Penney, Macy's, Regal Cinemas |

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(1)Total center square footage includes square footage of attached shops, immediately adjacent Anchor and Junior Anchor locations and leased freestanding locations of the property.

(2)Excludes tenants 20,000 square feet and over.

(3)Totals represent weighted averages for reporting tenants of 10,000 square feet or less.

(4)Includes tenants under 20,000 square feet with leases in effect as of December 31, 2025.

(5)Anchors and Junior Anchors listed are immediately adjacent to the property or are in freestanding locations immediately adjacent to the property.

(6)Owned by a third party.

(7)This property is owned in an unconsolidated joint venture.

(8)The property is managed by a property manager that is affiliated with the third-party partner, which receives a fee for its services. The third-party partner controls the cash flow distributions, although our approval is required for certain major decisions.

(9)Hanes Mall – The former Sears was purchased by Novant Health, which has indicated plans to redevelop this space for future medical offices with the construction start and opening to be determined.

(10)Meridian Mall - We are the lessee under several ground leases in effect through March 2067, with extension options. Fixed rent is $19 per year plus 3% to 4% of all rent.

(11)Northgate Mall - BJ's Wholesale Club opened in January 2026.

(12)Paddock Mall - Paddock Market opened in January 2026 in the former Sears space.

(13)St. Clair Square - We are the lessee under a ground lease for 20 acres. Assuming the exercise of available renewal options, at our election, the ground lease expires January 31, 2073. The rental amount is $41 per year. In addition to base rent, the landlord receives 0.25% of Dillard's sales in excess of $16,200.

(14)Stroud Mall - We are the lessee under a ground lease, which extends through July 2089. The current rental amount is $72 per year, increasing by $10 every ten years through 2045. An additional $100 is paid every ten years.

(15)We exclude properties undergoing major redevelopment or being considered for repositioning, or properties for which we are working or intend to work with the lender on a restructure of the terms of the loan secured by the property or convey the secured property to the lender ("Excluded Properties"). Operational metrics are not reported for Excluded Properties.

(16)Brookfield Square - The annual ground rent for 2025 was $110.

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*<u>Inline and Adjacent Freestanding Stores</u>*

The malls have approximately 3,269 inline and adjacent freestanding stores. The malls received 85.8% of their total revenues from inline and adjacent freestanding stores for the year ended December 31, 2025.

*M all Lease Expirations*

The following table summarizes the scheduled lease expirations for inline and adjacent freestanding stores as of December 31, 2025:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Year Ending<br>December 31,** | **Number of<br>Leases<br>Expiring** | **Annualized<br>Gross Rent** <sup>(1)</sup> | **GLA of<br>Expiring<br>Leases** | **Average<br>Annualized<br>Gross Rent<br>Per Square<br>Foot** | **Expiring<br>Leases as % of<br>Total<br>Annualized<br>Gross Rent** <sup>(2)</sup> | **Expiring<br>Leases as a %<br>of Total Leased<br>GLA** <sup>(3)</sup> |
| 2026 | 468 | $43364167 | 1226685 | $35.35 | 14.1% | 15.0% |
| 2027 | 669 | 79675902 | 2303155 | 34.59 | 25.9% | 28.1% |
| 2028 | 497 | 64095158 | 1607195 | 39.88 | 20.8% | 19.6% |
| 2029 | 380 | 39609560 | 1157350 | 34.22 | 12.9% | 14.1% |
| 2030 | 194 | 27267332 | 689676 | 39.54 | 8.9% | 8.4% |
| 2031 | 105 | 15976696 | 402433 | 39.70 | 5.2% | 4.9% |
| 2032 | 62 | 9979325 | 213323 | 46.78 | 3.2% | 2.6% |
| 2033 | 48 | 8056362 | 178514 | 45.13 | 2.6% | 2.2% |
| 2034 | 60 | 9606298 | 215569 | 44.56 | 3.1% | 2.6% |
| 2035 | 51 | 10031762 | 208048 | 48.22 | 3.3% | 2.5% |

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(1)Total annualized gross rent, including recoverable common area expenses and real estate taxes, in effect at December 31, 2025 for expiring leases that were executed as of December 31, 2025. Based on 100% of the applicable amounts and has not been adjusted for our ownership share.

(2)Total annualized gross rent, including recoverable CAM expenses and real estate taxes, of expiring leases as a percentage of the total annualized gross rent of all leases that were executed as of December 31, 2025.

(3)Total GLA of expiring leases as a percentage of the total GLA of all leases that were executed as of December 31, 2025.

See page 52 for a comparison between rents on leases that expired in the current reporting period compared to rents on new and renewal leases executed in 2025.

*<u>Debt on Malls</u>*

Please see the table entitled [<u>"Mortgage Loans Outstanding at December 31, 2025"</u>](#mortgage_loans_outsting_at_december_31_2) included herein for information regarding any liens or encumbrances related to the malls.

**Outlet Centers**

We owned a controlling interest in two outlet centers and a non-controlling interest in three outlet centers as of December 31, 2025. Our outlet centers generally have strong competitive positions because they are the only, or the dominant, regional property in their respective trade areas. The outlet centers are generally anchored by one or more discount or off-price junior anchors and a wide variety of off-price or discount in-line stores. Anchor and junior anchor tenants own or lease their stores and non-anchor stores lease their locations. Each outlet center is managed by a property manager that is affiliated with our third-party partner, which receives a fee for its services. The third-party partner controls the cash flow distributions, although our approval is required for certain major decisions.

The following table sets forth certain information for each of the outlet centers as of December 31, 2025 (dollars in thousands, except for sales per square foot amounts):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Property / Location** | **Year of<br>Opening/<br>Acquisition** | **Year of<br>Most<br>Recent<br>Expansion** | **Our<br>Ownership** | **Total Center<br>Square Feet** <sup>(1)</sup> | **Total<br>In-Line GLA** <sup>(2)</sup> | **In-Line<br>Sales per<br>Square<br>Foot** <sup>(3)</sup> | **Percentage<br>In-Line GLA<br>Leased** <sup>(4)</sup> | **Anchors & Junior<br>Anchors** <sup>(5)</sup> |
| **<u>Outlet Centers:</u>** |  |  |  |  |  |  |  |  |
| The Outlet Shoppes at Atlanta <sup>(6)</sup><br> Woodstock, GA | 2013 | 2015 | 50% | 405146 | 380339 | 494 | 94% | Saks Fifth Ave OFF 5TH |
| The Outlet Shoppes at El Paso <sup>(6)</sup><br> El Paso, TX | 2007/2012 | 2014 | 50% | 433246 | 411207 | 558 | 96% | H&M |
| The Outlet Shoppes at Gettysburg<br> Gettysburg, PA | 2000/2012 | N/A | 50% | 249937 | 249937 | 217 | 80% |  |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Property / Location** | **Year of<br>Opening/<br>Acquisition** | **Year of<br>Most<br>Recent<br>Expansion** | **Our<br>Ownership** | **Total Center<br>Square Feet** <sup>(1)</sup> | **Total<br>In-Line GLA** <sup>(2)</sup> | **In-Line<br>Sales per<br>Square<br>Foot** <sup>(3)</sup> | **Percentage<br>In-Line GLA<br>Leased** <sup>(4)</sup> | **Anchors & Junior<br>Anchors** <sup>(5)</sup> |
| **<u>Outlet Centers:</u>** |  |  |  |  |  |  |  |  |
| The Outlet Shoppes at Laredo<br> Laredo, TX | 2017 | N/A | 65% | 358135 | 315388 | 341 | 88% | former H&M, Nike Factory Store |
| The Outlet Shoppes of the Bluegrass <sup>(6)</sup><br> Simpsonville, KY | 2014 | 2015 | 65% | 423672 | 401530 | 384 | 91% | H&M |
| **Total Outlet Centers** |  |  |  | **1870136** | **1758401** | $**434** | **91%** |  |

---

(1)Total center square footage includes square footage of attached shops, immediately adjacent Anchor and Junior Anchor locations and leased freestanding locations of the property.

(2)Excludes tenants 20,000 square feet and over.

(3)Totals represent weighted averages for reporting tenants of 10,000 square feet or less.

(4)Includes tenants under 20,000 square feet with leases in effect as of December 31, 2025.

(5)Anchors and Junior Anchors listed are immediately adjacent to the property or are in freestanding locations immediately adjacent to the property.

(6)This property is owned in an unconsolidated joint venture.

*<u>Inline and Adjacent Freestanding Stores</u>*

The outlet centers have approximately 401 inline and adjacent freestanding stores. The outlet centers received more than 90% of their total revenues from inline and adjacent freestanding stores for the year ended December 31, 2025.

*Outlet Center Lease Expirations*

The following table summarizes the scheduled lease expirations for inline and adjacent freestanding stores as of December 31, 2025:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Year Ending<br>December 31,** | **Number of<br>Leases<br>Expiring** | **Annualized<br>Gross Rent** <sup>(1)</sup> | **GLA of<br>Expiring<br>Leases** | **Average<br>Annualized<br>Gross Rent<br>Per Square<br>Foot** | **Expiring<br>Leases as % of<br>Total<br>Annualized<br>Gross Rent** <sup>(2)</sup> | **Expiring<br>Leases as a %<br>of Total Leased<br>GLA** <sup>(3)</sup> |
| 2026 | 35 | $3641970 | 130366 | $27.94 | 7.6% | 9.2% |
| 2027 | 91 | 10331451 | 383575 | 26.93 | 21.4% | 27.0% |
| 2028 | 83 | 12754664 | 350748 | 36.36 | 26.4% | 24.7% |
| 2029 | 68 | 10050122 | 292260 | 34.39 | 20.8% | 20.6% |
| 2030 | 29 | 4231009 | 104234 | 40.59 | 8.8% | 7.4% |
| 2031 | 12 | 2040315 | 46602 | 43.78 | 4.2% | 3.3% |
| 2032 | 2 | 605430 | 14709 | 41.16 | 1.3% | 1.0% |
| 2033 | 7 | 970211 | 21724 | 44.66 | 2.0% | 1.5% |
| 2034 | 9 | 1488675 | 27725 | 53.69 | 3.1% | 2.0% |
| 2035 | 8 | 2135603 | 46922 | 45.51 | 4.4% | 3.3% |

---

(1)Total annualized gross rent, including recoverable common area expenses and real estate taxes, in effect at December 31, 2025 for expiring leases that were executed as of December 31, 2025. Based on 100% of the applicable amounts and has not been adjusted for our ownership share.

(2)Total annualized gross rent, including recoverable CAM expenses and real estate taxes, of expiring leases as a percentage of the total annualized gross rent of all leases that were executed as of December 31, 2025.

(3)Total GLA of expiring leases as a percentage of the total GLA of all leases that were executed as of December 31, 2025.

See page 52 for a comparison between rents on leases that expired in the current reporting period compared to rents on new and renewal leases executed in 2025.

*<u>Debt on Outlet Centers</u>*

Please see the table entitled [<u>"Mortgage Loans Outstanding at December 31, 2025"</u>](#mortgage_loans_outsting_at_december_31_2) included herein for information regarding any liens or encumbrances related to the outlet centers.

**Lifestyle Centers**

We owned a controlling interest in three lifestyle centers and a non-controlling interest in one lifestyle center as of December 31, 2025. Our lifestyle centers generally have strong competitive positions because they are the only, or the dominant, regional property in their respective trade areas. The lifestyle centers consist of large open-air centers, generally anchored by one or more anchors, which can include traditional department store anchors, grocers, or other non-traditional

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anchors and/or junior anchors, a wide variety of in-line and brand name stores, restaurants, and/or other non-retail tenants. Anchor and junior anchor tenants own or lease their stores and non-anchor stores lease their locations.

The following table sets forth certain information for each of the lifestyle centers as of December 31, 2025 (dollars in thousands, except for sales per square foot amounts):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Property / Location** | **Year of<br>Opening/<br>Acquisition** | **Year of<br>Most<br>Recent<br>Expansion** | **Our<br>Ownership** | **Total Center<br>Square Feet** <sup>(1)</sup> | **Total<br>In-Line GLA** <sup>(2)</sup> | **In-Line<br>Sales per<br>Square<br>Foot** <sup>(3)</sup> | **Percentage<br>In-Line GLA<br>Leased** <sup>(4)</sup> | **Anchors & Junior<br>Anchors** <sup>(5)</sup> |
| **<u>Lifestyle Centers:</u>** |  |  |  |  |  |  |  |  |
| Friendly Center and The Shops at Friendly <sup>(6)</sup><br> Greensboro, NC | 1957/ 2006/ 2007 | 2016 | 50% | 1180216 | 598161 | 650 | 96% | Barnes & Noble, Belk, Belk Home Store, Harris Teeter, Macy's, O2 Fitness, Regal Cinemas, REI, Truist, Whole Foods <sup>(7)</sup> |
| Mayfaire Town Center<br> Wilmington, NC | 2004/2015 | 2017 | 100% | 670379 | 328998 | 513 | 96% | Barnes & Noble, Belk, Dave & Busters, Flip N Fly, The Fresh Market, H&M, Michaels, Regal Cinemas |
| Pearland Town Center <sup>(8)</sup><br> Pearland, TX | 2008 | N/A | 100% | 714458 | 308871 | 405 | 92% | Barnes & Noble, Dick's Sporting Goods, Dillard's, Hospital Corporation of America, Macy's |
| Southaven Towne Center<br> Southaven, MS | 2005 | 2013 | 100% | 607635 | 184539 | 270 | 75% | Dillard's, Havertys Furniture, JC Penney, former Overstock Furniture and Mattress, Sportsman's Warehouse <sup>(7)</sup>, Urban Air Adventure Park |
| **Total Lifestyle Centers** |  |  |  | **3172688** | **1420569** | $**526** | **93%** |  |

---

(1)Total center square footage includes square footage of attached shops, immediately adjacent Anchor and Junior Anchor locations and leased freestanding locations of the property.

(2)Excludes tenants 20,000 square feet and over.

(3)Totals represent weighted averages for reporting tenants of 10,000 square feet or less.

(4)Includes tenants under 20,000 square feet with leases in effect as of December 31, 2025.

(5)Anchors and Junior Anchors listed are immediately adjacent to the property or are in freestanding locations immediately adjacent to the property.

(6)This property is owned in an unconsolidated joint venture.

(7)Owned by a third party.

(8)Pearland Town Center is a mixed-use center which combines retail, office and residential components. For segment reporting purposes, the retail portion of the center is classified in lifestyle centers and the office portion is classified as All Other.

*<u>Inline and Adjacent Freestanding Stores</u>*

The lifestyle centers have approximately 306 inline and adjacent freestanding stores. The lifestyle centers received 78.4% of their total revenues from inline and adjacent freestanding stores for the year ended December 31, 2025.

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*Lifestyle Center Lease Expirations*

The following table summarizes the scheduled lease expirations for inline and adjacent freestanding stores as of December 31, 2025:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Year Ending<br>December 31,** | **Number of<br>Leases<br>Expiring** | **Annualized<br>Gross Rent** <sup>(1)</sup> | **GLA of<br>Expiring<br>Leases** | **Average<br>Annualized<br>Gross Rent<br>Per Square<br>Foot** | **Expiring<br>Leases as % of<br>Total<br>Annualized<br>Gross Rent** <sup>(2)</sup> | **Expiring<br>Leases as a %<br>of Total Leased<br>GLA** <sup>(3)</sup> |
| 2026 | 38 | $4363716 | 118666 | $36.77 | 10.2% | 10.3% |
| 2027 | 50 | 6189887 | 202221 | 30.61 | 14.4% | 17.5% |
| 2028 | 44 | 6137451 | 158856 | 38.64 | 14.3% | 13.8% |
| 2029 | 41 | 6467407 | 175129 | 36.93 | 15.1% | 15.2% |
| 2030 | 38 | 7414648 | 170722 | 43.43 | 17.3% | 14.8% |
| 2031 | 23 | 4224557 | 121109 | 34.88 | 9.8% | 10.5% |
| 2032 | 14 | 2421010 | 47414 | 51.06 | 5.6% | 4.1% |
| 2033 | 8 | 1571605 | 51075 | 30.77 | 3.6% | 4.4% |
| 2034 | 10 | 1585551 | 56337 | 28.14 | 3.7% | 5.0% |
| 2035 | 16 | 2589390 | 51159 | 50.61 | 6.0% | 4.4% |

---

(1)Total annualized gross rent, including recoverable common area expenses and real estate taxes, in effect at December 31, 2025 for expiring leases that were executed as of December 31, 2025. Based on 100% of the applicable amounts and has not been adjusted for our ownership share.

(2)Total annualized gross rent, including recoverable CAM expenses and real estate taxes, of expiring leases as a percentage of the total annualized gross rent of all leases that were executed as of December 31, 2025.

(3)Total GLA of expiring leases as a percentage of the total GLA of all leases that were executed as of December 31, 2025.

See page 52 for a comparison between rents on leases that expired in the current reporting period compared to rents on new and renewal leases executed in 2025.

*<u>Debt on Lifestyle Centers</u>*

Please see the table entitled [<u>"Mortgage Loans Outstanding at December 31, 2025"</u>](#mortgage_loans_outsting_at_december_31_2) included herein for information regarding any liens or encumbrances related to the lifestyle centers.

**Open-Air Centers**

Open-air centers are designed to attract local and regional area customers and are typically anchored by a combination of supermarkets, value-priced stores, big-box retailers or traditional department stores. The tenants at our open-air centers typically offer necessities, value-oriented and convenience merchandise. In many cases, the open-air centers in this category are adjacent to properties that are included in the malls reporting segment.

The following table sets forth certain information for each of our open-air centers at December 31, 2025 (dollars in thousands, except for sales per square foot amounts):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Property / Location** | **Year of<br>Opening/ Most<br>Recent<br>Expansion** | **Company's<br>Ownership** | **Total<br>Center<br>Square Feet** <sup>(1)</sup> | **Total<br>Leasable<br>GLA** <sup>(2)</sup> | **Percentage<br>GLA<br>Occupied** <sup>(3)</sup> | **Anchors &<br>Junior<br>Anchors** |
| **<u>Open-Air Centers:</u>** |  |  |  |  |  |  |
| Alamance Crossing West<br> Burlington, NC | 2011 | 100% | 224554 | 160554 | 100% | BJ's Wholesale Club, Dick's Sporting Goods, Kohl's |
| Ambassador Town Center <sup>(4)(5)</sup><br> Lafayette, LA | 2016 | 65% | 419904 | 265931 | 97% | Costco <sup>(6)</sup>, Dick's Sporting Goods, Marshalls, Nordstrom Rack |
| Coastal Grand Crossing <sup>(4)</sup><br> Myrtle Beach, SC | 2005 | 50% | 37235 | 37235 | 100% | PetSmart |
| CoolSprings Crossing<br> Nashville, TN | 1992 | 100% | 366451 | 78810 | 98% | American Signature Furniture <sup>(6)</sup>, Electronic Express <sup>(6)</sup>, Gabe's <sup>(7)</sup>, Target <sup>(6)</sup>, Urban Air Adventure Park <sup>(7)</sup> |
| Courtyard at Hickory Hollow <br> Nashville, TN | 1979 | 100% | 68468 | 68468 | 96% | AMC Theatres |
| Frontier Square<br> Cheyenne, WY | 1985 | 100% | 186547 | 16522 | 91% | Ross Dress for Less <sup>(7)</sup>, Target <sup>(6)</sup>, T.J. Maxx <sup>(7)</sup> |
| Governor's Square Plaza <sup>(4)(5)</sup><br> Clarksville, TN | 1985/1988 | 50% | 169918 | 73349 | 64% | Aldi, former Jo-Ann Fabrics & Crafts, Target <sup>(6)</sup> |
| Gunbarrel Pointe<br> Chattanooga, TN | 2000 | 100% | 273913 | 147913 | 99% | Kohl's, Target <sup>(6)</sup>, Whole Foods |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Property / Location** | **Year of<br>Opening/ Most<br>Recent<br>Expansion** | **Company's<br>Ownership** | **Total<br>Center<br>Square Feet** <sup>(1)</sup> | **Total<br>Leasable<br>GLA** <sup>(2)</sup> | **Percentage<br>GLA<br>Occupied** <sup>(3)</sup> | **Anchors &<br>Junior<br>Anchors** |
| **<u>Open-Air Centers:</u>** |  |  |  |  |  |  |
| Hamilton Corner<br> Chattanooga, TN | 1990/2005 | 90% | 67310 | 67310 | 98% |  |
| Hamilton Crossing<br> Chattanooga, TN | 1987/2005 | 92% | 192074 | 98961 | 98% | Electronic Express <sup>(7)</sup>, HomeGoods <sup>(7)</sup>, Michaels <sup>(7)</sup>, T.J. Maxx |
| Hammock Landing <sup>(4)</sup><br> West Melbourne, FL | 2009/2015 | 50% | 569535 | 345568 | 100% | Academy Sports + Outdoors, AMC Theatres, HomeGoods, Kohl's <sup>(6)</sup>, Marshalls, Michaels, Ross Dress for Less, Target <sup>(6)</sup> |
| Harford Annex<br> Bel Air, MD | 1973/2003 | 100% | 107656 | 107656 | 100% | Best Buy, Office Depot, PetSmart |
| The Landing at Arbor Place<br> Atlanta (Douglasville), GA | 1999 | 100% | 162967 | 113726 | 60% | Former Ben's Furniture and Antiques, Ollie's Bargain Outlet, One Life Fitness <sup>(7)</sup> |
| Parkdale Crossing<br> Beaumont, TX | 2002 | 100% | 88064 | 88064 | 100% | Barnes & Noble |
| The Pavilion at Port Orange <sup>(4)</sup><br> Port Orange, FL | 2010 | 50% | 396825 | 396825 | 93% | Belk, HomeGoods, Marshalls, Michaels, Regal Cinemas |
| The Plaza at Fayette<br> Lexington, KY | 2006 | 100% | 209596 | 209596 | 94% | Cinemark, Sports Center |
| The Shoppes at Eagle Point <sup>(4)</sup><br> Cookeville, TN | 2018 | 50% | 243805 | 243805 | 100% | Academy Sports + Outdoors, Publix, Ross Dress for Less |
| The Shoppes at Hamilton Place<br> Chattanooga, TN | 2003 | 92% | 132856 | 132856 | 100% | Marshalls, Ross Dress for Less, Shoe Station |
| The Shoppes at St. Clair Square<br> Fairview Heights, IL | 2007 | 100% | 84383 | 84383 | 88% | Barnes & Noble |
| Sunrise Commons<br> Brownsville, TX | 2001 | 100% | 205656 | 104211 | 100% | Hobby Lobby <sup>(7)</sup>, Marshalls, Ross Dress for Less |
| The Terrace<br> Chattanooga, TN | 1997 | 92% | 158109 | 158109 | 87% | Academy Sports + Outdoors, Nordstrom Rack, former Party City |
| West Towne Crossing<br> Madison, WI | 1980 | 100% | 461183 | 169286 | 100% | Barnes & Noble, Best Buy, Crunch Fitness <sup>(6)</sup>, Kohl's <sup>(6)</sup>, Madison School & Community Recreation <sup>(6)</sup>, Metcalf's Markets <sup>(7)</sup>, Nordstrom Rack, Office Max <sup>(7)</sup>, Spare Time Entertainment <sup>(7)</sup> |
| WestGate Crossing<br> Spartanburg, SC | 1985/1999 | 100% | 158262 | 158262 | 84% | Big Air Trampoline Park, Hamricks, former Jo-Ann Fabrics & Crafts |
| Westmoreland Crossing<br> Greensburg, PA | 2002 | 100% | 279073 | 279073 | 99% | AMC Theatres, Dick's Sporting Goods, Levin Furniture, Michaels <sup>(7)</sup>, T.J. Maxx <sup>(7)</sup> |
| York Town Center <sup>(4)</sup><br> York, PA | 2007 | 50% | 296646 | 246646 | 100% | Barnes & Noble, Best Buy, Bob's Discount Furniture, Burlington, Dick's Sporting Goods <sup>(6)</sup>, Ross Dress for Less |
| **Total Open-Air Centers** |  |  | **5560990** | **3853119** | **95%** |  |

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(1)Total center square footage includes square footage of attached shops, attached and immediately adjacent Anchors and Junior Anchors and leased freestanding locations.

(2)All leasable square footage, including Anchors and Junior Anchors.

(3)Includes all leased Anchors, Junior Anchors and tenants with leases in effect as of December 31, 2025.

(4)This property is owned in an unconsolidated joint venture.

(5)The property is managed by a property manager that is affiliated with the third-party partner, which receives a fee for its services. The third-party partner controls the cash flow distributions, although our approval is required for certain major decisions.

(6)Owned by the tenant.

(7)Owned by a third party.

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*<u>O</u> <u>pen-Air Centers Lease Expirations</u>*

The following table summarizes the scheduled lease expirations for tenants in occupancy at our open-air centers as of December 31, 2025:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Year Ending<br>December 31,** | **Number of<br>Leases<br>Expiring** | **Annualized<br>Gross<br>Rent** <sup>(1)</sup> | **GLA of<br>Expiring<br>Leases** | **Average<br>Annualized<br>Gross Rent<br>Per Square<br>Foot** | **Expiring<br>Leases<br>as % of Total<br>Annualized<br>Gross<br>Rent** <sup>(2)</sup> | **Expiring<br>Leases as a% of Total<br>Leased<br>GLA** <sup>(3)</sup> |
| 2026 | 44 | $4728884 | 126640 | $37.34 | 7.8% | 5.7% |
| 2027 | 58 | 9030859 | 428427 | 21.08 | 14.9% | 19.5% |
| 2028 | 52 | 8301295 | 272888 | 30.42 | 13.7% | 12.4% |
| 2029 | 48 | 8143677 | 278758 | 29.21 | 13.4% | 12.7% |
| 2030 | 48 | 10306568 | 304815 | 33.81 | 17.0% | 13.8% |
| 2031 | 31 | 8447031 | 314512 | 26.86 | 13.9% | 14.3% |
| 2032 | 18 | 4368103 | 254147 | 17.19 | 7.2% | 11.5% |
| 2033 | 11 | 2259198 | 81414 | 27.75 | 3.7% | 3.7% |
| 2034 | 13 | 1994524 | 70529 | 28.28 | 3.3% | 3.2% |
| 2035 | 21 | 3110007 | 69358 | 44.84 | 5.1% | 3.2% |

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(1)Total annualized gross rent, including recoverable common area expenses and real estate taxes, in effect at December 31, 2025 for expiring leases that were executed as of December 31, 2025. Based on 100% of the applicable amounts and has not been adjusted for our ownership share.

(2)Total annualized gross rent, including recoverable CAM expenses and real estate taxes, of expiring leases as a percentage of the total annualized gross rent of all leases that were executed as of December 31, 2025.

(3)Total GLA of expiring leases as a percentage of the total GLA of all leases that were executed as of December 31, 2025.

*<u>Debt on Open-Air Centers</u>*

Please see the table entitled [<u>"Mortgage Loans Outstanding at December 31, 2025"</u>](#mortgage_loans_outsting_at_december_31_2) included herein for information regarding any liens or encumbrances related to our open-air centers.

**All Other Properties**

The all other properties include office buildings and hotels. The following table sets forth certain information for each of our office buildings and hotels at December 31, 2025 (dollars in thousands, except for sales per square foot amounts):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Property / Location** | **Year of<br>Opening** | **Company's<br>Ownership** | **Total<br>Center<br>Square Feet** | **Total<br>Leasable<br>GLA** | **Percentage<br>GLA<br>Occupied** | **Anchors &<br>Junior<br>Anchors** |
| **<u>Other:</u>** |  |  |  |  |  |  |
| Aloft Hotel <sup>(1)(2)</sup><br> Chattanooga, TN | 2021 | 50% | 89674 | N/A | N/A |  |
| CBL Center <sup>(3)</sup><br> Chattanooga, TN | 2001 | 92% | 131895 | 131895 | 99% |  |
| CBL Center II <sup>(3)</sup><br> Chattanooga, TN | 2008 | 92% | 71007 | 71007 | 76% |  |
| Element by Westin <sup>(1)(2)</sup><br> Wilmington, NC | 2025 | 49% | 15797 | N/A | N/A |  |
| Pearland Office<br>&nbsp;&nbsp;&nbsp;&nbsp;Pearland, TX | 2009 | 100% | 64923 | 64923 | 91% |  |
| **Total Other** |  |  | **373296** | **267825** | **91%** |  |

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(1)This property is owned in an unconsolidated joint venture.

(2)The property is managed by a property manager that is affiliated with the third-party partner, which receives a fee for its services. The third-party partner controls the cash flow distributions, although our approval is required for certain major decisions.

(3)We own a 92% interest in the CBL Center office buildings, with an aggregate square footage of approximately 202,000 square feet, where our corporate headquarters is located. As of December 31, 2025, we occupied approximately 38% of the total square footage of the buildings.

**Anchors and Junior Anchors**

Anchors and Junior Anchors are an important factor in a property's successful performance. However, over the past several years the number of traditional department store anchors have declined, providing us the opportunity to redevelop these spaces to attract new uses such as restaurants, entertainment, fitness centers, casinos, grocery stores and lifestyle retailers that engage consumers and encourage them to spend more time at our properties. Anchors are generally a department store or, increasingly, other large format tenants, including retailers whose merchandise appeals to a broad range of shoppers, and non-retail uses. Anchors play a significant role in generating customer traffic and creating a desirable location for the property's tenants.

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Anchors and Junior Anchors may own their stores and the land underneath, as well as the adjacent parking areas, or may enter into long-term leases with respect to their stores. Rental rates per square foot for Anchor tenants are significantly lower than the rents charged to non-anchor tenants. Total revenues from Anchors and Junior Anchors accounted for 16.7% of the total revenues from our properties in 2025. Each Anchor and Junior Anchor that owns its store has entered into an operating and reciprocal easement agreement with us covering items such as operating covenants, reciprocal easements, property operations, initial construction and future expansion.

During 2025, the following Anchors and Junior Anchors were added to our properties:

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| | | |
|:---|:---|:---|
| **Name** | **Property** | **Location** |
| Ashley Furniture Home Store | Meridian Mall | Lansing, MI |
| Barnes & Noble  | Sunrise Mall | Brownsville, TX |
| Barnes & Noble | York Town Center | York, PA |
| Dave & Buster's | Mayfaire Town Center | Wilmington, NC |
| Giselle's | Oak Park Mall | Overland Park, KS |
| Joplin Expo Center | Northpark Mall | Joplin, MO |
| Phoenix Theatres | Governor's Square | Clarksville, TN |
| Planet Fitness | Arbor Place | Douglasville, GA |
| Primark | CoolSprings Galleria | Nashville, TN |
| Q | Arbor Place | Douglasville, GA |
| Z Cages Hitter's Hangout | Sunrise Mall | Brownsville, TX |

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As of December 31, 2025, our properties had a total of 415 Anchors and Junior Anchors, including 44 vacant Anchor and Junior Anchor locations, and excluding Anchors and Junior Anchors at Excluded Properties. The Anchors and Junior Anchors and the amount of GLA leased or owned by each as of December 31, 2025 is as follows:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of Stores** | **Number of Stores** | **Number of Stores** | **Number of Stores** | **Gross Leasable Area** | **Gross Leasable Area** | **Gross Leasable Area** |  |
|  |  | **Anchor Owned** | **Anchor Owned** |  |  | **Anchor Owned** | **Anchor Owned** |  |
| **Anchor/Junior Anchor** | **Leased<br>(Owned<br>by<br>CBL)** | **Owned<br>by<br>Others** | **Ground<br>Leased<br>(Owned<br>by<br>CBL)** | **Total** | **Leased<br>(Owned<br>by<br>CBL)** | **Owned<br>by<br>Others** | **Ground<br>Leased<br>(Owned<br>by<br>CBL)** | **Total Gross Leased Area** |
| JC Penney | 15 | 19 | 5 | **39** | 1514978 | 2445415 | 689420 | **4649813** |
| Dillard's | 1 | 29 | 3 | **33** | 27115 | 3971617 | 559612 | **4558344** |
| Macy's | 7 | 9 | 2 | **18** | 764864 | 1538132 | 417862 | **2720858** |
| Belk | 7 | 11 | 3 | **21** | 554638 | 1552713 | 300995 | **2408346** |
| Academy Sports + Outdoors | 3 |  |  | **3** | 199091 |  |  | **199091** |
| Aldi | 1 |  |  | **1** | 23708 |  |  | **23708** |
| AMC Theatres | 4 |  | 1 | **5** | 165694 |  | 56255 | **221949** |
| American Signature Furniture |  | 1 |  | **1** |  | 61620 |  | **61620** |
| Appliance Factory Mattress Kingdom |  | 1 |  | **1** |  | 59314 |  | **59314** |
| Ashley HomeStore | 1 |  |  | **1** | 95340 |  |  | **95340** |
| At Home |  | 1 |  | **1** |  | 124700 |  | **124700** |
| Barnes & Noble | 15 |  |  | **15** | 449983 |  |  | **449983** |
| Best Buy | 4 |  | 1 | **5** | 156602 |  | 45070 | **201672** |
| Big Air Trampoline Park | 1 |  |  | **1** | 33938 |  |  | **33938** |
| BJ's Wholesale Club | 1 | 1 |  | **2** | 85188 | 104137 |  | **189325** |
| Bob's Discount Furniture | 1 |  |  | **1** | 20308 |  |  | **20308** |
| Bomgaars |  | 1 |  | **1** |  | 83055 |  | **83055** |
| Books-A-Million, Inc.: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Books-A-Million | 1 |  |  | **1** | 20642 |  |  | **20642** |
| &nbsp;&nbsp;2nd & Charles | 1 |  |  | **1** | 23538 |  |  | **23538** |
| &nbsp;&nbsp;&nbsp;&nbsp;***Books-A-Million, Inc. Subtotal*** | **2** | **—** | **—** | **2** | **44180** | **—** | **—** | **44180** |
| Boscov's |  | 1 |  | **1** |  | 150000 |  | **150000** |
| Burlington | 1 | 2 |  | **3** | 28000 | 94049 |  | **122049** |
| Cabela's |  | 1 |  | **1** |  | 75330 |  | **75330** |
| Cinemark | 6 |  |  | **6** | 306348 |  |  | **306348** |
| City of College Station |  | 1 |  | **1** |  | 103888 |  | **103888** |
| Costco |  | 1 |  | **1** |  | 153973 |  | **153973** |
| Crunch Fitness | 2 | 2 |  | **4** | 70425 | 88958 |  | **159383** |
| Dave & Buster's | 3 | 1 |  | **4** | 83316 | 26509 |  | **109825** |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of Stores** | **Number of Stores** | **Number of Stores** | **Number of Stores** | **Gross Leasable Area** | **Gross Leasable Area** | **Gross Leasable Area** |  |
|  |  | **Anchor Owned** | **Anchor Owned** |  |  | **Anchor Owned** | **Anchor Owned** |  |
| **Anchor/Junior Anchor** | **Leased<br>(Owned<br>by<br>CBL)** | **Owned<br>by<br>Others** | **Ground<br>Leased<br>(Owned<br>by<br>CBL)** | **Total** | **Leased<br>(Owned<br>by<br>CBL)** | **Owned<br>by<br>Others** | **Ground<br>Leased<br>(Owned<br>by<br>CBL)** | **Total Gross Leased Area** |
| Dick's Sporting Goods | 19 | 1 | 2 | **22** | 1102116 | 50000 | 280586 | **1432702** |
| Dunham's Sports | 1 |  |  | **1** | 80551 |  |  | **80551** |
| EFO Furniture & Mattress Outlet | 1 |  |  | **1** | 43171 |  |  | **43171** |
| Electronic Express |  | 2 |  | **2** |  | 87573 |  | **87573** |
| Encore | 3 |  |  | **3** | 74583 |  |  | **74583** |
| Flip N Fly | 1 |  |  | **1** | 27972 |  |  | **27972** |
| Flix Brewhouse | 1 |  |  | **1** | 39150 |  |  | **39150** |
| Foot Locker | 1 |  |  | **1** | 22847 |  |  | **22847** |
| The Fresh Market | 1 |  |  | **1** | 21442 |  |  | **21442** |
| Gabe's |  | 1 |  | **1** |  | 29596 |  | **29596** |
| Giselle's | 1 |  |  | **1** | 21301 |  |  | **21301** |
| H&M | 23 |  |  | **23** | 511417 |  |  | **511417** |
| Hamrick's | 1 |  |  | **1** | 40000 |  |  | **40000** |
| Harris Teeter |  |  | 1 | **1** |  |  | 72757 | **72757** |
| Havertys Furniture | 1 |  |  | **1** | 25080 |  |  | **25080** |
| High Caliber Karting | 1 |  |  | **1** | 100683 |  |  | **100683** |
| Hobby Lobby | 1 | 2 |  | **3** | 51668 | 163104 |  | **214772** |
| Hollywood Casino | 1 |  |  | **1** | 79500 |  |  | **79500** |
| Home Trends | 1 |  |  | **1** | 128330 |  |  | **128330** |
| Hospital Corporation of America | 1 |  |  | **1** | 48000 |  |  | **48000** |
| I. Keating Furniture | 1 |  |  | **1** | 103994 |  |  | **103994** |
| Joplin Expo Center |  | 1 |  | **1** |  | 85000 |  | **85000** |
| Kings Dining & Entertainment | 1 |  |  | **1** | 22678 |  |  | **22678** |
| Kohl's | 1 | 3 | 1 | **5** | 86584 | 225771 | 83000 | **395355** |
| Launch Trampoline Park | 1 |  |  | **1** | 31989 |  |  | **31989** |
| Levin Furniture | 1 |  |  | **1** | 55314 |  |  | **55314** |
| Life Storage |  | 1 |  | **1** |  | 131915 |  | **131915** |
| Live! Casino Pittsburgh | 1 |  |  | **1** | 129552 |  |  | **129552** |
| LIVE Ventures, Inc.: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; V-Stock | 1 |  |  | **1** | 23058 |  |  | **23058** |
| &nbsp;&nbsp; Vintage Stock | 1 |  |  | **1** | 46108 |  |  | **46108** |
| &nbsp;&nbsp;&nbsp;&nbsp;***LIVE Ventures, Inc. Subtotal*** | **2** | **—** | **—** | **2** | **69166** | **—** | **—** | **69166** |
| Madison School & Community Recreation |  | 1 |  | **1** |  | 21200 |  | **21200** |
| Main Event | 1 | 2 |  | **3** | 61844 | 101603 |  | **163447** |
| Marcus Theatres | 1 |  |  | **1** | 57500 |  |  | **57500** |
| Mega Furniture |  | 1 |  | **1** |  | 75000 |  | **75000** |
| Metcalfe's Market |  | 1 |  | **1** |  | 67365 |  | **67365** |
| Michaels | 4 | 1 |  | **5** | 89745 | 23645 |  | **113390** |
| Murdoch's Farm & Ranch |  | 1 |  | **1** |  | 60241 |  | **60241** |
| Nickels and Dimes, Inc.: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Tilt | 1 |  |  | **1** | 22484 |  |  | **22484** |
| &nbsp;&nbsp;Tilt Studio | 5 |  |  | **5** | 347046 |  |  | **347046** |
| &nbsp;&nbsp;Tilted 10 | 1 |  |  | **1** | 50000 |  |  | **50000** |
| &nbsp;&nbsp;&nbsp;&nbsp;***Nickels and Dimes, Inc. Subtotal*** | **7** | **—** | **—** | **7** | **419530** | **—** | **—** | **419530** |
| Nike Factory Store | 1 |  |  | **1** | 22479 |  |  | **22479** |
| Nordstrom |  |  | 2 | **2** |  |  | 385000 | **385000** |
| Nordstrom Rack | 3 |  |  | **3** | 80131 |  |  | **80131** |
| O2 Fitness | 1 |  |  | **1** | 27048 |  |  | **27048** |
| Office Depot | 1 |  |  | **1** | 23425 |  |  | **23425** |
| OfficeMax |  | 1 |  | **1** |  | 24606 |  | **24606** |
| Old Navy | 1 |  |  | **1** | 20257 |  |  | **20257** |
| Ollie's Bargain Outlet | 1 |  |  | **1** | 28446 |  |  | **28446** |
| One Life Fitness |  | 1 |  | **1** |  | 49241 |  | **49241** |
| PA Fitness | 1 |  |  | **1** | 30664 |  |  | **30664** |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of Stores** | **Number of Stores** | **Number of Stores** | **Number of Stores** | **Gross Leasable Area** | **Gross Leasable Area** | **Gross Leasable Area** |  |
|  |  | **Anchor Owned** | **Anchor Owned** |  |  | **Anchor Owned** | **Anchor Owned** |  |
| **Anchor/Junior Anchor** | **Leased<br>(Owned<br>by<br>CBL)** | **Owned<br>by<br>Others** | **Ground<br>Leased<br>(Owned<br>by<br>CBL)** | **Total** | **Leased<br>(Owned<br>by<br>CBL)** | **Owned<br>by<br>Others** | **Ground<br>Leased<br>(Owned<br>by<br>CBL)** | **Total Gross Leased Area** |
| PetSmart | 2 |  |  | **2** | 46248 |  |  | **46248** |
| Phoenix Theatres | 1 |  |  | **1** | 42312 |  |  | **42312** |
| Planet Fitness | 5 |  |  | **5** | 120630 |  |  | **120630** |
| Primark | 1 |  |  | **1** | 50704 |  |  | **50704** |
| Publix | 1 |  |  | **1** | 45600 |  |  | **45600** |
| Q | 1 |  |  | **1** | 25841 |  |  | **25841** |
| Reaching Out For Jesus Christian Center | 1 |  |  | **1** | 43632 |  |  | **43632** |
| Regal Cinemas | 2 | 1 | 1 | **4** | 119407 | 57854 | 60400 | **237661** |
| REI | 1 |  |  | **1** | 24427 |  |  | **24427** |
| Rooms To Go |  | 1 |  | **1** |  | 45000 |  | **45000** |
| Ross Dress for Less | 7 | 2 |  | **9** | 190751 | 70981 |  | **261732** |
| Saks Fifth Avenue OFF 5TH | 1 |  |  | **1** | 24807 |  |  | **24807** |
| Scheel's | 1 | 1 | 1 | **3** | 141840 | 107386 | 81296 | **330522** |
| Schuler Books & Music | 1 |  |  | **1** | 30432 |  |  | **30432** |
| Shoe Station | 1 |  |  | **1** | 28777 |  |  | **28777** |
| ShopRite | 1 |  |  | **1** | 87381 |  |  | **87381** |
| Sleep Inn & Suites |  |  | 1 | **1** |  |  | 123506 | **123506** |
| Southwest Theaters | 1 |  |  | **1** | 29830 |  |  | **29830** |
| Spare Time Entertainment |  | 1 |  | **1** |  | 39109 |  | **39109** |
| Sports Center | 1 |  |  | **1** | 60000 |  |  | **60000** |
| Sportsman's Warehouse |  | 1 |  | **1** |  | 48171 |  | **48171** |
| Stars and Strikes | 1 |  |  | **1** | 52727 |  |  | **52727** |
| Target |  | 8 |  | **8** |  | 935680 |  | **935680** |
| Thrill Factory | 1 |  |  | **1** | 47943 |  |  | **47943** |
| The TJX Companies, Inc.: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;HomeGoods | 5 | 1 |  | **6** | 121369 | 26355 |  | **147724** |
| &nbsp;&nbsp;Marshalls | 6 |  |  | **6** | 179050 |  |  | **179050** |
| &nbsp;&nbsp;T.J. Maxx | 4 | 1 |  | **5** | 110931 | 28081 |  | **139012** |
| &nbsp;&nbsp;&nbsp;&nbsp;***The TJX Companies, Inc. Subtotal*** | **15** | **2** | **—** | **17** | **411350** | **54436** | **—** | **465786** |
| Total Wine and More |  | 1 |  | **1** |  | 28350 |  | **28350** |
| TruFit | 1 | 1 |  | **2** | 45179 | 43145 |  | **88324** |
| Truist |  |  | 1 | **1** |  |  | 60000 | **60000** |
| Truliant Federal Credit Union |  | 1 |  | **1** |  | 150447 |  | **150447** |
| Urban Air Adventure Park | 1 | 1 |  | **2** | 33860 | 30404 |  | **64264** |
| Urban Planet | 1 |  |  | **1** | 30463 |  |  | **30463** |
| Vertical Trampoline Park | 1 |  |  | **1** | 24972 |  |  | **24972** |
| Von Maur |  | 1 |  | **1** |  | 82377 |  | **82377** |
| Whole Foods | 1 |  | 1 | **2** | 26841 |  | 34320 | **61161** |
| Z Cages Hitters' Hangout | 1 |  |  | **1** | 42000 |  |  | **42000** |
| **Vacant Anchor/Junior Anchor:** |  |  |  |  |  |  |  |  |
| Vacant - former AMC Theaters | 1 |  |  | **1** | 31119 |  |  | **31119** |
| Vacant - former Ashley HomeStore | 1 |  |  | **1** | 20487 |  |  | **20487** |
| Vacant - former Bealls | 3 |  |  | **3** | 109209 |  |  | **109209** |
| Vacant - former Ben's Furniture and Antiques | 1 |  |  | **1** | 23895 |  |  | **23895** |
| Vacant - former Bergner's | 1 |  |  | **1** | 131616 |  |  | **131616** |
| Vacant - former Boston Store |  | 1 |  | **1** |  | 138755 |  | **138755** |
| Vacant - former Burlington | 1 |  |  | **1** | 63013 |  |  | **63013** |
| Vacant - former Conn's Home Plus |  | 2 |  | **2** |  | 88312 |  | **88312** |
| Vacant - former Dillard's | 2 | 1 |  | **3** | 116376 | 99828 |  | **216204** |
| Vacant - former Forever 21 | 2 |  |  | **2** | 43999 |  |  | **43999** |
| Vacant - former H&M | 1 |  |  | **1** | 20268 |  |  | **20268** |
| Vacant - former Jo-Ann Fabrics and Crafts | 3 |  |  | **3** | 73738 |  |  | **73738** |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of Stores** | **Number of Stores** | **Number of Stores** | **Number of Stores** | **Gross Leasable Area** | **Gross Leasable Area** | **Gross Leasable Area** |  |
|  |  | **Anchor Owned** | **Anchor Owned** |  |  | **Anchor Owned** | **Anchor Owned** |  |
| **Anchor/Junior Anchor** | **Leased<br>(Owned<br>by<br>CBL)** | **Owned<br>by<br>Others** | **Ground<br>Leased<br>(Owned<br>by<br>CBL)** | **Total** | **Leased<br>(Owned<br>by<br>CBL)** | **Owned<br>by<br>Others** | **Ground<br>Leased<br>(Owned<br>by<br>CBL)** | **Total Gross Leased Area** |
| Vacant - former Macy's | 4 | 2 |  | **6** | 361246 | 362122 |  | **723368** |
| Vacant - former Overstock Furniture and Mattress | 1 |  |  | **1** | 59360 |  |  | **59360** |
| Vacant - former Party City | 1 |  |  | **1** | 20841 |  |  | **20841** |
| Vacant - former Schuler Books & Music <sup>(1)</sup> | 1 |  |  | **1** | 24116 |  |  | **24116** |
| Vacant - former Sears | 4 | 9 | 2 | **15** | 468989 | 1078057 | 275988 | **1823034** |
| **Current Developments:** |  |  |  |  |  |  |  |  |
| BJ's Wholesale Club |  | 1 |  | **1** |  | 99804 |  | **99804** |
| Dave & Buster's | 1 |  |  | **1** | 48270 |  |  | **48270** |
| Novant Health <sup>(2)</sup> |  | 1 |  | **1** |  | 174643 |  | **174643** |
| Paddock Market <sup>(3)</sup> |  | 1 |  | **1** |  | 145209 |  | **145209** |
| Sound Force <sup>(4)</sup> |  | 1 |  | **1** |  | 158771 |  | **158771** |
| **Total Anchors/Junior Anchors** | **244** | **143** | **28** | **415** | **11846369** | **15868111** | **3526067** | **31240547** |

---

(1)In February 2025, Schuler Books & Music relocated to the former Bed Bath & Beyond at Meridian Mall.

(2)The former Sears space at Hanes Mall will be redeveloped for future office and retail space (owned by others).

(3)Paddock Market at Paddock Mall opened in January 2026.

(4)Sound Force is expected to open in the former JC Penney space at Northgate Mall in 2026.

------

**Mortgage Loans Outstanding at December 31, 2025 (in thousands):** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Property** | **Our<br>Ownership<br>Interest** | **Stated<br>Interest<br>Rate** | **Principal<br>Balance as<br>of<br>12/31/25** <sup>(1)</sup> | **2026<br>Debt<br>Service** <sup>(1)(2)</sup> | **Maturity<br>Date** | **Optional<br>Extended<br>Maturity<br>Date** | **Balloon<br>Payment<br>Due<br>on<br>Maturity** <sup>(1)</sup> |
| **Consolidated Debt** |  |  |  |  |  |  |  |
| ***Malls:*** |  |  |  |  |  |  |  |
| Arbor Place | 100% | 5.10% | $85515 | $3008 | May-26 |  | $84323 |
| CoolSprings Galleria | 100% | 4.84% | 133958 | 9803 | May-28 |  | 125774 |
| Cross Creek Mall | 100% | 6.86% | 77603 | 6530 | Aug-30 |  | 71112 |
| Fayette Mall | 100% | 4.25% | 101683 | 4858 | May-26 |  | 98598 |
| Hamilton Place | 90% | 4.36% | 86636 | 2978 | Jun-26 |  | 85535 |
| Jefferson Mall | 100% | 4.75% | 48990 | 2054 | Jun-26 |  | 48102<br><sup>(3)</sup> |
| Northwoods Mall | 100% | 5.08% | 47615 | 1391 | Apr-26 |  | 47031 |
| Oak Park Mall | 100% | 3.97% | 245665 | 17560 | Oct-30 |  | 220015 |
| Parkdale Mall & Crossing | 100% | 5.85% | 49075 | 1435 | Mar-26 |  | 48345 |
| Volusia Mall | 100% | 4.56% | 33165 | 875 | May-26 |  | 32918 |
| West County Center | 100% | 3.40% | 140024 | 9232 | Dec-26 |  | 135542 |
|  |  |  | 1049929 | 59724 |  |  | 997295 |
| ***Outlet Centers:*** |  |  |  |  |  |  |  |
| The Outlet Shoppes at Gettysburg | 50% | 4.80% | 19438 | 934 | Oct-25 |  | 19438<br><sup>(4)</sup> |
| The Outlet Shoppes at Laredo | 65% | 7.62% | 31380 | 2038 | Jun-26 |  | 30680 |
|  |  |  | 50818 | 2972 |  |  | 50118 |
| ***Open-Air Centers, Outparcels and Other:*** |  |  |  |  |  |  |  |
| Hamilton Place open-air centers loan | 90% - 92% | 5.85% | 64595 | 4602 | Jun-32 |  | 58208 |
| 2032 non-recourse bank loan | 100% | 7.75% | 442956 | 33998 | Oct-30 | Oct-32 | 442956<br><sup>(5)</sup> |
|  |  |  | 507551 | 38600 |  |  | 501164 |
| ***Corporate Debt:*** |  |  |  |  |  |  |  |
| Secured term loan | 100% | 6.74% | 646722 | 38124 | Nov-26 | Nov-27 | 646722 |
| **Total Consolidated Debt** |  |  | $**2255020** | $**139420** |  |  | $**2195299** |
| **Unconsolidated Debt** |  |  |  |  |  |  |  |
| ***Malls:*** |  |  |  |  |  |  |  |
| Coastal Grand Mall | 50% | 5.09% | $79529 | $7023 | Aug-28 |  | $73583<br><sup>(6)</sup> |
| Coastal Grand Mall - Dick's Sporting Goods | 50% | 8.05% | 6575 | 253 | May-26 |  | 6544 |
|  |  |  | 86104 | 7276 |  |  | 80127 |
| ***Outlet Centers:*** |  |  |  |  |  |  |  |
| The Outlet Shoppes at Atlanta | 50% | 7.85% | 79330 | 6314 | Oct-33 |  | 79330 |
| The Outlet Shoppes at El Paso | 50% | 5.10% | 65843 | 4888 | Oct-28 |  | 61342 |
| The Outlet Shoppes of the Bluegrass | 65% | 6.84% | 65313 | 5183 | Nov-34 |  | 57387 |
|  |  |  | 210486 | 16385 |  |  | 198059 |
| ***Lifestyle Centers:*** |  |  |  |  |  |  |  |
| Friendly Center | 50% | 6.44% | 142529 | 12542 | May-28 |  | 136837 |
| ***Open-Air Centers:*** |  |  |  |  |  |  |  |
| Ambassador Town Center | 65% | 4.35% | 38967 | 2809 | Jun-29 |  | 34953 |
| Coastal Grand Crossing | 50% | 5.09% | 3838 | 336 | Aug-28 |  | 3557<br><sup>(6)</sup> |
| Hammock Landing - Phase I | 50% | 5.86% | 34364 | 2670 | Dec-34 |  | 26699 |
| Hammock Landing - Phase II | 50% | 5.86% | 9818 | 763 | Dec-34 |  | 7628 |
| The Pavilion at Port Orange | 50% | 5.93% | 43000 | 2587 | Oct-30 |  | 43000 |
| The Shoppes at Eagle Point | 50% | 5.40% | 37889 | 2695 | May-32 |  | 32998 |
| York Town Center | 50% | 6.00% | 28420 | 1086 | Jun-26 |  | 28193 |
|  |  |  | 196296 | 12946 |  |  | 177028 |
| ***Outparcels and Other:*** |  |  |  |  |  |  |  |
| Ambassador Town Center Infrastructure Improvements | 65% | 7.26% | 2797 | 1764 | Mar-27 |  | 36<br><sup>(7)</sup> |
| Friendly Center Medical Office | 25% | 6.11% | 6745 | 418 | Jun-30 |  | 6745 |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Property** | **Our<br>Ownership<br>Interest** | **Stated<br>Interest<br>Rate** | **Principal<br>Balance as<br>of<br>12/31/25** <sup>(1)</sup> | **2026<br>Debt<br>Service** <sup>(1)(2)</sup> | **Maturity<br>Date** | **Optional<br>Extended<br>Maturity<br>Date** | **Balloon<br>Payment<br>Due<br>on<br>Maturity** <sup>(1)</sup> |
| Hamilton Place Aloft Hotel | 50% | 7.20% | 14091 | 1298 | Jun-29 |  | 13054 |
| Mayfaire Town Center - hotel development | 49% | 7.09% | 18900 | 1578 | Jan-28 |  | 18255 |
|  |  |  | 42533 | 5058 |  |  | 38090 |
| ***Excluded Properties:*** |  |  |  |  |  |  |  |
| Southpark Mall | 100% | 4.85% | 48271 |  | Jun-26 |  | 48271<br><sup>(8)</sup> |
| **Total Unconsolidated Debt** |  |  | $**726219** | $**54207** |  |  | $**678412** |
| **Total Consolidated and Unconsolidated Debt** |  |  | $**2981239** | $**193627** |  |  | $**2873711** |
| **Company's Pro-Rata Share of Total Debt** |  |  | $**2622566** | $**165997** |  |  | <br><sup>(9)</sup> |

---

(1)The amount listed includes 100% of the loan or payment amount even though the Operating Partnership may have less than a 100% ownership interest in the property.

(2)Amounts are based on interest rates in effect at December 31, 2025 and do not reflect any future principal paydowns in excess of scheduled principal amortization.

(3)Subsequent to December 31, 2025, we were notified by the lender that the loan was in default and the property was placed into receivership. See [<u>Note 18</u>](#note_20_sub_events).

(4)The loan is in maturity default. The 2026 debt service and the balloon payment due on maturity assume interest payments throughout 2026, with a final payment in December 2026.

(5)This loan was previously referred to as the "open-air centers and outparcels loan". The interest rate is a fixed 7.70% for $367,956 of the outstanding loan balance through July 2030, with the remaining loan balance bearing a variable interest rate based on the 30-day secured overnight financing rate ("SOFR") plus 4.10%. The full principal balance will convert to a variable rate after July 2030. The Operating Partnership has an interest rate swap on a notional amount of $32,000 related to the variable portion of the loan to effectively fix the interest rate at 7.3975%.

(6)In September 2025, the Company entered into a forbearance agreement that waived the previous default interest and extended the maturity date through August 2028. The forbearance agreement provides for default interest on the outstanding loan balance of 1%, 2% and 3% for each successive year of the forbearance agreement.

(7)The Operating Partnership guarantees 100% of the loan.

(8)We are in discussions with the lender regarding foreclosure actions.

(9)Represents the Company's pro rata share of debt, including our share of unconsolidated affiliates' debt and excluding noncontrolling interests' share of consolidated debt on shopping center properties.

The following is a reconciliation of consolidated debt to our pro rata share of total debt, including debt discounts and unamortized deferred financing costs (in thousands):

---

| | |
|:---|:---|
| Total consolidated debt | $2255020 |
| Noncontrolling interests' share of consolidated debt | (34864) |
| Company's share of unconsolidated debt | 354139 |
| Other debt <sup>(1)</sup> | 48271 |
| Unamortized deferred financing costs | (12199) |
| Unamortized debt discounts | (74708) |
| Company's pro rata share of total debt | $2535659 |

---

(1)Represents the outstanding loan balance for a property that was deconsolidated due to a loss of control when the property was placed into receivership in connection with the foreclosure process.

See [<u>Note 7</u>](#note_7_unconsolidated_affiliates_cost_me) and [<u>Note 8</u>](#note_8_mortgage_or_indebtedness_net) to the consolidated financial statements for additional information regarding property-specific indebtedness.

**ITEM 3. LEGAL PROCEEDINGS**

The information in response to this Item 3 is incorporated by reference herein from [<u>Note 14. Contingencies</u>](#note_15_contingencies).

**ITEM 4. MINE SAFETY DISCLOSURES**

Not applicable.

------

**PART II** 

**ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES** 

**Market Information**

Our common stock trades on the New York Stock Exchange under the symbol "CBL".

**Holders**

There were approximately 506 shareholders of record for our common stock as of February 26, 2026. A substantially greater number of holders of our common stock are "street name" or beneficial holders, whose shares of record are held by banks, brokers and other financial institutions.

**Dividends**

The decision to declare and pay dividends on any outstanding shares of our common stock, as well as the timing, amount and composition of any such future dividends, will be at the sole discretion of our board of directors and will depend on our earnings, taxable income, FFO, liquidity, financial condition, capital requirements, contractual prohibitions or other limitations under our then-current indebtedness, the annual distribution requirements under the REIT provisions of the Internal Revenue Code, Delaware law and such other factors as our board of directors deems relevant. Our actual results of operations will be affected by a number of factors, including the revenues received from our properties, our operating expenses, interest expense, unanticipated capital expenditures and the ability of the anchors and tenants at our properties to meet their obligations for payment of rents and tenant reimbursements. For additional information, see discussion presented under the subheading "Dividends" in [<u>Note 9</u>](#note_9_shareholders_equity_partners_capi) of this report.

**Issuances Under Equity Compensation Plans**

See [<u>Part III</u>](#part_iii)<u>,</u> [<u>Item 12</u>](#item_12_security_ownership_certain_benef) contained herein for information regarding securities authorized for issuance under equity compensation plans.

**Issuer Purchases of Equity Securities**

The table below presents information with respect to repurchases of common stock made by us during the three months ended December 31, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **Total<br>Number<br>of Shares<br>Purchased** | **Average<br>Price Paid<br>Per Share** | **Total Number of<br>Shares Purchased as<br>Part of a Publicly<br>Announced Plan** <sup>(1)</sup> | **Approximate Dollar<br>Value of Shares that<br>May Yet Be Purchased<br>Under the Plan (in thousands)** |
| October 1–31, 2025 | 101500 | $29.25 | 101500 | $17671 |
| November 1–30, 2025 | 267582 | 32.68 | 267582 | 16257 |
| December 1–31, 2025 | 113060<br> <sup>(2)</sup> | 35.62<br> <sup>(3)</sup> | 57826 | 14293 |
| Total | 482142 |  | 426908 |  |

---

(1)In May 2025, our board of directors authorized the repurchase of up to $25.0 million of our outstanding common stock. The May 2025 share repurchase program was replaced by a new $25.0 million share repurchase program authorized by our board of directors in November 2025 to run through November 5, 2026. Subsequent to October 2025, all share repurchases were made under the new share repurchase program.

(2)Includes 55,234 shares surrendered to us by employees to satisfy federal and state income tax requirements related to vesting of shares of restricted stock.

(3)For the 55,234 shares surrendered to satisfy federal and state income tax requirements, $37.37 represented the average market value per share of the common stock on the vesting date, which was used to determine the number of shares required to be surrendered to satisfy income tax withholding requirements.

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**Performance Graph**

The graph that follows compares the cumulative total stockholder return on the Company's common stock with the cumulative total return on the Russell 3000 Index and the FTSE NAREIT All Equity REITs Index. The results are based on an assumed $100 invested on November 2, 2021 (the first day of trading on the NYSE following the Company's emergence from bankruptcy and the NYSE listing), at the market close, through December 31, 2025, with all dividends reinvested. Share price performance presented below is not necessarily indicative of future results.

![img217637011_0.gif](img217637011_0.gif)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| |  | ***Period Ending*** |  |  |  |  |
| <br>***Index*** | **11/02/21** | **12/31/21** | **12/31/22** | **12/31/23** | **12/31/24** | **12/31/25** |
| CBL & Associates Properties, Inc. | 100.00 | 104.00 | 85.32 | 96.38 | 123.87 | 169.96 |
| Russell 3000 Index | 100.00 | 101.61 | 82.09 | 103.40 | 128.02 | 149.97 |
| FTSE NAREIT All Equity REITs Index | 100.00 | 107.05 | 80.34 | 89.47 | 93.87 | 96.00 |

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**ITEM 6. [RESERVED]**

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**ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

The following discussion and analysis of financial condition and results of operations should be read in conjunction with the consolidated financial statements and accompanying notes that are included in this annual report. Capitalized terms used, but not defined, in this Management's Discussion and Analysis of Financial Condition and Results of Operations have the same meanings as defined in the notes to the consolidated financial statements.

This section of this annual report on Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. See Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in our [<u>annual report on Form 10-K for the year ended December 31, 2024</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/910612/000095017025030677/cbl-20241231.htm)for a similar discussion and year-to-year comparisons between 2024 and 2023.

**Executive Overview**

We are a self-managed, self-administered, fully integrated REIT that is engaged in the ownership, development, acquisition, leasing, management and operation of regional shopping malls, outlet centers, lifestyle centers, open-air centers and other properties. As of December 31, 2025, we own interests in 86 properties, consisting of 47 malls, 25 open-air centers, five outlet centers, four lifestyle centers and five other properties, including single-tenant and multi-tenant outparcels. As of December 31, 2025, our shopping centers are located in 22 states, and are primarily in the southeastern and midwestern United States. We have elected to be taxed as a REIT for federal income tax purposes.

We conduct substantially all our business through the Operating Partnership. The Operating Partnership consolidates the financial statements of all entities in which it has a controlling financial interest or where it is the primary beneficiary of a VIE. See [<u>Item 2</u>](#item_2_properties) for a description of our properties owned and under development as of December 31, 2025.

The following summarizes our net income (loss) and net income (loss) attributable to common shareholders (in thousands):

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $**134526** | $57117 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to common shareholders | $**133878** | $57764 |

---

Significant items that affected comparability between the years include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Items increasing net income for the year ended December 31, 2025 compared to the year ended December 31, 2024 include:

oRental revenues were $65.1 million higher;

oGain on deconsolidation was $33.9 million higher;

oEquity in earnings was $30.3 million higher; and

oGain on sales of real estate assets was $57.6 million higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Items decreasing net income for the year ended December 31, 2025 compared to the year ended December 31, 2024 include:

oDepreciation and amortization was $24.6 million higher;

oInterest expense was $21.5 million higher;

oTotal property operating expense was $29.2 million higher;

oGain on consolidation was $26.7 million lower;

oGeneral and administrative expense was $1.8 million higher;

oLoss on impairment was $1.7 million higher; and

oInterest and other income was $2.5 million lower.

Our focus is on continuing to execute our strategy to improve occupancy, drive rent growth and transform the offerings available at our properties to include a targeted mix of retail, service, dining, entertainment and other non-retail uses, primarily through the re-tenanting of former anchor locations as well as diversification of in-line tenancy. This operational strategy is also supported by our balance sheet strategy of reducing overall debt, extending our debt maturity schedule and lowering our overall cost of borrowings to limit maturity risk, as well as improving net cash flow and enhancing enterprise value. In July 2025, we closed on the acquisition of four enclosed malls: Ashland Town Center in Ashland, KY, Mesa Mall in Grand Junction, CO, Paddock Mall in Ocala, FL, and Southgate Mall in Missoula, MT. The acquisition represents significant progress in the execution of our portfolio optimization strategy as we utilize proceeds from sales of non-core assets and open-air centers, such as the sales of two open-air centers, The Promenade and Fremaux Town Center, to invest in higher cash flow yielding opportunities.

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**Results of Operations**

Properties that were in operation for the entire year during both 2025 and 2024 are referred to as the "2025 Comparable Properties." Since January 2024, we have opened, consolidated, deconsolidated, acquired and disposed of the following properties:

*<u>Properties Opened</u>*

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| | | |
|:---|:---|:---|
| **Property** | **Location** | **Date Opened** |
| Friendly Center Medical Office <sup>(1)</sup> | Greensboro, NC | August 2024 |

---

(1)The property is owned by a joint venture that is accounted for using the equity method of accounting and is included in equity in earnings of unconsolidated affiliates in the accompanying consolidated statements of operations.

*<u>Consolidations</u>*

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| | | |
|:---|:---|:---|
| **Property** | **Location** | **Date of Consolidation** |
| CoolSprings Galleria | Nashville, TN | December 2024 |
| Oak Park Mall | Overland Park, KS | December 2024 |
| West County Center | Des Peres, MO | December 2024 |

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*<u>Acquisitions</u>*

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| | | |
|:---|:---|:---|
| **Property** | **Location** | **Date of Acquisition** |
| Ashland Town Center | Ashland, KY | July 2025 |
| Mesa Mall | Grand Junction, CO | July 2025 |
| Paddock Mall | Ocala, FL | July 2025 |
| Southgate Mall | Missoula, MT | July 2025 |

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*<u>Deconsolidations</u>*

---

| | | |
|:---|:---|:---|
| **Property** | **Location** | **Date of Deconsolidation** |
| Southpark Mall | Colonial Heights, VA | July 2025 |

---

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*<u>Dispositions</u>*

---

| | | |
|:---|:---|:---|
| **Property** | **Location** | **Date of Disposition** |
| Layton Hills Mall | Layton, UT | August 2024 |
| Layton Hills Convenience Center | Layton, UT | September 2024 |
| Layton Hills Plaza | Layton, UT | September 2024 |
| Monroeville Mall | Monroeville, PA | January 2025 |
| Annex at Monroeville | Monroeville, PA | January 2025 |
| Imperial Valley Mall | El Centro, CA | February 2025 |
| 840 Greenbrier Circle | Chesapeake, VA | June 2025 |
| The Promenade | D'Iberville, MS | July 2025 |
| Fremaux Town Center <sup>(1)</sup> | Slidell, LA | October 2025 |

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(1)The property was owned by a joint venture that was accounted for using the equity method of accounting and was included in equity in earnings of unconsolidated affiliates in the accompanying consolidated statements of operations.

We consider properties undergoing major redevelopment, properties being considered for repositioning, properties where we intend to renegotiate the terms of the debt secured by the related property or return the property to the lender as non-core. As of December 31, 2025, Brookfield Square, Harford Mall, Laurel Park Place and Southpark Mall were designated as non-core.

**Comparison of the Results of Operations for the Years Ended December 31, 2025 and 2024**

*Revenues*

*(in thousands)*

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |  |  |  |  |  |  |
|  | **2025** | **2024** | **Change** | **Malls** | **Outlet Centers** | **Lifestyle Centers** | **Open-Air Centers** | **All Other** |
| Rental revenues | $**558985** | $493876 | $65109 | $71454 | $(270) | $2518 | $(6012) | $(2581) |
| Management, development and leasing fees | **5114** | 7609 | (2495) |  |  |  |  | (2495) |
| Other | **14274** | 14076 | 198 | 950 | (100) | (128) | (174) | (350) |
| Total revenues | $**578373** | $515561 | $62812 | $72404 | $(370) | $2390 | $(6186) | $(5426) |

---

Rental revenues increased primarily due to the consolidation of three malls in December 2024, as well as the acquisition of four malls in July 2025, which resulted in an increase of $100.0 million during the current year. The increase was partially offset by $35.5 million of rental revenues associated with properties sold since the prior year. Rental revenues at the comparable properties were relatively flat compared to the prior year.

*Operating Expenses*

*(in thousands)*

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |  |  |  |  |  |  |
|  | **2025** | **2024** | **Change** | **Malls** | **Outlet Centers** | **Lifestyle Centers** | **Open-Air Centers** | **All Other** |
| Property operating | $**(101941)** | $(90052) | $(11889) | $(13848) | $(280) | $7 | $(151) | $2383 |
| Real estate taxes | **(57458)** | (47365) | (10093) | (10597) | (242) | 35 | (1) | 712 |
| Maintenance and repairs | **(44954)** | (37732) | (7222) | (6623) | (87) | (355) | (186) | 29 |
| Property operating expenses | **(204353)** | (175149) | (29204) | (31068) | (609) | (313) | (338) | 3124 |
| Depreciation and amortization | **(165156)** | (140591) | (24565) | (35734) | 384 | 1411 | 6974 | 2400 |
| General and administrative | **(69040)** | (67254) | (1786) |  |  |  |  | (1786) |
| Loss on impairment | **(3193)** | (1461) | (1732) |  |  |  |  | (1732) |
| Litigation settlement | **—** | 553 | (553) |  |  |  |  | (553) |
| Other | **(57)** | (230) | 173 | (57) |  |  |  | 230 |
| Total operating expenses | $**(441799)** | $(384132) | $(57667) | $(66859) | $(225) | $1098 | $6636 | $1683 |

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Total property operating expenses increased primarily due to the consolidation of three malls in December 2024, as well as the acquisition of four malls in July 2025, which resulted in an increase of $37.2 million during the current year. The increase was partially offset by $10.4 million of total property operating expenses associated with properties sold since the prior year. Also, the increase was impacted by state franchise tax rebates received in the prior year, as well as higher snow removal expense during the current year.

Depreciation and amortization expense increased primarily due to the addition of tangible assets and intangible lease assets recognized upon the consolidation of three malls in December 2024, as well as the acquisition of four malls in July 2025, which resulted in an increase of $61.7 million during the current year. The increase was partially offset by tenant improvement and intangible in-place lease assets recognized upon the adoption of fresh start accounting on November 1, 2021 becoming fully depreciated or amortized since the prior year. Also, dispositions accounted for an $11.5 million decrease in the current year as compared to the prior year.

General and administrative expense increased $1.8 million primarily due to fees paid to third parties associated with the modification of the 2032 non-recourse bank loan (previously referred to as the "open-air centers and outparcels loan"), as well as higher stock compensation expense in the current year due to awards granted since the prior year.

During the year ended December 31, 2025, we recorded loss on impairment of $3.2 million related to the sales of 840 Greenbrier Circle and a land parcel, which were sold for less than their carrying values. During the year ended December 31, 2024, we recorded loss on impairment of $1.5 million related to two outparcels we sold for less than each asset's carrying value.

*Other Income and Expenses*

Interest and other income decreased $2.5 million during the year ended December 31, 2025 as compared to the prior year primarily due to holding U.S. Treasury securities that carried lower interest rates in the current year.

Interest expense increased $21.5 million during the year ended December 31, 2025 as compared to the prior year. The increase was primarily due to higher accretion of property-level debt discounts and property-level interest expense associated with the consolidation of three malls in December 2024. The increase was partially offset by lower interest expense on the secured term loan due to paydowns and principal amortization that has occurred since the prior year, as well as a lower variable interest rate in the current year.

For the year ended December 31, 2025, we recorded a $33.9 million gain on deconsolidation related to Southpark Mall. The property was deconsolidated due to a loss of control when it was placed into receivership in connection with the foreclosure process.

For the year ended December 31, 2024, we recognized a $26.7 million gain on consolidation related to the acquisition of our partner's 50% joint venture interests in CoolSprings Galleria, Oak Park Mall and West County Center.

Equity in earnings of unconsolidated affiliates increased $30.3 million during the year ended December 31, 2025 as compared to the prior year. The increase was primarily due to a gain on the sale of Fremaux Town Center.

During the year ended December 31, 2025, we recognized $74.2 million of gain on sales of real estate assets related to the sales of The Promenade, Imperial Valley Mall, Monroeville Mall, Annex at Monroeville, three outparcels associated with the Monroeville Mall properties, a land parcel associated with Imperial Valley Mall, an outparcel and two land parcels. During the year ended December 31, 2024, we recognized a $16.7 million gain on sales of real estate assets related to the sales of Layton Hills Mall, Layton Hills Convenience Center, Layton Hills Plaza, 10 outparcels, of which 9 outparcels were associated with the Layton Hills properties, two land parcels and an anchor parcel.

**Non-GAAP Measure**

*<u>Same-center Net Operating Income</u>*

NOI is a supplemental non-GAAP measure of the operating performance of our shopping centers and other properties. We define NOI as property operating revenues (rental revenues, tenant reimbursements and other income) less property operating expenses (property operating, real estate taxes and maintenance and repairs). We also exclude the impact of lease termination fees and certain non-cash items such as straight-line rents and reimbursements, write-offs of landlord inducements and net amortization of acquired above and below market leases.

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We compute NOI based on the Operating Partnership's pro rata share of both consolidated and unconsolidated properties. We believe that presenting NOI and same-center NOI (described below) based on our Operating Partnership's pro rata share of both consolidated and unconsolidated properties is useful since we conduct substantially all our business through our Operating Partnership and, therefore, it reflects the performance of our properties in absolute terms regardless of the ratio of ownership interests of our common shareholders and the noncontrolling interest in the Operating Partnership. Our definition of NOI may be different than that used by other companies, and accordingly, our calculation of NOI may not be comparable to that of other companies.

Since NOI includes only those revenues and expenses related to the operations of our shopping center properties, we believe that same-center NOI provides a measure that reflects trends in occupancy rates, rental rates, sales at our properties and operating costs and the impact of those trends on our results of operations. Our calculation of same-center NOI excludes lease termination income, straight-line rent adjustments, and amortization of above- and below-market lease intangibles in order to enhance the comparability of results from one period to another.

We include a property in our same-center pool when we have owned all or a portion of the property since January 1 of the preceding calendar year and it has been in operation for both the entire preceding calendar year ended December 31, 2024 and the current year ended December 31, 2025. New properties are excluded from same-center NOI until they meet these criteria. Properties excluded from the same-center pool, which would otherwise meet these criteria, are properties undergoing major redevelopment or being considered for repositioning, or where we intend to renegotiate the terms of the debt secured by the related property or return the property to the lender ("Excluded Properties"). As of December 31, 2025, Brookfield Square, Harford Mall, Laurel Park Place and Southpark Mall were classified as Excluded Properties.

Due to the exclusions noted above, same-center NOI should only be used as a supplemental measure of our performance and not as an alternative to GAAP operating income (loss) or net income (loss). A reconciliation of our same-center NOI to net income for the years ended December 31, 2025 and 2024 is as follows (in thousands):

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| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
| **Net income** | $**134526** | $57117 |
| **Adjustments:** <sup>(1)</sup> |  |  |
| Depreciation and amortization, including our share of unconsolidated affiliates and net of noncontrolling interests' share | **176597** | 154812 |
| Interest expense, including our share of unconsolidated affiliates and net of noncontrolling interests' share | **199735** | 217354 |
| Abandoned projects expense | **27** | 230 |
| Gain on sales of real estate assets | **(74229)** | (16676) |
| Gain on sales of real estate assets of unconsolidated affiliates | **(33567)** | (68) |
| Adjustment for unconsolidated affiliates with negative investment | **12811** | (9974) |
| Loss on extinguishment of debt | **217** | 819 |
| Gain on deconsolidation | **(33851)** |  |
| Gain on consolidation | **—** | (26727) |
| Loss on impairment, including our share of unconsolidated affiliates | **3875** | 1461 |
| Litigation settlement | **—** | (553) |
| Income tax provision | **475** | 1055 |
| Lease termination fees | **(2088)** | (2357) |
| Straight-line rent and above- and below-market lease amortization | **14389** | 14642 |
| Net loss attributable to noncontrolling interests in other consolidated subsidiaries | **1462** | 1857 |
| General and administrative expenses | **69040** | 67254 |
| Management fees and non-property level revenues | **(22121)** | (25049) |
| **Operating Partnership's share of property NOI** | **447298** | 435197 |
| Non-comparable NOI | **(26827)** | (16732) |
| **Total same-center NOI** <sup>(2)</sup> | $**420471** | $418465 |

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(1)Adjustments are based on our Operating Partnership's pro rata ownership share, including our share of unconsolidated affiliates and excluding noncontrolling interests' share of consolidated properties.

(2)Due to the purchase of the Company's joint venture partner's 50% interest in CoolSprings Galleria, Oak Park Mall and West County Center during December 2024, same-center NOI is reflected at 100% for those properties for all periods.

Same-center NOI increased 0.5% for the year ended December 31, 2025 as compared to the prior year. The $2.0 million increase for the year ended December 31, 2025 compared to the same period in 2024 primarily consisted of an $8.0 million increase in revenues offset by a $6.0 million increase in operating expenses. Rental revenues were $7.1 million higher primarily due to higher minimum rents and tenant reimbursements in the current year. The increase in rental revenues was partially offset by lower percentage rents during the current year as compared to the prior year. Property operating

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expenses increased in the current year primarily due to one-time real estate and franchise tax refunds received in the prior year as well as higher utility and maintenance expense.

**Operational Review**

The shopping center business is, to some extent, seasonal in nature with tenants typically achieving the highest levels of sales during the fourth quarter due to the holiday season, which generally results in higher percentage rents in the fourth quarter. Additionally, our properties earn a large portion of their rents from short-term tenants during the holiday period. Thus, occupancy levels and revenue production are generally the highest in the fourth quarter of each year. Results of operations realized in any one quarter may not be indicative of the results likely to be experienced over the course of the fiscal year.

We derive the majority of our revenues from our malls. The sources of our revenues by property type were as follows:

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| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
| Malls | **72.2%** | 70.0% |
| Outlet Centers | **5.4%** | 5.5% |
| Lifestyle Centers | **7.7%** | 7.8% |
| Open-Air Centers | **9.9%** | 11.0% |
| All Other Properties | **4.8%** | 5.7% |

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*<u>Inline and Adjacent Freestanding Store Sales</u>*

Inline and adjacent freestanding store sales include reporting mall, lifestyle center and outlet center tenants of 10,000 square feet or less and exclude license agreements, which are retail leases that are temporary or short-term in nature and generally last more than three months but less than twelve months. The following is a comparison of our same-center sales per square foot for mall, lifestyle center and outlet center tenants of 10,000 square feet or less (Excluded Properties are not included in sales metrics):

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| | | | |
|:---|:---|:---|:---|
|  | **Sales Per Square Foot for the Trailing Twelve Months Ended December 31,** | **Sales Per Square Foot for the Trailing Twelve Months Ended December 31,** |  |
|  | **2025** | **2024** | **% Change** |
| Malls, lifestyle centers and outlet centers same-center sales per square foot | $437 | $426 | **2.8%** |

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*<u>Tenant Occupancy Costs</u>*

Occupancy cost is a tenant's total cost of occupying its space, divided by its sales. Inline and adjacent freestanding store sales represent total sales amounts received from reporting tenants with space of less than 10,000 square feet.

The following table summarizes tenant occupancy costs as a percentage of total inline and adjacent freestanding store sales for reporting tenants less than 10,000 square feet, excluding license agreements, for each of the past three years:

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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** <sup>(1)</sup> | **Year Ended December 31,** <sup>(1)</sup> | **Year Ended December 31,** <sup>(1)</sup> |
|  | **2025** | **2024** | **2023** |
| Mall in-line store sales (in millions) | $**4068** | $3691 | $3750 |
| Mall in-line tenant occupancy costs | **10.6%** | 11.0% | 10.9% |

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(1)In certain cases, we own less than a 100% interest in the mall. The information in this table is based on 100% of the applicable amounts and has not been adjusted for our ownership share.

*<u>In-Line Store Occupancy</u>*

Our portfolio in-line store occupancy is summarized in the below table (Excluded Properties are not included in occupancy metrics). Occupancy for the malls, lifestyle centers and outlet centers represents percentage of in-line gross leasable area under 20,000 square feet occupied. Occupancy for open-air centers represents percentage of gross leasable area occupied.

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| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2025** | **2024** |
| Total portfolio | **90.0%** | 90.3% |
| &nbsp;&nbsp;Malls, lifestyle centers and outlet centers: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total malls | **87.9%** | 87.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total lifestyle centers | **92.5%** | 92.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total outlet centers | **90.9%** | 92.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total same-center malls, lifestyle centers and outlet centers | **88.6%** | 88.6% |
| &nbsp;&nbsp;Open-air centers | **95.0%** | 95.6% |
| &nbsp;&nbsp;All Other Properties | **90.9%** | 89.5% |

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*<u>Leasing</u>*

The following is a summary of the total square feet of leases signed in the year ended December 31, 2025 as compared to the prior year:

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| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
| Operating portfolio: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;New leases | **854120** | 980105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Renewal leases | **3165981** | 3500440 |
| Development portfolio: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;New leases | **6058** |  |
| Total leased | **4026159** | 4480545 |

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Average annual base rents per square foot are computed based on contractual rents in effect as of December 31, 2025 and 2024, including the impact of any rent concessions. Average annual base rents per square foot for comparable small shop space of less than 10,000 square feet were as follows for each property type <sup>(1)</sup>:

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| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
| Total portfolio <sup>(1)</sup> | $**27.13** | $26.07 |
| &nbsp;&nbsp;Malls, lifestyle centers and outlet centers: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total same-center malls, lifestyle centers and outlet centers | **31.41** | 31.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total malls | **31.31** | 31.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total lifestyle centers | **32.83** | 31.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total outlet centers | **30.37** | 29.32 |
| &nbsp;&nbsp;Open-air centers | **16.25** | 15.84 |
| &nbsp;&nbsp;All Other Properties | **22.01** | 20.94 |

---

(1)Excluded Properties are not included in base rent. Average base rents for open-air centers and other include all leased space, regardless of size.

Results from new and renewal leasing of comparable in-line space of less than 10,000 square feet during the year ended December 31, 2025 for spaces that were previously occupied, based on the contractual terms of the related leases inclusive of the impact of any rent concessions, which were not material, are as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Property Type** | **Square<br>Feet** | **Prior Gross<br>Rent PSF** | **New Initial<br>Gross Rent<br>PSF** | **% Change<br>Initial** | **New Average<br>Gross Rent<br>PSF** | **% Change<br>Average** |
| All Property Types <sup>(1)</sup> | 2439969 | $41.45 | $41.30 | (0.4)% | $42.52 | 2.6% |
| Malls, lifestyle centers and outlet centers <sup>(2)</sup> | 2304160 | 42.35 | 41.97 | (0.9)% | 43.17 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;New leases <sup>(2)</sup> | 236953 | 39.09 | 48.25 | 23.4% | 52.84 | 35.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Renewal leases <sup>(2)</sup> | 2067207 | 42.72 | 41.25 | (3.4)% | 42.07 | (1.5)% |
| Open-air Centers | 105296 | 26.53 | 31.43 | 18.5% | 33.24 | 25.3% |

---

(1)Includes malls, lifestyle centers, outlet centers, open-air centers and other.

(2)The change is primarily driven by malls.

------

New and renewal leasing activity of comparable in-line space of less than 10,000 square feet for the year ended December 31, 2025, based on commencement date inclusive of the impact of any rent concessions, are as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number<br>of<br>Leases** | **Square<br>Feet** | **Term<br>(in<br>years)** | **Initial<br>Rent<br>PSF** | **Average<br>Rent<br>PSF** | **Expiring<br>Rent<br>PSF** | **Initial Rent<br>Spread** | **Initial Rent<br>Spread** | **Average Rent<br>Spread** | **Average Rent<br>Spread** |
| **Commencement 2025:** |  |  |  |  |  |  |  |  |  |  |
| New | 89 | 227157 | 6.58 | $44.45 | $49.05 | $35.02 | $9.43 | 26.9% | $14.03 | 40.1% |
| Renewal | 596 | 1857922 | 2.82 | 36.01 | 36.72 | 37.68 | (1.67) | (4.4)% | (0.96) | (2.5)% |
| **Commencement 2025 Total** | **685** | **2085079** | **3.31** | **36.93** | **38.06** | **37.39** | **(0.46)** | **(1.2)%** | **0.67** | **1.8%** |
| **Commencement 2026:** |  |  |  |  |  |  |  |  |  |  |
| New | 42 | 96722 | 7.42 | 51.80 | 56.78 | 38.85 | 12.95 | 33.3% | 17.93 | 46.2% |
| Renewal | 345 | 1034282 | 3.00 | 43.06 | 43.89 | 43.28 | (0.22) | (0.5)% | 0.61 | 1.4% |
| **Commencement 2026 Total** | **387** | **1131004** | **3.48** | **43.81** | **45.00** | **42.90** | **0.91** | **2.1%** | **2.10** | **4.9%** |
| **Total 2025/2026** | **1072** | **3216083** | **3.37** | $**39.35** | $**40.50** | $**39.33** | $**0.02** | **0.1%** | $**1.17** | **3.0%** |

---

**Liquidity and Capital Resources**

As of December 31, 2025, we had $335.4 million available in unrestricted cash and U.S. Treasury securities. Our total pro rata share of debt, excluding unamortized deferred financing costs and debt discounts, at December 31, 2025 was $2,622.6 million. We had $75.9 million in restricted cash at December 31, 2025 related to cash held in escrow accounts for insurance, real estate taxes, capital expenditures and tenant allowances as required by the terms of certain mortgage notes payable, as well as amounts related to cash management agreements with lenders of certain property-level mortgage indebtedness, which are designated for debt service and operating expense obligations. We also had restricted cash of $34.8 million related to the properties that secure the corporate term loan and the 2032 non-recourse bank loan (previously referred to as the "open-air centers and outparcels loan") of which we may receive a portion via distributions semiannually and quarterly in accordance with the provisions of the term loan and the 2032 non-recourse bank loan, respectively.

During the year ended December 31, 2025, we continued to reinvest the cash from maturing U.S. Treasury securities into new U.S. Treasury securities. We designated our U.S. Treasury securities as available-for-sale. As of December 31, 2025, our U.S. Treasury securities have maturities through October 2026. Subsequent to December 31, 2025, we redeemed and purchased additional U.S. Treasury securities. See [<u>Note 18</u>](#note_20_sub_events)for more information.

In January 2025, we acquired four Macy's stores for $6.2 million, which include land, buildings and improvements, for future redevelopment at the respective properties. In July 2025, we closed on the acquisition of four malls for $179.7 million including transaction costs. The malls include Ashland Town Center in Ashland, KY, Mesa Mall in Grand Junction, CO, Paddock Mall in Ocala, FL, and Southgate Mall in Missoula, MT. See [<u>Note 5</u>](#note_5_acquisitions) for more information.

During the year ended December 31, 2025, we sold six properties, six outparcels, three land parcels and two anchor parcels, which generated gross proceeds of $240.7 million at our share. Net proceeds from those sales were used to pay down the 2032 non-recourse bank loan (previously referred to as the "open-air centers and outparcels loan"), pay down the secured term loan and fund the acquisition of the four malls acquired in July 2025.

During the year ended December 31, 2025, we exercised the extension options on the loans secured by Fayette Mall, Coastal Grand Mall - Dick's Sporting Goods and the secured term loan and entered short-term loan extensions for the loans secured by The Outlet Shoppes at Laredo and York Town Center. We closed on new loans secured by Cross Creek Mall and The Pavilion at Port Orange and paid off the loans secured by Fremaux Town Center and the Northgate Mall Development with proceeds from the sale of each property.

Additionally, we modified the loans secured by Coastal Grand Mall and Coastal Grand Crossing and the 2032 non-recourse bank loan (previously referred to as the "open-air centers and outparcels loan"), which extended the maturity dates, increased the interest rates and increased the principal balance on the 2032 non-recourse bank loan by $110.0 million to fund the acquisition of the four malls described above. See [<u>Note 7</u>](#note_7_unconsolidated_affiliates_cost_me) and [<u>Note 8</u>](#note_8_mortgage_or_indebtedness_net).

In March 2025, the Alamance Crossing East foreclosure process was completed. Alamance Crossing East had an outstanding loan balance of $41.1 million prior to completion of the foreclosure process. In July 2025, Southpark Mall entered default and the property was placed into receivership. As of December 31, 2025, the loan secured by Southpark Mall had an outstanding balance of $48.3 million. During the year ended December 31, 2025, we were notified by the lender that the loan secured by The Outlet Shoppes at Gettysburg was in maturity default and we anticipate returning the property to the lender. Subsequent to December 31, 2025, we were notified by the lender that the loan secured by Jefferson Mall was in default and the property was placed into receivership. See [<u>Note 18</u>](#note_20_sub_events).

We paid common stock dividends of $0.40 per share in each of the first and second quarters of 2025 and $0.45 per share in each of the third and fourth quarters of 2025. Additionally, our board of directors declared a special dividend of $0.80 per share, which was paid in cash during the first quarter of 2025. The special dividend was made to ensure that we meet the minimum requirement to maintain our status as a REIT. In November 2025, our board of directors authorized the

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repurchase of up to $25.0 million of the Company's common stock. The authorized share repurchase program has an expiration date of November 5, 2026 and replaces the existing program authorized in May 2025. Subsequent to December 31, 2025, our board of directors declared a regular cash dividend of $0.45 per share for the quarter ending March 31, 2026. See [<u>Note 18</u>](#note_20_sub_events) for more information.

As of December 31, 2025, our total share of consolidated, unconsolidated and other outstanding debt, excluding debt discounts and deferred financing costs, maturing during 2026, assuming all extension options are elected, is $670.2 million. The $9.7 million loan, at our share, secured by The Outlet Shoppes at Gettysburg, which matured during 2025, remains outstanding.

*<u>Unconsolidated Affiliates</u>*

We have ownership interests in 23 unconsolidated affiliates as of December 31, 2025. See [<u>Note 7</u>](#note_7_unconsolidated_affiliates_cost_me) to the consolidated financial statements for more information. The unconsolidated affiliates are accounted for using the equity method of accounting and are reflected in the accompanying consolidated balance sheets as investments in unconsolidated affiliates.

The following are circumstances when we may consider entering into a joint venture with a third party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Third parties may approach us with opportunities in which they have obtained land and performed some pre-development activities, but they may not have sufficient access to the capital resources or the development and leasing expertise to bring the project to fruition. We enter into such arrangements when we determine such a project is viable and we can achieve a satisfactory return on our investment. We typically earn development fees from the joint venture and provide management and leasing services to the property for a fee once the property is placed in operation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We determine that we may have the opportunity to capitalize on the value we have created in a property by selling an interest in the property to a third party. This provides us with an additional source of capital that can be used to develop or acquire additional real estate assets that we believe will provide greater potential for growth. When we retain an interest in an asset rather than selling a 100% interest, it is typically because this allows us to continue to manage the property, which provides us the ability to earn fees for management, leasing, development and financing services provided to the joint venture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We also pursue opportunities to contribute available land at our properties into joint venture partnerships for development of primarily non-retail uses such as hotels, offices, self-storage and multifamily. We typically partner with developers who have expertise in the non-retail property types.

*<u>Guarantees</u>*

We may guarantee the debt of a joint venture primarily because it allows the joint venture to obtain funding at a lower cost than could be obtained otherwise. This results in a higher return for the joint venture on its investment, and a higher return on our investment in the joint venture. We may receive a fee from the joint venture for providing the guaranty. Additionally, when we issue a guaranty, the terms of the joint venture agreement typically provide that we may receive indemnification from the joint venture partner or have the ability to increase our ownership interest.

See [<u>Note 14</u>](#note_15_contingencies) to the consolidated financial statements for information related to our guarantees of unconsolidated affiliates' debt as of December 31, 2025 and 2024.

*<u>Material Cash Requirements</u>*

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The following table summarizes our material cash requirements as of December 31, 2025 (in thousands):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payments Due By Period** | **Payments Due By Period** | **Payments Due By Period** | **Payments Due By Period** | **Payments Due By Period** |
|  | **Total** | **Less Than 1<br>Year** | **1-3<br>Years** | **3-5<br>Years** | **More Than 5<br>Years** |
| *Long-term debt:* |  |  |  |  |  |
| Consolidated debt service <sup>(1)</sup> | $**2587416** | $1416652 | $263692 | $842061 | $65011 |
| Noncontrolling interests' share in other consolidated subsidiaries <sup>(2)</sup> | **(37982)** | (30880) | (784) | (784) | (5534) |
| Other debt <sup>(3)</sup> | **48271** | 48271 |  |  |  |
| Our share of unconsolidated affiliates debt service <sup>(4)</sup> | **456684** | 46434 | 193559 | 75296 | 141395 |
| Our share of total debt service obligations | **3054389** | 1480477 | 456467 | 916573 | 200872 |
| *Operating leases:* <sup>(5)</sup> |  |  |  |  |  |
| Ground leases on properties | **12870** | 258 | 519 | 619 | 11474 |
| *Purchase obligations:* <sup>(6)</sup> |  |  |  |  |  |
| Construction contracts on consolidated properties | **3460** | 3460 |  |  |  |
| Our share of construction contracts on unconsolidated properties | **160** | 160 |  |  |  |
| Our share of total purchase obligations | **3620** | 3620 |  |  |  |
| *Other contractual obligations:* <sup>(7)</sup> | **18267** | 17433 | 834 |  |  |
| **Total material cash requirements** | $**3089146** | $**1501788** | $**457820** | $**917192** | $**212346** |

---

(1)Represents principal (including balloon payments) and interest payments due under the terms of mortgage and other indebtedness, net, and includes $684,846 of variable-rate debt service related to the secured term loan, $102,676 of variable-rate debt service related to the 2032 non-recourse bank loan and $32,718 of variable-rate debt service on The Outlet Shoppes at Laredo loan. The future interest payments on variable-rate loans are projected based on the interest rates that were in effect at December 31, 2025. The secured term loan matures in November 2026 and contains a one-year extension option, subject to certain conditions. See [<u>Note 8</u>](#note_8_mortgage_or_indebtedness_net) to the consolidated financial statements for additional information regarding the terms of long-term debt.

(2)Includes $(11,451) of noncontrolling interests' share of variable-rate debt service on The Outlet Shoppes at Laredo loan. Future contractual obligations have been projected using the same assumptions as used in (1) above.

(3)Represents the outstanding loan balance for Southpark Mall which was deconsolidated due to a loss of control when the property was placed into receivership in connection with the foreclosure process.

(4)Includes $21,471 of variable-rate debt service. Future contractual obligations have been projected using the same assumptions as used in (1) above.

(5)Obligations where we own the buildings and improvements, but lease the underlying land under long-term ground leases. The maturities of these leases range from 2046 to 2089 and generally provide for renewal options.

(6)Represents our share of the remaining balance to be incurred under construction contracts that had been entered into as of December 31, 2025, but were not complete. The contracts are primarily for redevelopment of our properties.

(7)Represents agreements for maintenance, security, and janitorial services at our properties that expire between June 2026 to September 2028.

*<u>Liquidity Sources</u>*

We derive the majority of our revenues from leases with retail tenants, which have historically been the primary source for funding short-term liquidity and capital needs such as operating expenses, debt service, tenant construction allowances, recurring capital expenditures, dividends and distributions. We believe that the combination of cash flows generated from our operations, combined with cash on hand and our investment in U.S. Treasury securities will, for the foreseeable future, provide adequate liquidity to meet our cash needs. In addition to these factors, we have options available to us to generate additional liquidity, including but not limited to, joint venture investments, financing of currently unencumbered properties and decreasing expenditures related to tenant construction allowances and other capital expenditures. We also generate revenues from sales of peripheral land at our properties and from sales of real estate assets when it is determined that we can realize an optimal value for the assets.

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**Cash Flows - Operating, Investing and Financing Activities**

There was $153.0 million of cash, cash equivalents and restricted cash as of December 31, 2025, a decrease of $0.9 million from December 31, 2024. Of this amount, $42.3 million was unrestricted cash as of December 31, 2025. Also, at December 31, 2025, we had $293.1 million in U.S. Treasuries with maturities through October 2026. Our net cash flows are summarized as follows (in thousands):

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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |  |
|  | **2025** | **2024** | **Change** |
| Net cash provided by operating activities | $**249680** | $202223 | $47457 |
| Net cash (used in) provided by investing activities | **(115114)** | 65006 | (180120) |
| Net cash used in financing activities | **(135418)** | (236501) | 101083 |
| Net cash flows | $**(852)** | $30728 | $(31580) |

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*<u>Cash Provided by Operating Activities</u>*

Cash provided by operating activities increased primarily due to the consolidation of three malls in December 2024, as well as the acquisition of four malls in July 2025. The increase was partially offset by the sales of The Promenade, 840 Greenbrier Circle, Layton Hills properties, the Monroeville properties and Imperial Valley Mall since the prior year.

*<u>Cash (Used In) Provided by Investing Activities</u>*

Cash used in investing activities increased primarily due to the acquisition of four malls in July 2025, as well as a higher amount of additions of real estate assets and a lower amount of net redemptions of U.S. Treasury securities during the current year. The increase was partially offset by net proceeds from the sales of the Layton Hills properties, the Monroeville properties, Imperial Valley Mall, The Promenade and 840 Greenbrier Circle since the prior year.

*<u>Cash Used in Financing Activities</u>*

Cash used in financing activities decreased primarily due to proceeds from new financings in the current year and a lower amount of repurchases of common stock as compared to the prior year. The decrease was partially offset by an increase in principal payments and the payment of a first quarter 2025 special dividend during the current year as compared to the prior year.

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**Debt**

CBL has no indebtedness. Either the Operating Partnership or one of its consolidated subsidiaries that it has a direct or indirect ownership interest in is the borrower on all our debt, substantially all of which is secured by real estate assets.

The following tables summarize debt based on our pro rata ownership share, including our pro rata share of unconsolidated affiliates and excluding noncontrolling investors' share of consolidated properties. Prior to consideration of unamortized deferred financing costs or debt discounts, of our $2,622.6 million in outstanding debt at December 31, 2025, $2,619.8 million constituted non-recourse debt obligations and $2.8 million constituted recourse debt obligations. We believe the tables below provide investors and lenders a clearer understanding of our total debt obligations and liquidity (in thousands):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **December 31, 2025:** | **Consolidated** | **Noncontrolling<br>Interests** | **Other Debt** <sup>(1)</sup> | **Unconsolidated<br>Affiliates** | **Total** | **Weighted-<br>Average<br>Interest<br>Rate** <sup>(2)</sup> |
| **Fixed-rate debt:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-recourse loans on operating properties | $**1133962** | $**(23881)** | $**48271** | $**342081** | $**1500433** | **4.97%** |
| &nbsp;&nbsp;&nbsp;&nbsp;2032 non-recourse bank loan | **367956** | **—** | **—** | **—** | **367956** | **7.70%**<br><sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Recourse loan on an operating property | **—** | **—** | **—** | **2797** | **2797** | **7.26%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total fixed-rate debt** | **1501918** | **(23881)** | **48271** | **344878** | **1871186** | **5.51%** |
| **Variable-rate debt:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-recourse loans on operating properties | **31380** | **(10983)** | **—** | **9261** | **29658** | **7.46%** |
| &nbsp;&nbsp;&nbsp;&nbsp;2032 non-recourse bank loan | **75000** | **—** | **—** | **—** | **75000** | **7.97%**<br><sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-recourse, secured term loan | **646722** | **—** | **—** | **—** | **646722** | **6.74%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total variable-rate debt** | **753102** | **(10983)** | **—** | **9261** | **751380** | **6.89%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total fixed-rate and variable-rate debt** | **2255020** | **(34864)** | **48271** | **354139** | **2622566** | **5.91%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Unamortized deferred financing costs | **(9276)** | **83** | **—** | **(3006)** | **(12199)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt discounts <sup>(4)</sup> | **(74959)** | **251** | **—** | **—** | **(74708)** |  |
| **Total mortgage and other indebtedness, net** | $**2170785** | $**(34530)** | $**48271** | $**351133** | $**2535659** |  |
| **December 31, 2024:** | **Consolidated** | **Noncontrolling<br>Interests** | **Other Debt** <sup>(1)</sup> | **Unconsolidated<br>Affiliates** | **Total** | **Weighted-<br>Average<br>Interest<br>Rate** <sup>(2)</sup> |
| **Fixed-rate debt:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-recourse loans on operating properties | $1233767 | $(24392) | $41122 | $368578 | $1619075 | 4.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;2032 non-recourse bank loan | 170031 |  |  |  | 170031 | 6.95%<br><sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Recourse loan on an operating property |  |  |  | 4361 | 4361 | 7.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total fixed-rate debt** | 1403798 | (24392) | 41122 | 372939 | 1793467 | 5.18% |
| **Variable-rate debt:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-recourse loans on operating properties | 32580 | (11403) |  | 4740 | 25917 | 7.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Recourse loan on an operating property |  |  |  | 22249 | 22249 | 7.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;2032 non-recourse bank loan | 170031 |  |  |  | 170031 | 8.65%<br><sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-recourse, secured term loan | 725495 |  |  |  | 725495 | 7.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total variable-rate debt** | 928106 | (11403) |  | 26989 | 943692 | 7.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total fixed-rate and variable-rate debt** | 2331904 | (35795) | 41122 | 399928 | 2737159 | 6.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Unamortized deferred financing costs | (8688) | 168 |  | (2613) | (11133) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt discounts <sup>(4)</sup> | (110536) | 1803 |  |  | (108733) |  |
| **Total mortgage and other indebtedness, net** | $2212680 | $(33824) | $41122 | $397315 | $2617293 |  |

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(1)As of December 31, 2025, represents the outstanding loan balance for Southpark Mall. As of December 31, 2024, represents the outstanding loan balance for Alamance Crossing East. These properties were deconsolidated due to a loss of control when the properties were placed into receivership in connection with the foreclosure process.

(2)Weighted-average interest rate excludes amortization of deferred financing costs.

(3)This loan was previously referred to as the "open-air centers and outparcels loan." The loan was modified in July 2025. The interest rate is now a fixed 7.70% for $367,956 of the outstanding loan balance through July 2030, with the remaining loan balance bearing a variable interest rate based on the 30-day SOFR plus 4.10%. The full principal balance will convert to a variable rate after July 2030. The Operating Partnership has an interest rate swap on a notional amount of $32,000 related to the variable portion of the loan to effectively fix the interest rate at 7.3975%.

(4)Represents the difference between the estimated fair value and the outstanding principal balance of applicable loans at the time of fresh start accounting and dates of acquisitions. These discounts are accreted as additional interest expense over the terms of the respective debt using the effective interest method.

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The following table presents our pro rata share of consolidated and unconsolidated debt as of December 31, 2025, excluding unamortized deferred financing costs and debt discounts, that is scheduled to mature in 2026 based on the original maturity date (in thousands):

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| | |
|:---|:---|
|  | **Balance** |
| <u>Consolidated Debt:</u> |  |
| Parkdale Mall & Crossing | $49075 |
| Northwoods Mall | 47615 |
| Arbor Place | 85515 |
| Fayette Mall | 101683 |
| Volusia Mall | 33165 |
| Hamilton Place | 77972 |
| Jefferson Mall | 48990<br><sup>(1)</sup> |
| The Outlet Shoppes at Laredo | 20397 |
| West County Center | 140024 |
| Secured term loan | 646722<br><sup>(2)</sup> |
|  | **1251158** |
| <u>Unconsolidated Debt:</u> |  |
| Coastal Grand Mall - Dick's Sporting Goods | 3287 |
| York Town Center | 14210 |
|  | **17497** |
| <u>Other Debt:</u> |  |
| Southpark Mall | **48271**<br><sup>(3)</sup> |
| **Total 2026 maturities at our pro rata share** | $**1316926** |

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(1)Subsequent to December 31, 2025, we were notified by the lender that the loan was in default and the property was placed into receivership. See [<u>Note 18</u>](#note_20_sub_events).

(2)The loan has a one-year extension option, subject to certain conditions, for a fully extended maturity date of November 2027.

(3)In July 2025, the loan entered default and the property was placed into receivership. The Company anticipates returning the property to the lender.

Additionally, we have a loan with a principal balance of $9.7 million, at our share, as of December 31, 2025, secured by The Outlet Shoppes at Gettysburg that is past its maturity date. We anticipate returning the property to the lender.

The weighted-average remaining term of our total share of consolidated and unconsolidated debt, excluding debt discounts and deferred financing costs, was 2.6 years and 2.4 years at December 31, 2025 and December 31, 2024, respectively. The weighted-average remaining term of our pro rata share of fixed-rate debt, excluding debt discounts and deferred financing costs, was 3.2 years and 3.0 years at December 31, 2025 and December 31, 2024, respectively.

As of December 31, 2025, our pro rata share of consolidated and unconsolidated variable-rate debt, excluding debt discounts and deferred financing costs, represented 28.7% of our total pro rata share of debt, excluding debt discounts and deferred financing costs. As of December 31, 2024, our pro rata share of consolidated and unconsolidated variable-rate debt, excluding debt discounts and deferred financing costs, represented 34.5% of our total pro rata share of debt, excluding debt discounts and deferred financing costs.

See [<u>Note 7</u>](#note_7_unconsolidated_affiliates_cost_me) and [<u>Note 8</u>](#note_8_mortgage_or_indebtedness_net) to the consolidated financial statements for additional information concerning the amount and terms of our outstanding indebtedness as of December 31, 2025.

**Equity**

We paid common stock dividends of $0.40 per share in each of the first and second quarters of 2025 and $0.45 per share in each of the third and fourth quarters of 2025. Additionally, our board of directors declared a special dividend of $0.80 per share, which was paid in cash during the first quarter of 2025. The special dividend was made to ensure that we meet the minimum requirement to maintain our status as a REIT. The decision to declare and pay dividends on any outstanding shares of our common stock, as well as the timing, amount and composition of any such future dividends, will be at the sole discretion of our board of directors and will depend on our earnings, taxable income, FFO, liquidity, financial condition, capital requirements, contractual prohibitions or other limitations under our then-current indebtedness, the annual distribution requirements under the REIT provisions of the Internal Revenue Code, Delaware law and such other factors as our board of directors deems relevant. Any dividends payable will be determined by our board of directors based upon the circumstances at the time of declaration. For additional information, see discussion presented under the subheading "Dividends" in [<u>Note 9</u>](#note_9_shareholders_equity_partners_capi) of this report. Our actual results of operations will be affected by a number of factors, including the revenues received from our properties, our operating expenses, interest expense, capital expenditures and the ability of the anchors and tenants at our properties to meet their obligations for payment of rents and tenant reimbursements. Subsequent to December 31, 2025, our board of directors declared a $0.45 per share regular quarterly dividend for the first quarter of

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2026. The regular quarterly dividend is payable in cash on March 31, 2026, to shareholders of record as of March 17, 2026. See [<u>Note 18</u>](#note_20_sub_events).

Upon our emergence from bankruptcy on November 1, 2021, we experienced an "ownership change" under Sections 382 and 383 of the Internal Revenue Code, which can limit our ability to use certain tax attributes—including net operating loss ("NOL") carryforwards and other deductions—to offset future taxable income. In addition, because we had built-in losses in our assets at that time, certain taxable income deductions realized during the five-year recognition period following the ownership change (the "2021 Recognition Period") were subject to limitation.

The 2021 Recognition Period expires on November 1, 2026; as of that date, our ability to recognize certain deductions will no longer be limited because of the 2021 ownership change.

The recognition of additional tax deductions may cause a greater portion of distributions paid to shareholders after December 31, 2026 to be treated, for U.S. federal income tax purposes, as a non-taxable return of capital and a reduction in the basis of shareholder stock. Notwithstanding the expiration of the 2021 Recognition Period, our pre-November 1, 2021 NOLs and other tax attributes generally remain subject to the Section 382 annual limitation, and any built-in losses disallowed during the recognition period may carry forward and remain subject to applicable limitations.

We remain subject to Sections 382 and 383 and could experience another ownership change in the future. If we experience an ownership change, our ability to use future tax deductions, net operating loss carryforwards and other tax attributes to offset future taxable income may be subject to limitations.

In November 2025, our board of directors authorized the repurchase of up to $25.0 million of the Company's common stock. The authorized share repurchase program has an expiration date of November 5, 2026 and replaces the existing program authorized in May 2025. In August 2023, our board of directors authorized the repurchase of up to $25.0 million of our outstanding common stock. See [<u>Part II, Item 5</u>](#item_5_market_for_registrants_common_equ) for additional information regarding our repurchases of common stock during 2025.

**Capital Expenditures** 

The following table, which excludes expenditures for developments and expansions, summarizes capital expenditures, including our share of unconsolidated affiliates' capital expenditures, for the years ended December 31, 2025 and 2024, (in thousands):

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| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
| Tenant allowances <sup>(1)</sup> | $**20942** | $19863 |
| Maintenance capital expenditures: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parking area and parking area lighting | **8584** | 5047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roof replacements | **4360** | 6801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other capital expenditures | **22741** | 19497 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total maintenance capital expenditures | **35685** | 31345 |
| Capitalized overhead | **1020** | 859 |
| Capitalized interest | **518** | 562 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total capital expenditures | $**58165** | $52629 |

---

(1)Tenant allowances primarily relate to new leases. Tenant allowances related to renewal leases were not material for the periods presented.

Annual capital expenditures budgets are prepared for each of our properties that are intended to provide for all necessary recurring and non-recurring capital expenditures. We believe that property operating cash flows, which include reimbursements from tenants for certain expenses, will provide the necessary funding for these expenditures.

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**Developments and Redevelopments**

*<u>Developments Completed at December 31, 2025</u>*

(Dollars in thousands)

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **CBL's Share of** | **CBL's Share of** | **CBL's Share of** |  |  |
| **Property** | **Location** | **CBL<br>Ownership<br>Interest** | **Total<br>Project<br>Square Feet** | **Total<br>Cost** <sup>(1)</sup> | **Cost to<br>Date** <sup>(2)</sup> | **2025<br>Cost** | **Opening<br>Date** | **Initial<br>Unleveraged<br>Yield** |
| **Outparcel Development:** |  |  |  |  |  |  |  |  |
| Mayfaire Town Center - hotel development | Wilmington, NC | 49% | **83021** | $**16285** | $**16285** | $**4432** | Aug 2025 | 11.0% |

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(1)Total Cost is presented net of reimbursements to be received.

(2)Cost to Date does not reflect reimbursements until they are received.

*<u>Properties Under Development at December 31, 2025</u>*

(Dollars in thousands)

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **CBL's Share of** | **CBL's Share of** | **CBL's Share of** |  |  |
| **Property** | **Location** | **CBL<br>Ownership<br>Interest** | **Total<br>Project<br>Square Feet** | **Total<br>Cost** <sup>(1)</sup> | **Cost to<br>Date** <sup>(2)</sup> | **2025<br>Cost** | **Opening<br>Date** | **Initial<br>Unleveraged<br>Yield** |
| **Redevelopments:** |  |  |  |  |  |  |  |  |
| Friendly Center - Cooper's Hawk | Greensboro, NC | 50% | **10600** | $**2551** | $**2314** | $**2291** | Nov 2025 | 10.2% |
| Friendly Center - North Italia | Greensboro, NC | 50% | **6000** | **2550** | **1869** | **1869** | Dec 2025 | 8.1% |
| **Total Redevelopment Properties Completed** |  |  | **16600** | $**5101** | $**4183** | $**4160** |  |  |

---

(1)Total Cost is presented net of reimbursements to be received.

(2)Cost to Date does not reflect reimbursements until they are received.

We are continually pursuing new redevelopment opportunities and have projects in various stages of pre-development. Except for the projects presented above, we did not have any other material capital commitments as of December 31, 2025.

**Critical Accounting Policies and Estimates**

Our consolidated financial statements are prepared in accordance with GAAP. In preparing our financial statements, we are required to make assumptions and estimates about future events, and apply judgments that affect the reported amounts of assets, liabilities, revenues, expenses and the related disclosures. We base our assumptions, estimates and judgments on historical experience, current trends and other factors that management believes to be relevant at the time our consolidated financial statements are prepared. On a regular basis, we review the accounting policies, assumptions, estimates and judgments to ensure that our financial statements are presented fairly and in accordance with GAAP. However, because future events and their effects cannot be determined with certainty, actual results could differ from our assumptions and estimates, and such differences could be material.

An accounting policy is deemed to be critical if it requires an accounting estimate to be made based on assumptions about matters that are highly uncertain at the time the estimate is made and if different estimates that are reasonably likely to occur could materially impact the financial statements. Management believes that the following critical accounting policies discussed in this section reflect its more significant estimates and assumptions used in preparation of the consolidated financial statements. We have reviewed these critical accounting estimates and related disclosures with the audit committee of our board of directors. See [<u>Note 2</u>](#note_2_summary_of_significant_accounting) of the consolidated financial statements, included in [<u>Item 8</u>](#item_8_financial_statements_supplementar) of this Annual Report on Form 10-K for a discussion of our significant accounting policies.

*<u>Purchase Price Allocations for Acquired Assets</u>*

We evaluate all real estate acquisitions to determine if the transactions qualify as an acquisition of assets or of a business. For acquisitions that are accounted for as an acquisition of an asset, we record the acquired tangible and intangible assets and assumed liabilities based on each asset's and liability's relative fair value at the acquisition date to the total purchase price plus capitalized acquisition costs. Fair value is based on estimated cash flow projections that utilize available market information and discount and/or capitalization rates as appropriate. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, and market and economic conditions. The acquired assets and assumed liabilities for an acquired operating property generally include, but are not

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limited to: land, buildings, and identified tangible and intangible assets and liabilities associated with in-place leases, including tenant improvements, leasing costs, value of above-market and below-market leases, and value of acquired in-place leases.

The fair value of the above-market or below-market component of an acquired lease is based upon the present value (calculated using a market discount rate) of the difference between the contractual rents to be paid pursuant to the lease over its remaining term and management's estimate of the rents that would be paid using fair market rental rates and rent escalations at the date of acquisition over the remaining term of the lease. An identifiable intangible asset or liability is recorded if there is an above-market or below-market lease at an acquired property. The amounts recorded for above-market leases are included in other assets on the balance sheets, and the amounts for below-market leases are included in other liabilities on the balance sheets. These amounts are amortized on a straight-line basis as an adjustment to rental income over the remaining term of the applicable leases.

The fair value of acquired in-place leases is derived based on our assessment of lost revenue and costs incurred for the period required to lease the "assumed vacant" property to the occupancy level when purchased. This fair value is based on a variety of considerations including, but not necessarily limited to: (i) the value associated with avoiding the cost of originating the acquired in-place leases; (ii) the value associated with lost revenue related to tenant reimbursable operating costs estimated to be incurred during the assumed lease-up period; and (iii) the value associated with lost rental revenue from existing leases during the assumed lease-up period. Factors considered in performing these analyses include an estimate of the carrying costs during the expected lease-up periods, such as real estate taxes, insurance, and other operating expenses, current market conditions, and costs to execute similar leases, such as leasing commissions, legal, and other related expenses. These amounts are amortized as an increase to depreciation and amortization expense over the remaining term of the applicable leases.

*<u>Revenue Recognition and Accounts Receivable</u>*

Receivables include amounts billed and currently due from tenants pursuant to lease agreements and receivables attributable to straight-line rents associated with those lease agreements. Individual leases where the collection of rents is in dispute are assessed for collectability based on management's best estimate of collection considering the anticipated outcome of the dispute. Individual leases that are not in dispute are assessed for collectability and upon the determination that the collection of rents over the remaining lease term is not probable, accounts receivable are reduced as an adjustment to rental revenues. Revenue from leases where collection is deemed to be less than probable is recorded on a cash basis until collectability is determined to be probable. Further, management assesses whether operating lease receivables, at a portfolio level, are appropriately valued based upon an analysis of balances outstanding, historical collection levels and current economic trends. An allowance for the uncollectable portion of the portfolio is recorded as an adjustment to rental revenues.

We review current economic considerations each reporting period, including the effects of tenant bankruptcies. Additionally, our assessment also takes into consideration the type of tenant and current discussions with the tenants regarding matters such as billing disputes, lease negotiations and executed deferrals or abatements, as well as recent rent payment and credit history. Evaluating and estimating uncollectable lease payments and related receivables requires a significant amount of judgment by management and is based on the best information available to management at the time of evaluation.

*<u>Carrying Value of Long-Lived Assets</u>*

We monitor events or changes in circumstances that could indicate the carrying value of a long-lived asset may not be recoverable. We use significant judgement in assessing events or circumstances which might indicate impairment, including but not limited to, changes in our intent to hold a long-lived asset over its previously estimated useful life. Changes in our intent to hold a long-lived asset have a significant impact on the estimated undiscounted cash flows expected to result from the use and eventual disposition of a long-lived asset and whether a potential impairment loss shall be measured. When indicators of potential impairment are present that suggest that the carrying amounts of a long-lived asset may not be recoverable, we assess the recoverability of the asset by determining whether the asset's carrying value will be recovered through the estimated undiscounted future cash flows expected from our use and its eventual disposition. In the event that such undiscounted future cash flows do not exceed the carrying value, we adjust the carrying value of the long-lived asset to its estimated fair value and recognize an impairment loss. The estimated fair value is calculated based on the following information, in order of preference, depending upon availability: (Level 1) recently quoted market prices, (Level 2) market prices for comparable properties, or (Level 3) the present value of future cash flows, including estimated salvage value. Certain of our long-lived assets may be carried at more than an amount that could be realized in a current disposition transaction. We estimate future operating cash flows, the terminal capitalization rate and the discount rate, among other factors. As these assumptions are subject to economic and market uncertainties, they are difficult to predict and are subject

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to future events that may alter the assumptions used or management's estimates of future possible outcomes. Therefore, the future cash flows estimated in our impairment analyses may not be achieved.

*<u>Investments in Unconsolidated Affiliates</u>*

On a periodic basis, we assess whether there are any indicators that the fair value of our investments in unconsolidated affiliates may be impaired. An investment is impaired only if our estimate of the fair value of the investment is less than the carrying value of the investment, and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss is measured as the excess of the carrying amount of the investment over the fair value of the investment. Our estimates of fair value for each investment are based on a number of assumptions such as future leasing expectations, operating forecasts, discount rates and capitalization rates, among others. These assumptions are subject to economic and market uncertainties including, but not limited to, demand for space, competition for tenants, changes in market rental rates, and operating costs. As these factors are difficult to predict and are subject to future events that may alter our assumptions, the fair values estimated in the impairment analyses may not be realized.

**Recent Accounting Pronouncements**

See [<u>Note 2</u>](#note_2_summary_of_significant_accounting) to the consolidated financial statements for information on recently issued accounting pronouncements.

**Non-GAAP Measures**

*<u>Fu</u><u>nds from Operations</u>*

FFO is a widely used non-GAAP measure of the operating performance of real estate companies that supplements net income (loss) determined in accordance with GAAP. The National Association of Real Estate Investment Trusts ("NAREIT") defines FFO as net income (loss) (computed in accordance with GAAP) excluding gains or losses on sales of depreciable operating properties and impairment losses of depreciable properties, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures and noncontrolling interests. Adjustments for unconsolidated partnerships and joint ventures and noncontrolling interests are calculated on the same basis. We define FFO as defined above by NAREIT. Our method of calculating FFO may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.

We believe that FFO provides an additional indicator of the operating performance of our properties without giving effect to real estate depreciation and amortization, which assumes the value of real estate assets declines predictably over time. Since values of real estate assets have historically risen or fallen with market conditions, we believe that FFO enhances investors' understanding of our operating performance. The use of FFO as an indicator of financial performance is influenced not only by the operations of our properties and interest rates, but also by our capital structure.

We believe FFO allocable to Operating Partnership common unitholders is a useful performance measure since we conduct substantially all our business through our Operating Partnership and, therefore, it reflects the performance of our properties in absolute terms regardless of the ratio of ownership interests of our common shareholders and the noncontrolling interest in our Operating Partnership.

In our reconciliation of net income attributable to common shareholders to FFO allocable to Operating Partnership common unitholders that is presented below, we make an adjustment to add back noncontrolling interest in income of our Operating Partnership in order to arrive at FFO of the Operating Partnership common unitholders.

FFO does not represent cash flows from operations as defined by GAAP, is not necessarily indicative of cash available to fund all cash flow needs and should not be considered as an alternative to net income (loss) for purposes of evaluating our operating performance or to cash flow as a measure of liquidity.

We believe that it is important to identify the impact of certain significant items on our FFO measures for a reader to have a complete understanding of our results of operations. Therefore, we have also presented adjusted FFO measures excluding these significant items from the applicable periods. Please refer to the reconciliation of net income attributable to common shareholders to FFO allocable to Operating Partnership common unitholders below for a description of these adjustments.

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The reconciliation of net income attributable to common shareholders to FFO allocable to Operating Partnership common unitholders is as follows (in thousands):

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
| Net income attributable to common shareholders | $**133878** | $57764 |
| Noncontrolling interest in income of Operating Partnership | **21** | 4 |
| Earnings allocable to unvested restricted stock | **26** | 1206 |
| Depreciation and amortization expense of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated properties | **165156** | 140591 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unconsolidated affiliates | **12992** | 16137 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-real estate assets | **(1005)** | (1187) |
| Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries | **(1551)** | (1916) |
| Loss on impairment, including our share of unconsolidated affiliates, net of taxes | **3496** | 1244 |
| Gain on depreciable property, net of taxes | **(104046)** | (15651) |
| **FFO allocable to Operating Partnership common unitholders** | **208967** | 198192 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt discount accretion, including our share of unconsolidated affiliates and net of noncontrolling interests' share <sup>(1)</sup> | **35750** | 44929 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustment for unconsolidated affiliates with negative investment <sup>(2)</sup> | **12811** | (9974) |
| &nbsp;&nbsp;&nbsp;&nbsp;Litigation settlement <sup>(3)</sup> | **—** | (553) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash default interest expense <sup>(4)</sup> | **(328)** | 606 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on deconsolidation <sup>(5)</sup> | **(33851)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on consolidation <sup>(6)</sup> | **—** | (26727) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt <sup>(7)</sup> | **217** | 819 |
| **FFO allocable to Operating Partnership common unitholders, as adjusted** | $**223566** | $207292 |

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(1)Represents the difference between the estimated fair value and the outstanding principal balance of applicable loans at the time of fresh start accounting and dates of acquisitions. These discounts are accreted as additional interest expense over the terms of the respective mortgage notes payable using the effective interest method. We began recognizing the debt discount accretion associated with the consolidation of CoolSprings Galleria, Oak Park Mall and West County Center during the year ended December 31, 2025.

(2)Represents our share of the earnings (losses) before depreciation and amortization expense of unconsolidated affiliates where we are recognizing equity in earnings (losses) on a cash basis because our investment in the unconsolidated affiliate is below zero.

(3)Represents a credit to litigation settlement expense related to claim amounts that were released pursuant to the terms of the settlement agreement related to the settlement of a class action lawsuit.

(4)The year ended December 31, 2025 includes default interest on a loan past its maturity date and the reversal of previously accrued default interest. The year ended December 31, 2024 includes default interest on loans past their maturity dates.

(5)For the year ended December 31, 2025, the Company deconsolidated Southpark Mall due to a loss of control when the property was placed into receivership in connection with the foreclosure process.

(6)For the year ended December 31, 2024, we recognized gain on consolidation related to the acquisition of our partner's 50% joint venture interests in CoolSprings Galleria, Oak Park Mall and West County Center and recognized gain on consolidation.

(7)During the years ended December 31, 2025 and 2024, we made a partial paydown on the 2032 non-recourse bank loan (previously referred to as the "open-air centers and outparcels loan") and recognized loss on extinguishment of debt related to prepayment fees.

The increase in FFO, as adjusted, for the year ended December 31, 2025 was primarily driven by the consolidation of three malls in December 2024, as well as the acquisition of four malls in July 2025. The increase was partially offset by the sales of The Promenade, 840 Greenbrier Circle, Imperial Valley Mall, the Layton Hills properties, Annex at Monroeville and Monroeville Mall.

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**ITEM 7A. QUANTITATIVE AND QUALITAT** **IVE DISCLOSURES ABOUT MARKET RISK**

We are exposed to various market risk exposures, including interest rate risk with respect to our variable-rate debt instruments. We also may use derivative financial instruments, including interest rate swaps, caps, options, floor and other interest rate derivative contracts, to hedge all or a portion of the interest rate risk associated with our variable rate debt. See [<u>Note 8</u>](#note_8_mortgage_or_indebtedness_net) to the consolidated financial statements for additional detail concerning our current interest rate hedging instruments. The following discussion regarding our risk management activities includes forward-looking statements that involve risk and uncertainties. Estimates of future performance and economic conditions are reflected assuming certain changes in interest rates. Caution should be used in evaluating our overall market risk from the information presented below, as actual results may differ.

**Interest Rate Risk**

Based on our proportionate share of consolidated and unconsolidated variable-rate debt at December 31, 2025, a 0.5% increase or decrease in interest rates on variable-rate debt would increase or decrease annual interest expense by approximately $3.7 million.

Based on our proportionate share of total consolidated and unconsolidated debt at December 31, 2025, a 0.5% increase in interest rates would decrease the fair value of debt by approximately $21.5 million, while a 0.5% decrease in interest rates would increase the fair value of debt by approximately $22.1 million.

**ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA**

Reference is made to the Index to Financial Statements and Schedules contained in [<u>Item 15</u>](#item_15_exhibits_financial_statement_sch) on page 69.

**ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE** 

None.

**ITEM 9A. CONTROLS AND PROCEDURES**

*<u>Conclusion Regarding Effectiveness of Disclosure Controls and Procedures</u>*

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of its effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Under the supervision and with the participation of the Company's management, including its Chief Executive Officer and Chief Financial Officer, the Company has evaluated the effectiveness of its disclosure controls and procedures, as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended, as of the end of the period covered by this report. Based on that evaluation, the Company's Chief Executive Officer and Chief Financial Officer concluded that the Company's disclosure controls and procedures were effective to ensure that the information required to be disclosed by the Company in the reports that the Company files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the SEC rules and forms, and is accumulated and communicated to our management, including the Company's Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

**Management's Report on Internal Control over Financial Reporting**

Management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934, as amended. The Company assessed the effectiveness of its internal control over financial reporting, based on criteria established in *Internal Control – Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission, and concluded that, as of December 31, 2025, the Company maintained effective internal control over financial reporting, as stated in its report which is included herein.

*<u>Report of Management on Internal Control over Financial Reporting</u>*

Management is responsible for establishing and maintaining adequate internal control over financial reporting. The Company's internal control over financial reporting is a process designed under the supervision of the Company's Chief Executive Officer and Chief Financial Officer to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the Company's financial statements for external reporting purposes in accordance with U.S. generally accepted accounting principles.

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Management recognizes that there are inherent limitations in the effectiveness of internal control over financial reporting, including the potential for human error or the circumvention or overriding of internal controls. Accordingly, even effective internal control over financial reporting cannot provide absolute assurance with respect to financial statement preparation. Because of such limitations, there is a risk that material misstatements may not be prevented or detected on a timely basis by internal control over financial reporting. In addition, any projection of the evaluation of effectiveness to future periods is subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Management assessed the effectiveness of the Company's internal control over financial reporting based on the framework established in *Internal Control — Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission and concluded that, as of December 31, 2025, the Company maintained effective internal control over financial reporting.

Deloitte & Touche LLP, the Company's independent registered public accounting firm, has audited the Company's internal control over financial reporting as of December 31, 2025, as stated in their report which is included below.

**Changes in Internal Control over Financial Reporting**

There were no changes in the Company's internal control over financial reporting during the quarter ended December 31, 2025 that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the stockholders and the Board of Directors of CBL & Associates Properties, Inc.

**Opinion on Internal Control over Financial Reporting**

We have audited the internal control over financial reporting of CBL & Associates Properties, Inc. and subsidiaries (the "Company") as of December 31, 2025, based on criteria established in *Internal Control — Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in *Internal Control — Integrated Framework (2013)* issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, 2025, of the Company and our report dated March 3, 2026, expressed an unqualified opinion on those financial statements.

**Basis for Opinion**

The Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Report of Management on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

**Definition and Limitations of Internal Control over Financial Reporting**

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ Deloitte & Touche LLP

Atlanta, Georgia

March 3, 2026

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**ITEM 9B. OTHER INFORMATION**

During the quarterly period ended December 31, 2025, none of our directors or officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K under the Act).

**ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS**

Not applicable.

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**PART III**

**ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE**

Incorporated herein by reference to the sections entitled "ELECTION OF DIRECTORS–General," "ELECTION OF DIRECTORS–Director Nominees," "ELECTION OF DIRECTORS–Additional Executive Officers," "CORPORATE GOVERNANCE MATTERS–Code of Business Conduct and Ethics," "CORPORATE GOVERNANCE MATTERS–Board of Directors' Meetings and Committees – The Audit Committee," and "Delinquent Section 16(a) Reports" in our definitive proxy statement which will be filed with the SEC within 120 days of December 31, 2025, with respect to our Annual Meeting of Shareholders to be held on May 21, 2026.

Our board of directors has determined that each of Marjorie L. Bowen, David J. Contis, Robert G. Gifford and Michael A. Torres, each, an independent director and member of the audit committee, qualifies as an "audit committee financial expert" as such term is defined by the rules of the SEC.

The Company adopted a policy regarding insider trading that governs the purchase, sale, and other dispositions of the Company's securities by directors, officers, and employees of the Company, and by the Company itself, that is designed to promote awareness and compliance with insider trading laws, rules, and regulations, and applicable NYSE listing standards. The Company's insider trading policy is filed as Exhibit 19 to this Annual Report on Form 10-K.

**ITEM 11. EXECUTIVE COMPENSATION**

Incorporated herein by reference to the sections entitled "DIRECTOR COMPENSATION," "EXECUTIVE COMPENSATION," "REPORT OF THE COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS" and "Compensation Committee Interlocks and Insider Participation" in our definitive proxy statement which will be filed with the SEC within 120 days of December 31, 2025, with respect to our Annual Meeting of Shareholders to be held on May 21, 2026.

**ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS**

Incorporated herein by reference to the sections entitled "SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT" and "Equity Compensation Plan Information as of December 31, 2025", in our definitive proxy statement which will be filed with the SEC within 120 days of December 31, 2025, with respect to our Annual Meeting of Shareholders to be held on May 21, 2026.

**ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE** 

Incorporated herein by reference to the sections entitled "CORPORATE GOVERNANCE MATTERS–Director Independence" and "CERTAIN RELATIONSHIPS AND RELATED PERSON TRANSACTIONS", in our definitive proxy statement which will be filed with the SEC within 120 days of December 31, 2025, with respect to our Annual Meeting of Shareholders to be held on May 21, 2026.

**ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES**

Incorporated herein by reference to the section entitled "Independent Registered Public Accountants' Fees and Services" under "RATIFICATION OF THE SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTANTS" in our definitive proxy statement which will be filed with the SEC within 120 days of December 31, 2025, with respect to our Annual Meeting of Shareholders to be held on May 21, 2026.

------

**PART IV**

**ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES**

---

| | | |
|:---|:---|:---|
| (1) | *Consolidated Financial Statements* | **Page**<br>**Number** |
|  | [<u>Report of Independent Registered Public Accounting Firm</u>](#auditor_report) | 70 |
|  | PCAOB ID: 34 |  |
|  | [<u>Consolidated Balance Sheets as of December 31, 2025 and 2024</u>](#consolidated_balance_sheets1) | 72 |
|  | [<u>Consolidated Statements of Operations for the Years Ended December 31, 2025, 2024 and 2023</u>](#consolidated_statements_operations1) | 73 |
|  | [<u>Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2025, 2024 and 2023</u>](#consolidated_statements_oci_reit) | 74 |
|  | <br>[<u>Consolidated Statements of Equity for the Years Ended December 31, 2025, 2024 and 2023</u>](#consolidated_statements_equity) | 75 |
|  | [<u>Consolidated Statements of Cash Flows for the Years Ended December 31, 2025, 2024 and 2023</u>](#consolidated_statements_cash_flows_reit) | 76 |
|  | [<u>Notes to Consolidated Financial Statements</u>](#notes_cons_fin_stmt) | 77 |
| (2) | *Consolidated Financial Statement Schedules* |  |
|  | [<u>Schedule III Real Estate and Accumulated Depreciation</u>](#schedule_iii4) | 107 |
|  | Financial statement schedules not listed herein are either not required or are not present in amounts sufficient to require submission of the schedule or the information required to be included therein is included in our consolidated financial statements in Item 15 or are reported elsewhere. |  |
| (3) | *Exhibits* |  |
|  | [<u>The Exhibit Index preceding the Signature pages to this report is incorporated by reference into this Item 15(a)(3).</u>](#exhibit_index) | 112 |

---

**ITEM 16. FORM 10-K SUMMARY**

None.

------

**R** **EPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the shareholders and the Board of Directors of CBL & Associates Properties, Inc.

**Opinion on the Financial Statements**

We have audited the accompanying consolidated balance sheets of CBL & Associates Properties, Inc. and subsidiaries (the "Company") as of December 31, 2025 and 2024, the related consolidated statements of operations, comprehensive income, equity, and cash flows, for each of the three years in the period ended December 31, 2025, and the related notes and the financial statement schedules listed in the Index at Item 15 (collectively referred to as the "financial statements").

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America .

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in *Internal Control — Integrated Framework (2013)*issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated March 3, 2026, expressed an unqualified opinion on the Company's internal control over financial reporting.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

**Critical Audit Matter**

The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

------

***Real Estate Assets – Change in Management's Intent — Refer to Note 2 to the financial statements***

*Critical Audit Matter Description*

*As of December 31, 2025, the Company owned controlling interests in 43 Malls, 2 Outlet Centers, 3 Lifestyle Centers, 18 Open-Air Centers, and 3 other properties and had a total net investment in real estate assets of* $1.89 billion. The Company performs an impairment analysis on these long-lived assets if events or changes in circumstances indicate that the carrying value of any of its long-lived assets may not be recoverable. The Company uses significant judgement in assessing events or circumstances which might indicate impairment, including but not limited to, changes in management's intent to hold a long-lived asset over its previously estimated useful life. Changes in management's intent to hold a long-lived asset has a significant impact on the estimated undiscounted cash flows expected to result from the use and eventual disposition of a long-lived asset and whether a potential impairment loss shall be measured.

The Company's use of judgement in the determination of its current intentions with respect to its long-lived assets as part of their impairment indicator assessment is subjective and requires judgment. Because of this, auditing these judgements required a high degree of auditor judgment and extensive auditor effort, especially given the inherent unpredictability involved in the timing of a sale or other disposition significantly before the end of its previously estimated useful life.

*How the Critical Audit Matter Was Addressed in the Audit*

Our audit procedures related to changes in management's intent with respect to its long-lived assets included the following, among others:

• We tested the effectiveness of internal controls over management's identification of possible indicators of impairment, including controls over the more likely than not determination of changes in management's intentions related to its long-lived assets.

• We evaluated the reasonableness of management's assertions regarding its intentions to hold and operate its long-lived assets over its previously estimated useful lives by performing the following:

oInquired of Company personnel responsible for real estate investment strategy to determine if management's intent regarding its long-lived assets had changed;

oInspected minutes of executive committee and board of directors meetings to identify if any long-lived assets had been identified for potential sale or disposition; and

oEvaluated the reasonableness of management's plan for its long-lived assets with near-term debt maturities. Our evaluation of management's plans for such long-lived assets included considering the operating results of identified long-lived assets, comparing the availability of the Company's other available borrowings and liquid assets to the outstanding debt balance, and inquiring of management to understand the terms of any in process refinancing activities.

/s/ Deloitte & Touche LLP

Atlanta, Georgia

March 3, 2026

We have served as the Company's auditor since 2002.

------

**CBL & Associates Properties, Inc.**

**Consolidated Balance Sheets**

(In thousands, except share data)

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
| **ASSETS** <sup>(1)</sup> | **2025** | **2024** |
| Real estate assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Land | $**601553** | $588153 |
| &nbsp;&nbsp;&nbsp;&nbsp;Buildings and improvements | **1619988** | 1505232 |
|  | **2221541** | 2093385 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation | **(355900)** | (283785) |
|  | **1865641** | 1809600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Held-for-sale | **—** | 56075 |
| &nbsp;&nbsp;&nbsp;&nbsp;Developments in progress | **10533** | 5817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment in real estate assets | **1876174** | 1871492 |
| Cash and cash equivalents | **42287** | 40791 |
| Restricted cash | **110665** | 112938 |
| Available-for-sale securities - at fair value (amortized cost of $292,646 and $242,881 as of December 31, 2025 and December 31, 2024, respectively) | **293087** | 243148 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tenant | **46489** | 45594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | **1562** | 2356 |
| Investments in unconsolidated affiliates | **85941** | 83465 |
| In-place leases, net | **144046** | 186561 |
| Intangible lease assets and other assets | **128848** | 160846 |
|  | $**2729099** | $2747191 |
| **LIABILITIES AND EQUITY** |  |  |
| Mortgage and other indebtedness, net | $**2170785** | $2212680 |
| Accounts payable and accrued liabilities | **193640** | 221647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities <sup>(1)</sup> | **2364425** | 2434327 |
| Shareholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, $.001 par value, 200,000,000 shares authorized, 30,322,052 and 30,711,227 issued and outstanding as of December 31, 2025 and December 31, 2024, respectively (in each case, excluding 34 treasury shares) | **30** | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | **687424** | 694566 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | **443** | 782 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | **(312961)** | (371833) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | **374936** | 323546 |
| Noncontrolling interests | **(10262)** | (10682) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | **364674** | 312864 |
|  | $**2729099** | $2747191 |

---

(1)As of December 31, 2025, includes $166,314 of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and $213,442 of liabilities of consolidated variable interest entities for which creditors do not have recourse to the general credit of the Company. See [<u>Note 10</u>](#note_10_redeemable_interests_noncontroll).

The accompanying notes are an integral part of these consolidated statements.

------

**CBL & Associates Properties, Inc.**

**Consolidated Statements of Operations**

(In thousands, except per share amounts)

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| **REVENUES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rental revenues | $**558985** | $493876 | $513957 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management, development and leasing fees | **5114** | 7609 | 7917 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | **14274** | 14076 | 13412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | **578373** | 515561 | 535286 |
| **EXPENSES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Property operating | **(101941)** | (90052) | (90996) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | **(165156)** | (140591) | (190505) |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate taxes | **(57458)** | (47365) | (54807) |
| &nbsp;&nbsp;&nbsp;&nbsp;Maintenance and repairs | **(44954)** | (37732) | (41336) |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | **(69040)** | (67254) | (64066) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on impairment | **(3193)** | (1461) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Litigation settlement | **—** | 553 | 2310 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | **(57)** | (230) | (221) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | **(441799)** | (384132) | (439621) |
| **OTHER INCOME (EXPENSES):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and other income | **13250** | 15713 | 13199 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | **(175962)** | (154486) | (172905) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Loss) gain on extinguishment of debt | **(217)** | (819) | 3270 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on deconsolidation | **33851** |  | 47879 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on consolidation | **—** | 26727 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sales of real estate assets | **74229** | 16676 | 5125 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax provision | **(475)** | (1055) | (894) |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity in earnings of unconsolidated affiliates | **53276** | 22932 | 11865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income (expenses), net | **(2048)** | (74312) | (92461) |
| **Net income** | **134526** | 57117 | 3204 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (income) loss attributable to noncontrolling interests in: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating Partnership | **(21)** | (4) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other consolidated subsidiaries | **1462** | 1857 | 3344 |
| **Net income attributable to the Company** | **135967** | 58970 | 6546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends allocable to unvested restricted stock | **(2089)** | (1206) | (1113) |
| **Net income attributable to common shareholders** | $**133878** | $57764 | $5433 |
| **Basic and diluted per share data attributable to common shareholders:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic earnings per share | $**4.41** | $1.87 | $0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted earnings per share | **4.34** | 1.87 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted-average basic shares | **30343** | 30905 | 31303 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted-average diluted shares | **30841** | 30962 | 31303 |

---

The accompanying notes are an integral part of these consolidated statements.

------

**CBL & Associates Properties, Inc.**

**Consolidated Statements of Comprehensive Income**

(In thousands, except per share amounts)

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| **Net income** | $**134526** | $57117 | $3204 |
| **Other comprehensive gain (loss):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized (loss) gain on interest rate swap | **(512)** | 177 | 338 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain (loss) on available-for-sale securities | **173** | (5) | 1326 |
| **Comprehensive income** | **134187** | 57289 | 4868 |
| &nbsp;&nbsp;&nbsp;&nbsp;Comprehensive (income) loss attributable to noncontrolling interests in: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating Partnership | **(21)** | (4) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other consolidated subsidiaries | **1462** | 1857 | 3344 |
| **Comprehensive income attributable to the Company** | **135628** | 59142 | 8210 |
| &nbsp;&nbsp;&nbsp;&nbsp;Earnings allocable to unvested restricted stock | **(2089)** | (1206) | (1113) |
| **Comprehensive income attributable to common shareholders** | $**133539** | $57936 | $7097 |

---

The accompanying notes are an integral part of these consolidated statements.

------

**CBL & Associates Properties, Inc.**

**Consolidated Statements of Equity**

(in thousands, except share data)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Equity** | **Equity** | **Equity** | **Equity** | **Equity** | **Equity** | **Equity** |
|  | **Shareholders' Equity** | **Shareholders' Equity** | **Shareholders' Equity** | **Shareholders' Equity** | **Shareholders' Equity** |  |  |
|  | **Common<br>Stock** | **Additional<br>Paid-in<br>Capital** | **Accumulated<br>Other<br>Comprehensive<br>Income (Loss)** | **Accumulated<br>Deficit** | **Total<br>Shareholders'<br>Equity** | **Noncontrolling<br>Interests** | **Total<br>Equity** |
| **Balance, December 31, 2022** | $**32** | $**710497** | $**(1054)** | $**(338934)** | $**370541** | $**(3412)** | $**367129** |
| Net income (loss) | **—** | **—** | **—** | **6546** | **6546** | **(3342)** | **3204** |
| Other comprehensive income | **—** | **—** | **1664** | **—** | **1664** | **—** | **1664** |
| Dividends declared - common stock | **—** | **—** | **—** | **(48058)** | **(48058)** | **—** | **(48058)** |
| Issuance of 185,195 shares of restricted common stock | **—** | **—** | **—** | **—** | **—** | **—** | **—** |
| Issuance of 133,221 shares of common stock associated with performance stock units, net of shares withheld for tax | **—** | **(1793)** | **—** | **—** | **(1793)** | **—** | **(1793)** |
| Distributions to noncontrolling interests | **—** | **—** | **—** | **—** | **—** | **(2018)** | **(2018)** |
| Amortization of deferred compensation | **—** | **7343** | **—** | **—** | **7343** | **—** | **7343** |
| Compensation expense related to performance stock units | **—** | **5639** | **—** | **—** | **5639** | **—** | **5639** |
| Cancellation of 58,100 shares of restricted common stock | **—** | **(1391)** | **—** | **—** | **(1391)** | **—** | **(1391)** |
| Repurchase of 51,966 shares of common stock | **—** | **(1109)** | **—** | **—** | **(1109)** | **—** | **(1109)** |
| Adjustment for noncontrolling interests | **—** | **(61)** | **—** | **—** | **(61)** | **61** | **—** |
| Contributions from noncontrolling interests | **—** | **—** | **—** | **—** | **—** | **117** | **117** |
| Redemption of 4,985 Operating Partnership common units | **—** | **—** | **—** | **—** | **—** | **(110)** | **(110)** |
| **Balance, December 31, 2023** | **32** | **719125** | **610** | **(380446)** | **339321** | **(8704)** | **330617** |
| Net income (loss) | **—** | **—** | **—** | **58970** | **58970** | **(1853)** | **57117** |
| Other comprehensive income | **—** | **—** | **172** | **—** | **172** | **—** | **172** |
| Dividends declared - common stock | **—** | **—** | **—** | **(50357)** | **(50357)** | **—** | **(50357)** |
| Issuance of 169,454 shares of restricted common stock | **—** | **—** | **—** | **—** | **—** | **—** | **—** |
| Issuance of 164,837 shares of common stock associated with performance stock units, net of shares withheld for tax | **—** | **(769)** | **—** | **—** | **(769)** | **—** | **(769)** |
| Distributions to noncontrolling interests | **—** | **—** | **—** | **—** | **—** | **(140)** | **(140)** |
| Amortization of deferred compensation | **—** | **8438** | **—** | **—** | **8438** | **—** | **8438** |
| Compensation expense related to performance stock units | **—** | **6490** | **—** | **—** | **6490** | **—** | **6490** |
| Cancellation of 75,849 shares of restricted common stock | **—** | **(2259)** | **—** | **—** | **(2259)** | **—** | **(2259)** |
| Repurchase of 1,522,860 shares of common stock | **(1)** | **(36457)** | **—** | **—** | **(36458)** | **—** | **(36458)** |
| Adjustment for noncontrolling interests | **—** | **(2)** | **—** | **—** | **(2)** | **2** | **—** |
| Contributions from noncontrolling interests | **—** | **—** | **—** | **—** | **—** | **13** | **13** |
| **Balance, December 31, 2024** | **31** | **694566** | **782** | **(371833)** | **323546** | **(10682)** | **312864** |
| Net income (loss) | **—** | **—** | **—** | **135967** | **135967** | **(1441)** | **134526** |
| Other comprehensive loss | **—** | **—** | **(339)** | **—** | **(339)** | **—** | **(339)** |
| Issuance of 152,542 shares of restricted common stock | **—** | **—** | **—** | **—** | **—** | **—** | **—** |
| Issuance of 128,368 shares of common stock associated with performance stock units, net of shares withheld for tax | **—** | **(2548)** | **—** | **—** | **(2548)** | **—** | **(2548)** |
| Amortization of deferred compensation | **—** | **8950** | **—** | **—** | **8950** | **—** | **8950** |
| Compensation expense related to performance stock units | **—** | **7799** | **—** | **—** | **7799** | **—** | **7799** |
| Cancellation of 96,087 shares of restricted common stock | **—** | **(3275)** | **—** | **—** | **(3275)** | **—** | **(3275)** |
| Repurchases of 573,998 shares of common stock | **(1)** | **(18058)** | **—** | **—** | **(18059)** | **—** | **(18059)** |
| Dividends declared - common stock | **—** | **—** | **—** | **(77095)** | **(77095)** | **—** | **(77095)** |
| Distributions to noncontrolling interests | **—** | **—** | **—** | **—** | **—** | **(191)** | **(191)** |
| Contributions from noncontrolling interests | **—** | **—** | **—** | **—** | **—** | **2042** | **2042** |
| Adjustment for noncontrolling interests | **—** | **(10)** | **—** | **—** | **(10)** | **10** | **—** |
| **Balance, December 31, 2025** | $**30** | $**687424** | $**443** | $**(312961)** | $**374936** | $**(10262)** | $**364674** |

---

The accompanying notes are an integral part of these consolidated statements.

------

**CBL & Associates Properties, Inc.**

**Consolidated Statements of Cash Flows**

(In thousands)

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| **CASH FLOWS FROM OPERATING ACTIVITIES:** |  |  |  |
| Net income | $**134526** | $57117 | $3204 |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | **165156** | 140591 | 190505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net amortization of deferred financing costs, discounts on available-for-sale securities and debt discounts | **29474** | 10479 | 23824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net amortization of intangible lease assets and liabilities | **14638** | 15666 | 21425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sales of real estate assets | **(74229)** | (16676) | (5125) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on insurance proceeds | **79** |  | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Write-off of development projects | **27** | 230 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense | **16749** | 14928 | 12982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on impairment | **3193** | 1461 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on deconsolidation | **(33851)** |  | (47879) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on consolidation | **—** | (26727) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss (gain) on extinguishment of debt | **217** | 819 | (3270) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity in earnings of unconsolidated affiliates | **(53276)** | (22932) | (11865) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions of earnings from unconsolidated affiliates | **44348** | 20665 | 18433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in estimate of uncollectable revenues | **3031** | 4155 | 1646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax provision (benefit) | **11** | (1650) | (1283) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tenant and other receivables | **(1889)** | (2377) | (3752) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | **7777** | 14982 | 1247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | **(6301)** | (8508) | (16791) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | **249680** | 202223 | 183516 |
| **CASH FLOWS FROM INVESTING ACTIVITIES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additions to real estate assets | **(51775)** | (36192) | (42859) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisitions of real estate assets | **(185988)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in cash and restricted cash from acquisition of interest in unconsolidated affiliate, net of cash paid | **—** | 9840 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from sales of real estate assets | **168862** | 79446 | 9810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of available-for-sale securities | **(416196)** | (360824) | (312782) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemptions of available-for-sale securities | **365277** | 379613 | 355543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from insurance | **372** |  | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional investments in and advances to unconsolidated affiliates | **(4441)** | (9491) | (10926) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions in excess of equity in earnings of unconsolidated affiliates | **11079** | 5075 | 5297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in other assets | **(2304)** | (2461) | (2663) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash (used in) provided by investing activities | **(115114)** | 65006 | 1701 |
| **CASH FLOWS FROM FINANCING ACTIVITIES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from mortgage and other indebtedness | **188000** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal payments on mortgage and other indebtedness | **(219299)** | (146258) | (79000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additions to debt issuance costs | **(4992)** | (273) | (693) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchases of common stock | **(18059)** | (36458) | (1109) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contributions from noncontrolling interests | **2042** | 13 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment of tax withholdings for restricted stock awards and performance stock units | **(5824)** | (3028) | (3184) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions to noncontrolling interests | **(191)** | (140) | (2128) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends paid to common shareholders | **(77095)** | (50357) | (118093) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | **(135418)** | (236501) | (204090) |
| NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | **(852)** | 30728 | (18873) |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period | **153804** | 123076 | 141949 |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period | $**152952** | $153804 | $123076 |
| **Reconciliation from consolidated statements of cash flows to consolidated balance sheets:** |  |  |  |
| Cash and cash equivalents | $**42287** | $40791 | $34188 |
| Cash held-for-sale | **—** | 75 |  |
| Restricted cash: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | **54133** | 47482 | 53180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage escrows | **56532** | 65456 | 35708 |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period | $**152952** | $153804 | $123076 |
| SUPPLEMENTAL INFORMATION |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash paid for interest, net of amounts capitalized | $**136109** | $131328 | $136146 |

---

The accompanying notes are an integral part of these consolidated statements.

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**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

(In thousands, except share and unit data)

**NOTE 1. ORGANIZATION**

CBL & Associates Properties, Inc. ("CBL"), a Delaware corporation, is a self-managed, self-administered, fully integrated real estate investment trust ("REIT") that is engaged in the ownership, development, acquisition, leasing, management and operation of regional shopping malls, lifestyle centers, open-air centers, outlet centers, office buildings and other properties, including single-tenant and multi-tenant outparcels. As of December 31, 2025, its properties are located in 22 states but are primarily in the southeastern and midwestern United States.

CBL conducts substantially all its business through CBL & Associates Limited Partnership (the "Operating Partnership"), which is a variable interest entity ("VIE"). The Operating Partnership consolidates the financial statements of all entities in which it has a controlling financial interest or where it is the primary beneficiary of a VIE. As of December 31, 2025, the Operating Partnership owned interests in the following properties:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Malls** | **Outlet Centers** | **Lifestyle Centers** | **Open-Air Centers** | **Other** <sup>(1)(2)</sup> | **Total** |
| Consolidated Properties | 43 | 2 | 3 | 18 | 3 | 69 |
| Unconsolidated Properties <sup>(3)</sup> | 4 | 3 | 1 | 7 | 2 | 17 |
| **Total** | **47** | **5** | **4** | **25** | **5** | **86** |

---

.

(1)Included in "All Other" for purposes of segment reporting.

(2)CBL's two consolidated corporate office buildings are included in the Other category.

(3)The Operating Partnership accounts for these investments using the equity method.

The malls, outlet centers, lifestyle centers, open-air centers and other properties are collectively referred to as the "properties" and individually as a "property."

CBL is the 100% owner of two qualified REIT subsidiaries, CBL Holdings I, Inc. and CBL Holdings II, Inc. At December 31, 2025, CBL Holdings I, Inc., the sole general partner of the Operating Partnership, owned a 1.0% general partner interest in the Operating Partnership and CBL Holdings II, Inc. owned a 98.98% limited partner interest for a combined interest held by CBL of 99.98%. As of December 31, 2025, third parties owned a 0.02% limited partner interest in the Operating Partnership.

As used herein, the term "Company" includes CBL & Associates Properties, Inc. and its subsidiaries, including CBL & Associates Limited Partnership and its subsidiaries, unless the context indicates otherwise. The term "Operating Partnership" refers to CBL & Associates Limited Partnership and its subsidiaries.

The Operating Partnership conducts the Company's property management and development activities through its wholly owned subsidiary, CBL & Associates Management, Inc. (the "Management Company"), to comply with certain requirements of the Internal Revenue Code.

**NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

*<u>Basis</u> <u>of Presentation</u>*

The accompanying consolidated financial statements include the consolidated accounts of the Company, as well as entities in which the Company has a controlling financial interest or entities where the Company is deemed to be the primary beneficiary of a VIE. For entities in which the Company has less than a controlling financial interest or entities where the Company is not deemed to be the primary beneficiary of a VIE, the entities are accounted for using the equity method of accounting. Accordingly, the Company's share of the net earnings or losses of these entities is included in consolidated net income (loss). The accompanying consolidated financial statements have been prepared in accordance with GAAP. All intercompany transactions have been eliminated.

*<u>Accounting Guidance Adopted</u>*

In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures* ("ASU 2023-09"). ASU 2023-09 updates income tax disclosures related to the rate reconciliation and requires disclosure of income taxes paid by jurisdiction. The ASU also makes several other changes to income tax disclosure requirements. The guidance is effective for fiscal years beginning after December 15, 2024. The guidance should be applied prospectively; however, retrospective application is permitted. The Company adopted this ASU with no significant impact on our consolidated financial statements and related disclosures as a result of our REIT status.

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*<u>Accounting Guidance Not Yet Adopted</u>*

In November 2024, the FASB issued ASU, "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures," to improve the disclosures about a public business entity's expenses by providing more detailed information about the types of expenses in commonly presented expense captions. The standard will be effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning December 15, 2027. The Company is currently evaluating the impact that the adoption of this new standard will have on its consolidated financial statements.

*<u>Real Estate Assets</u>* 

The Company capitalizes predevelopment project costs paid to third parties. All previously capitalized predevelopment costs are expensed when it is no longer probable that the project will be completed. Once development of a project commences, all direct costs incurred to construct the project, including interest and real estate taxes, are capitalized. Additionally, certain general and administrative expenses are allocated to the projects and capitalized based on the amount of time applicable personnel work on the development project. Ordinary repairs and maintenance are expensed as incurred. Major replacements and improvements are capitalized and depreciated over their estimated useful lives.

All real estate assets acquired have been accounted for using the acquisition method of accounting and accordingly, the results of operations are included in the consolidated statements of operations from the respective dates of acquisition. The Company allocates the purchase price to (i) tangible assets, consisting of land, buildings and improvements, as if vacant, and tenant improvements, and (ii) identifiable intangible assets and liabilities, generally consisting of above-market leases, in-place leases and tenant relationships, which are included in intangible lease assets and other assets, and below-market leases, which are included in accounts payable and accrued liabilities. The Company uses estimates of fair value based on estimated cash flows, using appropriate discount rates, and other valuation techniques to allocate the purchase price to the acquired tangible and intangible assets. Liabilities assumed generally consist of mortgage debt on the real estate assets acquired. Assumed debt is recorded at its fair value based on estimated market interest rates at the date of acquisition. The Company expects its future acquisitions will be accounted for as acquisitions of assets in which related transaction costs will be capitalized.

Depreciation is computed on a straight-line basis over estimated lives of 30 years for buildings, 10 to 20 years for certain improvements and 5 to 10 years for equipment and fixtures. Tenant improvements are capitalized and depreciated on a straight-line basis over the term of the related lease. Lease-related intangibles from acquisitions of real estate assets are generally amortized over the remaining terms of the related leases. The amortization of above- and below-market leases is recorded as an adjustment to rental revenue, while the amortization of all other lease-related intangibles is recorded as amortization expense. Any difference between the face value of the debt assumed and its fair value is amortized to interest expense over the remaining term of the debt using the effective interest method.

The Company's intangibles and their balance sheet classifications as of December 31, 2025 and 2024, respectively, are summarized as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Cost** | **Accumulated<br>Amortization** | **Cost** | **Accumulated<br>Amortization** |
| In-place leases | $**415390** | $**(271344)** | $418458 | $(231897) |
| Intangible lease assets and other assets: |  |  |  |  |
| &nbsp;&nbsp;Above-market leases | **254436** | **(168523)** | 260512 | (138474) |
| &nbsp;&nbsp;Tenant relationships | **2578** | **(167)** | 2578 | (115) |
| Accounts payable and accrued liabilities: |  |  |  |  |
| &nbsp;&nbsp;Below-market leases | **166051** | **(86416)** | 166909 | (69303) |

---

These intangibles are related to specific tenant leases. Should a termination occur earlier than the date indicated in the lease, the related unamortized intangible assets or liabilities, if any, related to the lease are recorded as expense or income, as applicable. The total net amortization expense of the above intangibles for the Company for the years ended December 31, 2025, 2024 and 2023, was $81,857, $67,031 and $105,964, respectively. The estimated total net amortization expense for the next five succeeding years is $56,285 in 2026, $32,451 in 2027, $20,886 in 2028, $12,229 in 2029 and $8,100 in 2030.

The Company capitalized interest expense of $518, $562 and $453 for the years ended December 31, 2025, 2024 and 2023, respectively.

*<u>Accounts Receivable</u>*

Receivables include amounts billed and currently due from tenants pursuant to lease agreements and receivables attributable to straight-line rents associated with those lease agreements. Individual leases where the collection of rents is

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in dispute are assessed for collectability based on management's best estimate of collection considering the anticipated outcome of the dispute. Individual leases that are not in dispute are assessed for collectability and upon the determination that the collection of rents over the remaining lease term is not probable, accounts receivable is reduced as an adjustment to rental revenues. Revenue from leases where collection is deemed to be less than probable is recorded on a cash basis until collectability is determined to be probable. Further, management assesses whether operating lease receivables, at a portfolio level, are appropriately valued based upon an analysis of balances outstanding, historical collection levels and current economic trends. An allowance for the uncollectable portion of the portfolio is recorded as an adjustment to rental revenues.

Management's collection assessment took into consideration the type of retailer, billing disputes, lease negotiation status and executed deferral or abatement agreements, as well as recent rent collection experience and tenant bankruptcies based on the best information available to management at the time of evaluation.

For the year ended December 31, 2025, the Company recorded $3,031 related to uncollectable revenues, which includes the write-off of $57 for straight-line rent receivables. For the year ended December 31, 2024, the Company recorded $4,155 related to uncollectable revenues, which includes the write-off of $1,257 for straight-line rent receivables. For the year ended December 31, 2023, the Company recorded $1,646 related to uncollectable revenues, which includes the write-off of $346 for straight-line rent receivables.

*<u>Carrying Value of Long-Lived Assets</u>* 

The Company monitors events or changes in circumstances that could indicate the carrying value of a long-lived asset may not be recoverable. The Company uses significant judgement in assessing events or circumstances which might indicate impairment, including but not limited to, changes in management's intent to hold a long-lived asset over its previously estimated useful life. Changes in management's intent to hold a long-lived asset have a significant impact on the estimated undiscounted cash flows expected to result from the use and eventual disposition of a long-lived asset and whether a potential impairment loss shall be measured. When indicators of potential impairment are present that suggest that the carrying amounts of a long-lived asset may not be recoverable, the Company assesses the recoverability of the asset by determining whether the asset's carrying value will be recovered through the estimated undiscounted future cash flows expected from the Company's use and its eventual disposition. In the event that such undiscounted future cash flows do not exceed the carrying value, the Company adjusts the carrying value of the long-lived asset to its estimated fair value and recognizes an impairment loss. The estimated fair value is calculated based on the following information, in order of preference, depending upon availability: (Level 1) recently quoted market prices, (Level 2) market prices for comparable properties, or (Level 3) the present value of future cash flows, including estimated salvage value. Certain of the Company's long-lived assets may be carried at more than an amount that could be realized in a current disposition transaction. The Company estimates future operating cash flows, the terminal capitalization rate and the discount rate, among other factors. As these assumptions are subject to economic and market uncertainties, they are difficult to predict and are subject to future events that may alter the assumptions used or management's estimates of future possible outcomes. Therefore, the future cash flows estimated in the Company's impairment analyses may not be achieved. See [<u>Note 15</u>](#note_16_fair_value) for information related to the impairment of long-lived assets in 2025, 2024 and 2023.

*<u>Cash and Cash Equivalents</u>*

The Company considers all highly liquid investments with original maturities of three months or less as cash equivalents.

*<u>Restricted Cash</u>*

As of December 31, 2025 and 2024, restricted cash was related to cash held in escrow accounts for insurance, real estate taxes, capital expenditures and tenant allowances as required by the terms of certain mortgage notes payable, as well as amounts related to cash management agreements with the Company's lenders that are designated for debt service and operating expense obligations. As of December 31, 2025 and 2024, restricted cash was also related to properties that secure the term loan and the 2032 non-recourse bank loan (previously referred to as the "open-air centers and outparcels loan") of which we may receive a portion via distributions semiannually and quarterly in accordance with the provisions of the term loan and the 2032 non-recourse bank loan, respectively.

*<u>Investments in Unconsolidated Affiliates</u>*

The Company evaluates its joint venture arrangements to determine whether they should be recorded on a consolidated basis. The percentage of ownership interest in the joint venture, an evaluation of control and whether a VIE exists are all considered in the Company's consolidation assessment.

Initial investments in joint ventures that are in economic substance a capital contribution to the joint venture are recorded in an amount equal to the cash contributed by the Company and the fair value of any real estate contributed. Initial

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investments in joint ventures that are in economic substance the sale of a portion of the Company's interest in the real estate are accounted for as a contribution of real estate recorded in an amount equal to the fair value of the ownership interest retained and as a sale of real estate with profit recognized to the extent of the other joint venture partners' interests in the joint venture. Profit recognition assumes the Company has no commitment to reinvest with respect to the percentage of the real estate sold and the accounting requirements of the full accrual method are met.

The Company accounts for its investment in joint ventures where it owns a noncontrolling interest or where it is not the primary beneficiary of a VIE using the equity method of accounting. Under the equity method, the Company's cost of investment is adjusted for additional contributions to and distributions from the unconsolidated affiliate, as well as its share of equity in the earnings of the unconsolidated affiliate. Generally, distributions of cash flows from operations and capital events are first made to partners to pay cumulative unpaid preferences on unreturned capital balances and then to the partners in accordance with the terms of the joint venture agreements.

On a periodic basis, the Company assesses whether there are any indicators that the fair value of the Company's investments in unconsolidated affiliates may be impaired. An investment is impaired only if the Company's estimate of the fair value of the investment is less than the carrying value of the investment and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss is measured as the excess of the carrying amount of the investment over the estimated fair value of the investment. The Company's estimates of fair value for each investment are based on a number of assumptions that are subject to economic and market uncertainties including, but not limited to, demand for space, competition for tenants, changes in market rental rates, and operating costs. As these factors are difficult to predict and are subject to future events that may alter the Company's assumptions, the fair values estimated in the impairment analyses may not be realized. No impairment charges were recorded for the years ended December 31, 2025, 2024 and 2023.

*<u>Deferred Financing Costs</u>*

Unamortized financing costs of $9,276 and $8,688 were included in mortgage and other indebtedness, net, at December 31, 2025 and 2024, respectively. Deferred financing costs include fees and costs incurred to obtain financing and are amortized on a straight-line basis to interest expense over the terms of the related indebtedness. Amortization expense related to deferred financing costs for the Company for the years ended December 31, 2025, 2024 and 2023 was $4,124, $4,554 and $4,572, respectively. Accumulated amortization of deferred financing costs was $7,779 and $11,541 as of December 31, 2025 and 2024, respectively.

*<u>Revenue Recognition</u>*

See [<u>Note 3</u>](#note_3_revenues) and [<u>Note 4</u>](#note_4_leases) for a description of the Company's revenue streams.

*<u>Gain on Sales of Real Estate Assets</u>*

Gains on the sale of real estate assets, like all non-lease related revenue, are subject to a five-step model requiring that the Company identify the contract with the customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract, and recognize revenue upon satisfaction of the performance obligations. In circumstances where the Company contracts to sell a property with material post-sale involvement, such involvement must be accounted for as a separate performance obligation in the contract and a portion of the sales price allocated to each performance obligation. When the post-sale involvement performance obligation is satisfied, the portion of the sales price allocated to it will be recognized as gain on sale of real estate assets. Property dispositions with no continuing involvement will continue to be recognized upon closing of the sale.

*<u>Income Taxes</u>*

The Company is qualified as a REIT under the provisions of the Internal Revenue Code. To maintain qualification as a REIT, the Company is required to distribute at least 90% of its taxable income to shareholders and meet certain other requirements.

As a REIT, the Company is generally not liable for federal corporate income taxes. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal and state income taxes on its taxable income at regular corporate tax rates. Even if the Company maintains its qualification as a REIT, the Company may be subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed income. For the years ended December 31, 2025, 2024 and 2023, the Company had state tax expense of $20, $630, and $823, respectively.

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The Company has also elected taxable REIT subsidiary status for some of its subsidiaries. This enables the Company to receive income and provide services that would otherwise be impermissible for REITs. For these entities, deferred tax assets and liabilities are established for temporary differences between the financial reporting basis and the tax basis of assets and liabilities at the enacted tax rates expected to be in effect when the temporary differences reverse. A valuation allowance for deferred tax assets is provided if the Company believes all or some portion of the deferred tax asset may not be realized. An increase or decrease in the valuation allowance that results from the change in circumstances that causes a change in the Company's judgment about the realizability of the related deferred tax asset is included in income or expense, as applicable.

The Company recorded an income tax provision as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Current tax provision | $**(464)** | $(2705) | $(2177) |
| Deferred tax (provision) benefit | **(11)** | 1650 | 1283 |
| Income tax provision | $**(475)** | $(1055) | $(894) |

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The Company had a net deferred tax asset of $14,465 and $12,608 at December 31, 2025 and 2024, respectively, which is included in intangible lease assets and other assets. As of December 31, 2025, tax years that generally remain subject to examination by the Company's major tax jurisdictions include 2025, 2024, 2023 and 2022.

The Company reports any income tax penalties attributable to its properties as property operating expenses and any corporate-related income tax penalties as general and administrative expenses in its consolidated statements of operations. In addition, any interest incurred on tax assessments is reported as interest expense. The Company incurred nominal interest and penalty amounts during the years ended December 31, 2025, 2024 and 2023.

*<u>Concentration of Credit Risk</u>*

The Company's tenants include national, regional and local retailers. Financial instruments that subject the Company to concentrations of credit risk consist primarily of tenant receivables. The Company generally does not obtain collateral or other security to support financial instruments subject to credit risk, but it monitors the credit standing of tenants. The Company derives a substantial portion of its rental income from various national and regional retail companies; however, no single tenant collectively accounted for more than 5.0% of the Company's revenues for the year ended December 31, 2025.

*<u>Earnings per Share</u>*

Earnings per share ("EPS") is calculated under the two-class method. Under the two-class method, all earnings (distributed and undistributed) are allocated to common stock and participating securities. The Company grants restricted stock awards to certain employees under its share-based compensation program, which entitle recipients to receive nonforfeitable dividends during the vesting period on a basis equivalent to the dividends paid to holders of common stock. These unvested restricted stock awards meet the definition of participating securities based on their respective rights to receive nonforfeitable dividends.

Diluted EPS incorporates the potential impact of contingently issuable shares. Diluted EPS is calculated under both the two-class and treasury stock methods, and the more dilutive amount is reported. Performance stock units ("PSUs") and unvested restricted stock awards are contingently issuable common shares and are included in diluted EPS if the effect is dilutive. See [<u>Note 16</u>](#note_17_sbc) for a description of the long-term incentive program that these awards relate to.

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The following table presents the calculation of basic and diluted EPS (in thousands, except per share amounts):

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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| **Basic earnings per share** |  |  |  |
| Net income attributable to the Company | $**135967** | $58970 | $6546 |
| Less: Dividends allocable to unvested restricted stock | **(2089)** | (1206) | (1113) |
| Net income attributable to common shareholders | $**133878** | $57764 | $5433 |
| Weighted-average basic shares outstanding | **30343** | 30905 | 31303 |
| Net income per share attributable to common shareholders | $**4.41** | $1.87 | $0.17 |
| **Diluted earnings per share** <sup>(1)</sup> |  |  |  |
| Net income attributable to common shareholders | $**133878** | $57764 | $5433 |
| Weighted-average basic shares outstanding | **30841** | 30962 | 31303 |
| Net income per share attributable to common shareholders | $**4.34** | $1.87 | $0.17 |

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(1)For the year ended December 31, 2025, the computation of diluted EPS includes contingently issuable shares related to PSUs calculated under the treasury stock method. For the year ended December 31, 2025, the computation of diluted EPS does not include contingently issuable shares related to unvested restricted stock awards due to their anti-dilutive nature. For the year ended December 31, 2025, had the contingently issuable shares been dilutive, the denominator for diluted EPS would have been 31,019,219, including 178,035 contingently issuable shares related to unvested restricted stock awards. For the year ended December 31, 2024, the computation of diluted EPS includes contingently issuable shares related to PSUs calculated under the treasury stock method. For the year ended December 31, 2024, the computation of diluted EPS does not include contingently issuable shares related to unvested restricted stock awards due to their anti-dilutive nature. For the year ended December 31, 2024, had the contingently issuable shares been dilutive, the denominator for diluted EPS would have been 31,092,693, including 130,527 contingently issuable shares related to unvested restricted stock awards. For the year ended December 31, 2023, the computation of diluted EPS does not include contingently issuable shares due to their anti-dilutive nature. Had the contingently issuable shares been dilutive, the denominator for diluted EPS would have been 31,330,597, including 27,434 contingently issuable shares related to unvested restricted stock awards.

*<u>Use of Estimates</u>*

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates.

**NOTE 3. REVENUES**

*<u>Revenues</u>*

The following table presents the Company's revenues disaggregated by revenue source:

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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Rental revenues | $**558985** | $493876 | $513957 |
| Revenues from contracts with customers: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating expense reimbursements (see table below) | **7736** | 7964 | 7395 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management, development and leasing fees <sup>(1)</sup> | **5114** | 7609 | 7917 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marketing revenues (see table below) | **3393** | 3000 | 3567 |
|  | **16243** | 18573 | 18879 |
| Other revenues | **3145** | 3112 | 2450 |
| Total revenues <sup>(2)</sup> | $**578373** | $515561 | $535286 |

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(1)Included in All Other segment.

(2)Sales taxes are excluded from revenues.

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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Operating expense reimbursements detail:** | **2025** | **2024** | **2023** |
| &nbsp;&nbsp;&nbsp;&nbsp;Malls | $**6743** | $6585 | $5889 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lifestyle Centers | **681** | 684 | 700 |
| &nbsp;&nbsp;&nbsp;&nbsp;Open-Air Centers | **333** | 427 | 463 |
| &nbsp;&nbsp;&nbsp;&nbsp;All Other | **(21)** | 268 | 343 |
|  | $**7736** | $7964 | $7395 |

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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Marketing revenues detail:** | **2025** | **2024** | **2023** |
| &nbsp;&nbsp;&nbsp;&nbsp;Malls | $**3124** | $2679 | $3294 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lifestyle Centers | **261** | 305 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;Outlet Centers | **8** | 16 | 11 |
|  | $**3393** | $3000 | $3567 |

---

See [<u>Note 11</u>](#note_12_segments) for information on the Company's segments.

*<u>Revenue from Contracts with Customers</u>*

*Operating expense reimbursements*

Under operating and other agreements with third parties, which own anchor or outparcel buildings at the Company's properties and pay no rent, the Company receives reimbursements for certain operating expenses such as ring road and parking area maintenance, landscaping and other fees. These arrangements are primarily either set at a fixed rate with rate increases typically every five years or are on a variable (pro rata) basis, typically as a percentage of costs allocated based on square footage or sales. The majority of these contracts have an initial term and one or more extension options, which cumulatively approximate 50 or more years as historically the initial term and any extension options are typically reasonably certain of being executed by the third party. The standalone selling price of each performance obligation is determined based on the terms of the contract, which typically assigns a price to each performance obligation that directly relates to the value the customer receives for the services being provided. Revenue is recognized as services are transferred to the customer. Variable consideration is based on historical experience and is generally recognized over time using the cost-to-cost method of measurement because it most accurately depicts the Company's performance in satisfying the performance obligation. The cumulative catch-up method is used to recognize any adjustments in variable consideration estimates. Under this method, any adjustment is recognized in the period it is identified.

*Management, development and leasing fees* 

The Company earns revenue from contracts with third parties and unconsolidated affiliates for property management, leasing, development and other services. These contracts are accounted for on a month-to-month basis if the agreement does not contain substantive penalties for termination. The majority of the Company's contracts with customers are accounted for on a month-to-month basis. The standalone selling price of each performance obligation is determined based on the terms of the contract, which typically assigns a price to each performance obligation that directly relates to the value the customer receives for the services being provided. These contracts generally are for the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Management fees - Management fees are charged as a percentage of revenues (as defined in the contract) and recognized as revenue over time as services are provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Leasing fees - Leasing fees are charged for newly executed leases and lease renewals and are recognized as revenue upon lease execution, when the performance obligation is completed. In cases for which the agreement specifies 50% of the leasing commission will be paid upon lease execution with the remainder paid when the tenant opens, the Company estimates the amount of variable consideration it expects to receive by evaluating the likelihood of tenant openings using the most likely amount method and records the amount as an unbilled receivable (contract asset).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Development fees - Development fees may be either set as a fixed rate in a separate agreement or be a variable rate based on a percentage of project costs. Variable consideration related to development fees is generally recognized over time using the cost-to-cost method of measurement because it most accurately depicts the Company's performance in satisfying the performance obligation. Contract estimates are based on various assumptions including the cost and availability of materials, anticipated performance and the complexity of the work to be performed. The cumulative catch-up method is used to recognize any adjustments in variable consideration estimates. Under this method, any adjustment is recognized in the period it is identified.

Development and leasing fees received from an unconsolidated affiliate are recognized as revenue only to the extent of the third-party partner's ownership interest. The Company's share of such fees are recorded as a reduction to the Company's investment in the unconsolidated affiliate.

*Marketing revenues*

The Company earns marketing revenues from advertising and sponsorship agreements. These fees may be for tangible items in which the Company provides advertising services and creates signs and other promotional materials for the tenant or may be arrangements in which the customer sponsors a play area or event and receives specified brand

------

recognition and other benefits over a set period of time. Revenue related to advertising services is recognized as goods and services are provided to the customer. Sponsorship revenue is recognized on a straight-line basis over the time period specified in the contract.

*Performance obligations*

A performance obligation is a promise in a contract to transfer a distinct good or service to a customer. If the contract does not specify the revenue by performance obligation, the Company allocates the transaction price to each performance obligation based on its relative standalone selling price. Such prices are generally determined using prices charged to customers or using the Company's expected cost plus margin. Revenue is recognized as the Company's performance obligations are satisfied over time, as services are provided, or at a point in time, such as leasing a space to earn a commission. Open performance obligations are those in which the Company has not fully or has partially provided the applicable goods or services to the customer as specified in the contract. If consideration is received in advance of the Company's performance, including amounts which are refundable, recognition of revenue is deferred until the performance obligation is satisfied or amounts are no longer refundable.

*Outstanding Performance Obligations*

The Company has outstanding performance obligations related to certain noncancellable contracts with customers for which it will receive fixed operating expense reimbursements for providing certain maintenance and other services as described above. As of December 31, 2025, the Company expects to recognize these amounts as revenue over the following periods:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Performance obligation** | **Less than** 5**<br>years** | 5**-20<br>years** | **Over** 20**<br>years** | **Total** |
| Fixed operating expense reimbursements | $21666 | $47987 | $44170 | $113823 |

---

The Company evaluates its performance obligations each period and makes adjustments to reflect any known additions or cancellations. Performance obligations related to variable consideration, which is based on sales, are constrained.

**NOTE 4. LEASES**

*<u>Lessor</u>*

*Rental Revenues*

The majority of the Company's revenues are earned through the lease of space at its properties. All the Company's leases with tenants for the use of space at its properties are classified as operating leases. Rental revenues include minimum rent, percentage rent, other rents and reimbursements from tenants for real estate taxes, insurance, common area maintenance ("CAM") and other operating expenses as provided in the lease agreements. The option to extend or terminate the Company's leases is specific to each underlying tenant lease agreement. Typically, the Company's leases contain penalties for early termination. The Company does not have any leases that convey the right for the lessee to purchase the leased asset.

Minimum rental revenue from operating leases is recognized on a straight-line basis over the initial terms of the related leases. Certain tenants are required to pay percentage rent if their sales volumes exceed thresholds specified in their lease agreements. Percentage rent is recognized as revenue when the thresholds are achieved and the amounts become determinable.

The Company receives reimbursements from tenants for real estate taxes, insurance, CAM and other recoverable operating expenses as provided in the lease agreements. Any tenant reimbursements that require fixed payments are recognized on a straight-line basis over the initial terms of the related leases, whereas any variable payments are recognized when earned in accordance with the tenant lease agreements. Tenant reimbursements related to certain capital expenditures are billed to tenants over periods of 5 to 15 years.

The components of rental revenues are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Fixed lease payments | $**449842** | $385110 | $397047 |
| Variable lease payments | **109143** | 108766 | 116910 |
| **Total rental revenues** | $**558985** | $493876 | $513957 |

---

------

The undiscounted future fixed lease payments to be received under the Company's operating leases as of December 31, 2025, are as follows:

---

| | |
|:---|:---|
| **Years Ending December 31,** |  |
| 2026 | $430282 |
| 2027 | 343856 |
| 2028 | 265144 |
| 2029 | 194251 |
| 2030 | 140969 |
| Thereafter | 392974 |
| Total undiscounted lease payments | $1767476 |

---

**NOTE 5. AC** **QUISITIONS**

The Company's acquisitions of shopping centers and other properties are accounted for as acquisitions of assets. The Company includes the results of operations of real estate assets acquired in the consolidated statements of operations from the date of the related acquisition.

*<u>2025 Acquisitions</u>*

In January 2025, the Company acquired four Macy's stores for $6,156, which included land, buildings and improvements, for future redevelopment at the respective properties.

In July 2025, the Company acquired four enclosed malls. The purchase price was approximately $179,742 including acquisition costs. Additionally, the Company received a credit at closing related to a net working capital deficit of $2,727 assumed by the Company. The acquired malls include Ashland Town Center in Ashland, KY, Mesa Mall in Grand Junction, CO, Paddock Mall in Ocala, FL, and Southgate Mall in Missoula, MT. The Company funded the transaction using cash from sales of real estate assets and funds from the modification of an existing loan (see [<u>Note 8</u>](#note_8_mortgage_or_indebtedness_net) for more information).

The Company engaged valuation experts to assist management in determining the fair value of the acquired assets and liabilities related to the acquisition of the malls. The most subjective and judgmental assumptions used include the projected cash flows, capitalization and discount rates. Multiple appraisal methodologies were used to value the acquired assets and liabilities, which included the cost approach, the sales comparison approach and the income capitalization approach. All estimates, assumptions, valuations and financial projections are inherently subject to significant uncertainties and the resolution of contingencies beyond the Company's control. Accordingly, the Company cannot assure that the estimates, assumptions, valuations or financial projections will be realized and actual results could vary materially.

The following table summarizes the amounts of identified assets acquired and liabilities assumed at the acquisition date:

---

| | |
|:---|:---|
| **Recognized amounts of identifiable assets acquired and liabilities assumed:** | **Recognized amounts of identifiable assets acquired and liabilities assumed:** |
| Land | $**35489** |
| Building and improvements | **119884** |
| In-place leases <sup>(1)</sup> | **22545** |
| Intangible lease assets and other assets: |  |
| &nbsp;&nbsp;Above-market leases <sup>(1)</sup> | **9416** |
| &nbsp;&nbsp;Deferred lease costs <sup>(1)</sup> | **6232** |
| &nbsp;&nbsp;Assumed working capital assets as of the acquisition date | **2352** |
| Accounts payable and accrued liabilities: |  |
| &nbsp;&nbsp;Below-market leases <sup>(1)</sup> | **(13825)** |
| &nbsp;&nbsp;Assumed working capital liabilities as of the acquisition date | **(5078)** |
| Total | $**177015** |

---

(1)At the acquisition date, the weighted average amortization period of the acquired intangible assets and liabilities was 8.1 years for in-place leases, 4.5 years for above-market leases, 12.3 years for deferred lease costs and 16.2 years for below-market leases.

*<u>2024 Acquisitions</u>*

In December 2024, the Company closed on the acquisition of its partner's 50% joint venture interests in the CBL/T-C, LLC joint venture, which includes CoolSprings Galleria, Oak Park Mall and West County Center. The interests were acquired for a total cash consideration of $25,025, which included $2,525 to reimburse the partner for its share of net working capital. The Company assumed the partner's interest in three non-recourse loans, secured individually by each of the assets. See [<u>Note 8</u>](#note_8_mortgage_or_indebtedness_net) for more information. For the year ended December 31, 2024, the Company recognized gain on consolidation of $26,727 related to this transaction.

------

The Company engaged valuation experts to assist management in determining the fair value of the acquired assets and liabilities related to CoolSprings Galleria, Oak Park Mall and West County Center. The most subjective and judgmental assumptions used include the projected cash flows, capitalization and discount rates, and market interest rates for mortgage note payable obligations. Multiple appraisal methodologies were used to value the acquired assets and liabilities, which included the cost approach, the sales comparison approach and the income capitalization approach. All estimates, assumptions, valuations and financial projections are inherently subject to significant uncertainties and the resolution of contingencies beyond the Company's control. Accordingly, the Company cannot assure that the estimates, assumptions, valuations or financial projections will be realized and actual results could vary materially.

The following table summarizes the amounts of identified assets acquired and liabilities assumed at the acquisition date:

---

| | |
|:---|:---|
| **Recognized amounts of identifiable assets acquired and liabilities assumed:** | **Recognized amounts of identifiable assets acquired and liabilities assumed:** |
| Land | $**57600** |
| Buildings and improvements | **328923** |
| Developments in progress | **587** |
| Cash and cash equivalents | **4366** |
| Restricted cash | **30499** |
| Receivables | **5044** |
| Intangible lease assets and other assets | **130261** |
| Mortgage and other indebtedness, net | **(446355)** |
| Accounts payable and accrued liabilities | **(59173)** |
| Total identifiable net assets | **51752** |
| Purchase price | **(25025)** |
| Gain on consolidation | $**26727** |

---

*<u>2023 Acquisitions</u>*

There were no acquisitions during 2023.

**NOTE 6. DISPOSITIONS AND HELD FOR SALE**

Based on its analysis, the Company determined that the dispositions described below do not meet the criteria for classification as discontinued operations and are not considered to be significant disposals based on its quantitative and qualitative evaluation. Thus, the results of operations of the properties described below, as well as any related gain or loss, are included in net income (loss) for all periods presented, as applicable.

*<u>2025 Dispositions</u>*

For the year ended December 31, 2025, the Company realized a gain of $74,229 primarily related to the sales of Monroeville Mall, Annex at Monroeville and three related outparcels (January 2025), Imperial Valley Mall and an associated land parcel (February 2025), The Promenade (July 2025), an outparcel (April 2025) and two land parcels (September 2025 and December 2025). For the year ended December 31, 2025, gross proceeds from sales of real estate assets were $170,513, which were primarily used to partially paydown the secured term loan by $41,116 and the 2032 non-recourse bank loan (previously referred to as the "open-air centers and outparcels loan") by $7,107, and to fund approximately $83,100 towards the acquisition of the four malls in July 2025. See [<u>Note 8</u>](#note_8_mortgage_or_indebtedness_net)for more information. The Company recorded loss on impairment related to the sales of 840 Greenbrier Circle and a land parcel. See [<u>Note 15</u>](#note_16_fair_value) for more information.

*<u>2024 Dispositions</u>*

For the year ended December 31, 2024, the Company realized a gain of $16,676 primarily related to the sales of Layton Hills Mall, Layton Hills Convenience Center, Layton Hills Plaza, 10 outparcels, of which 9 outparcels were associated with the Layton Hills properties, two land parcels and an anchor parcel. In addition, the Company recorded a loss on impairment related to two outparcels that were sold at less than carrying value. See [<u>Note 15</u>](#note_16_fair_value) for more information. For the year ended December 31, 2024, gross proceeds from sales of real estate assets were $81,733. The proceeds were primarily used to paydown the secured term loan and the 2032 non-recourse bank loan (previously referred to as the "open-air centers and outparcels loan"). See [<u>Note 8</u>](#note_8_mortgage_or_indebtedness_net) for more information.

*<u>2023 Dispositions</u>*

For the year ended December 31, 2023, the Company realized a gain of $5,125 primarily related to the sale of eight land parcels. Gross proceeds from sales of real estate assets were $10,325.

*<u>Held-for-Sale</u>*

As of December 31, 2025, there were no properties that met the criteria to be considered held-for-sale.

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The following properties were classified as held-for-sale as of December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Property** | **Location** | **Property Type** | **Total Assets** | **Total Liabilities** <sup>(1)</sup> |
| Monroeville Mall | Pittsburgh, PA | Mall | $30189 | $4306 |
| Annex at Monroeville | Pittsburgh, PA | Open-Air Center | 3075 | 218 |
| Imperial Valley | El Centro, CA | Mall | 22811 | 1286 |
| Total |  |  | $56075 | $5810 |

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(1)Included within accounts payable and accrued liabilities on the consolidated balance sheets.

**NOTE 7. UNCONSOLIDATED AFFILIATES**

At December 31, 2025, the Company had investments in 23 entities, which are accounted for using the equity method of accounting. All investments in unconsolidated affiliates were similar in nature and the entities all were developing or held and operated real estate assets.

The Company had three unconsolidated affiliates with its ownership interest ranging from 33% to 49%, 16 unconsolidated affiliates owned in 50/50 joint ventures and three unconsolidated affiliates with ownership interests of 65%.

Although the Company had majority ownership of certain joint ventures during 2025, 2024 and 2023, it evaluated the investments and concluded that the other partners or owners in these joint ventures had substantive participating rights or the ability to direct the activities that most significantly affect the economic performance of VIEs, such as approvals of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the pro forma for the development and construction of the project and any material deviations or modifications thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the site plan and any material deviations or modifications thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the conceptual design of the project and the initial plans and specifications for the project and any material deviations or modifications thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any acquisition/construction loans or any permanent financings/refinancings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the annual operating budgets and any material deviations or modifications thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the initial leasing plan and leasing parameters and any material deviations or modifications thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any material acquisitions or dispositions with respect to the project.

As a result of these considerations, the Company accounts for these investments using the equity method of accounting.

Additionally, the Company had a wholly owned investment that was deconsolidated as a result of losing control when the property went into receivership.

*<u>2025 Activity - Unconsolidated Affiliates</u>*

*Alamance Crossing CMBS, LLC*

In March 2025, the Company transferred title of the mall to the mortgage holder in satisfaction of the non-recourse debt secured by the property, which had a balance of $41,122.

------

*BI Developments, LLC*

In November 2025, the $1,725 loan secured by the former JC Penney parcel at Northgate Mall was paid off with the proceeds from the sale of the parcel. The parcel was sold for $4,000.

*BI Developments II, LLC*

In March 2025, the Company and its joint venture partner sold an outparcel. The sale resulted in total gross proceeds of $2,400 and the Company recognized a gain of $1,035 at the Company's share.

*Fremaux Town Center, JV, LLC*

In October 2025, the Company sold its interest in the property to its joint venture partner. After the repayment of the $34,968 of property-specific debt, the Company received $30,767 in proceeds, which was recognized through equity in earnings in the consolidated statements of operations.

*Mall of South Carolina, LP and Mall of South Carolina Outparcel, LP*

In September 2025, the Company entered into a forbearance agreement on the loan secured by Coastal Grand Mall and Coastal Grand Crossing that waived default interest and extended the maturity date through August 2028. In addition to the existing contractual interest rate, the forbearance agreement provides for default interest on the outstanding loan balance of 1%, 2% and 3% for each successive year of the forbearance agreement.

*Coastal Grand-DSG LLC*

In October 2025, the Company exercised the extension option on the loan secured by Coastal Grand Mall - Dick's Sporting Goods, which extended the maturity date through May 2026.

*Port Orange I, LLC*

In February 2025, the Company and its joint venture partner exercised the one-year extension option on the loan secured by the Pavilion at Port Orange, which extended the maturity date through February 2026.

In April 2025, the Company and its joint venture partner sold an outparcel. The sale resulted in total gross proceeds of $1,300 and the Company recognized a gain of $832 at the Company's share.

In September 2025, the Company and its joint venture partner closed on a new $43,000, five-year non-recourse loan, which bears a fixed interest rate of 5.933% and used the net proceeds to retire the previous loan.

*York Town Center Holding, LP*

In March 2025, the loan secured by York Town Center was extended for six months through September 2025. In August 2025, the loan secured by York Town Center was extended through June 2026 and the interest rate was increased to 6%.

*Southpark Mall CMBS, LLC*

In July 2025, the loan secured by Southpark Mall entered default and the property was placed into receivership. As of December 31, 2025, the loan secured by Southpark Mall had an outstanding balance of $48,271. For the year ended December 31, 2025, the Company recognized gain on deconsolidation of $33,851. The Company anticipates returning the property to the lender.

*<u>2024 Activity - Unconsolidated Affiliates</u>*

*Ambassador Infrastructure, LLC*

In December 2024, the loan secured by Ambassador Infrastructure was modified and extended. The modified loan bears a fixed interest rate of 7.26% and matures in March 2027.

*BI Development II, LLC*

In November 2024, the $3,062 loan secured by the former Sears parcel at Northgate Mall was paid off using proceeds from the sale of that parcel.

*CBL/T-C, LLC*

In December 2024, the Company closed on the acquisition of its partner's 50% joint venture interests in CoolSprings Galleria, Oak Park Mall and West County Center. See [<u>Note 5</u>](#note_5_acquisitions) and [<u>Note 8</u>](#note_8_mortgage_or_indebtedness_net) for more information.

------

*CBL-TRS Med OFC Holding, LLC*

In September 2024, construction was completed and the Company's full payment guaranty of the construction loan was released.

*Coastal Grand-DSG LLC*

In November 2024, the loan secured by Coastal Grand Dick's Sporting Goods was modified and extended. The modified loan has a fixed interest rate of 8.05% and matured in November 2025 with an option to extend to May 2026.

*Louisville Outlet Shoppes, LLC*

In October 2024, the Company and its joint venture partner entered into a new $66,000 non-recourse loan secured by The Outlet Shoppes of the Bluegrass. Proceeds from the new loan were used to pay off the existing $61,480 loan secured by the property. The new loan has a ten-year term and bears a fixed interest rate of 6.84%.

*Mall of South Carolina, LP and Mall of South Carolina Outparcel, LP*

In August 2024, the Company was notified by the lender that the loans secured by Coastal Grand Mall and Coastal Grand Crossing were in maturity default. In September 2025, the Company entered into a forbearance agreement.

*Vision-CBL Hamilton Place, LLC*

In July 2024, the loan secured by Hamilton Place Aloft Hotel was modified and extended. The modified loan bears a fixed interest rate of 7.2% and matures in June 2029.

*West Melbourne I, LLC*

In November 2024, the Company and its joint venture partner entered into new non-recourse loans secured by Hammock Landing which total $45,000. Proceeds from the new loans were used to pay off the existing variable rate loans secured by the property, which totaled $44,243. The new loans have a ten-year term and bear a fixed interest rate of 5.86%.

*WestGate Mall CMBS, LLC*

In May 2024, the Company transferred title of the mall to the mortgage holder in satisfaction of the non-recourse debt secured by the property, which had a balance of $28,661.

*<u>2023 Activity - Unconsolidated Affiliates</u>*

*Alamance Crossing CMBS, LLC*

In February 2023, the Company deconsolidated Alamance Crossing East as a result of the Company losing control when the property was placed in receivership. As of December 31, 2024, the loan secured by Alamance Crossing East had an outstanding balance of $41,122. For the year ended December 31, 2023, the Company recognized gain on deconsolidation of $28,151.

*Atlanta Outlet Shoppes CMBS, LLC*

In October 2023, the joint venture entered into a new $79,330, ten-year, non-recourse loan secured by the property. Proceeds from the new loan were used to pay off two previous loans totaling $69,531. The new loan bears a fixed interest rate of 7.85% and matures in October 2033.

*CBL-TRS Med OFC Holding, LLC*

In June 2023, the Company and its joint venture partner in Friendly Center and The Shops at Friendly entered into a new 50/50 joint venture, CBL-TRS Med OFC Holding, LLC, for the purpose of entering into a joint venture, CBL DMC I, LLC, with a third party to develop a medical office building on a parcel of land adjacent to those centers. CBL-TRS Med OFC Holding, LLC contributed the parcel of land valued at $2,600 to CBL DMC I, LLC in exchange for a 50% interest in CBL DMC I, LLC. The unconsolidated affiliate is a VIE.

*CBL-TRS Joint Venture, LLC*

In April 2023, the Company and its joint venture partner entered into a new $148,000 loan secured by Friendly Center and The Shops at Friendly Center. Proceeds from the new loan were used to pay off two previous loans totaling $145,203. The new loan bears a fixed interest rate of 6.44% and matures in May 2028.

------

*Louisville Outlet Shoppes, LLC*

In April 2023, the $7,247 loan secured by The Outlet Shoppes of the Bluegrass - Phase II, an unconsolidated affiliate, was paid off.

*West County Mall CMBS, LLC*

In March 2023, the loan secured by West County Mall was extended through December 2024, with one two-year conditional extension option available upon meeting certain requirements.

*Westgate Mall CMBS, LLC*

In September 2023, the Company deconsolidated WestGate Mall as a result of the Company losing control when the property was placed in receivership. For the year ended December 31, 2023, the Company recognized gain on deconsolidation of $19,728.

*<u>Condensed Combined Financial Statements - Unconsolidated Affiliates</u>*

Condensed combined financial statement information of the unconsolidated affiliates is as follows:

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| | | |
|:---|:---|:---|
|  | **December 31, <br>2025** | **December 31, <br>2024** |
| **ASSETS:** |  |  |
| Investment in real estate assets | $**1255163** | $1284494 |
| Accumulated depreciation | **(574364)** | (576289) |
|  | **680799** | 708205 |
| Developments in progress | **1315** | 32114 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment in real estate assets | **682114** | 740319 |
| Other assets | **135138** | 156363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $**817252** | $896682 |
| **LIABILITIES:** |  |  |
| Mortgage and other indebtedness, net | $**715013** | $780536 |
| Other liabilities | **23468** | 36253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | **738481** | 816789 |
| **OWNERS' EQUITY:** |  |  |
| The Company | **78016** | 76607 |
| Other investors | **755** | 3286 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total owners' equity | **78771** | 79893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and owners' equity | $**817252** | $896682 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Total revenues | $**181264** | $260969 | $255283 |
| Net income <sup>(1)</sup> | $**107004** | $54433 | $38434 |

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(1)The Company's pro rata share of net income is included in equity in earnings of unconsolidated affiliates for each period presented in the accompanying consolidated statements of operations. The Company's pro rata share of net income was $53,276, $22,932 and $11,865 for the years ended December 31, 2025, 2024 and 2023, respectively.

*<u>Variable Interest Entities</u>*

The Operating Partnership and certain of its subsidiaries are deemed to have the characteristics of a VIE primarily because the limited partners of these entities do not collectively possess substantive kick-out or participating rights.

Generally, a VIE is a legal entity in which the equity investors do not have the characteristics of a controlling financial interest or the equity investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. A limited partnership is considered a VIE when the majority of the limited partners unrelated to the general partner possess neither the right to remove the general partner without cause, nor proportionate rights to participate in the decisions that most significantly affect the financial results of the partnership. The Company consolidates the Operating Partnership, which is a VIE, for which the Company is the primary beneficiary. The Company, through the Operating Partnership, consolidates all VIEs for which it is the primary beneficiary. In determining whether the Company is the primary beneficiary of a VIE, the Company considers qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE's economic performance and which party controls such activities; the amount and characteristics of the Company's investment; the obligation or likelihood for the Company or other investors to provide financial support; and the similarity with and significance to the Company's business activities and the business activities of the other investors.

------

As of December 31, 2025, the Company had investments in 10 consolidated VIEs with ownership interests ranging from 50% to 92%.

See [<u>Note 14</u>](#note_15_contingencies) for a description of guarantees the Operating Partnership has issued related to the unconsolidated affiliates.

**NOTE 8. MORTGAGE AND OTHER INDEBTEDNESS, NET**

CBL has no indebtedness. Either the Operating Partnership or one of its consolidated subsidiaries that it has a direct or indirect ownership interest in is the borrower on all the Company's debt, substantially all of which is secured by real estate assets.

The Company's mortgage and other indebtedness, net, consisted of the following:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Amount** | **Weighted-<br>Average<br>Interest<br>Rate** <sup>(1)</sup> | **Amount** | **Weighted-<br>Average<br>Interest<br>Rate** <sup>(1)</sup> |
| **Fixed-rate debt:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2032 non-recourse bank loan <sup>(2)</sup> | $**367956** | **7.70%** | $170031 | 6.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-recourse loans on operating properties | **1133962** | **4.64%** | 1233767 | 4.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total fixed-rate debt** | **1501918** | **5.39%** | 1403798 | 5.02% |
| **Variable-rate debt:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-recourse, secured term loan | **646722** | **6.74%** | 725495 | 7.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;2032 non-recourse bank loan <sup>(2)</sup> | **75000** | **7.97%** | 170031 | 8.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-recourse loan on an operating property | **31380** | **7.62%** | 32580 | 8.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total variable-rate debt** | **753102** | **6.90%** | 928106 | 7.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total fixed-rate and variable-rate debt** | **2255020** | **5.89%** | 2331904 | 6.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Unamortized deferred financing costs | **(9276)** |  | (8688) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt discounts <sup>(3)</sup> | **(74959)** |  | (110536) |  |
| **Total mortgage and other indebtedness, net** | $**2170785** |  | $2212680 |  |

---

(1)Weighted-average interest rate excludes amortization of deferred financing costs.

(2)This loan was previously referred to as the "open-air centers and outparcels loan". The interest rate is a fixed 7.70% for $367,956 of the outstanding loan balance through July 2030, with the remaining loan balance bearing a variable interest rate based on the 30-day secured overnight financing rate ("SOFR") plus 4.10%. The full principal balance will convert to a variable rate after July 2030. The Operating Partnership has an interest rate swap on a notional amount of $32,000 related to the variable portion of the loan to effectively fix the interest rate at 7.3975%.

(3)Represents the difference between the estimated fair value and the outstanding principal balance of applicable loans at the time of fresh start accounting and dates of acquisitions. These discounts are accreted as additional interest expense over the terms of the respective debt using the effective interest method. The remaining debt discounts at December 31, 2025 will be accreted over a weighted average period of 4.3 years.

Non-recourse loans on operating properties, the 2032 non-recourse bank loan (previously referred to as the "open-air centers and outparcels loan") and the secured term loan include loans that are secured by properties owned by the Company that have a carrying value of $1,745,324 at December 31, 2025.

Certain of the Company's properties that are pledged as collateral on non-recourse mortgage loans are subject to cash management agreements with the lenders, which restrict the cash balances associated with those properties to only be used for debt service, capital expenditures and operating expense obligations.

*<u>Corporate Debt</u>*

On November 1, 2021, CBL & Associates HoldCo I, LLC ("HoldCo I"), a wholly owned subsidiary of the Operating Partnership, entered into an amended and restated credit agreement (the "credit agreement"), providing for an $883,700 secured term loan that was originally scheduled to mature on November 1, 2025. In November 2025, the Company met the required conditions to automatically extend the loan to November 1, 2026. Upon further satisfaction of certain conditions the maturity date will automatically extend to November 1, 2027. The secured term loan bore interest at a rate per annum equal to LIBOR for the applicable period plus 275 basis points, subject to a LIBOR floor of 1.0%. In March 2023, the secured term loan was amended to replace LIBOR with SOFR for purposes of calculating interest. The transition to SOFR was effective as of June 30, 2023.

The credit agreement requires HoldCo I to comply with certain financial ratios in the aggregate for the collateral properties, including a covenant that it not permit the (i) interest coverage ratio (as defined in the credit agreement) commencing with the fiscal quarter ending December 31, 2021, to be less than 1.50 to 1.00, (ii) minimum debt yield ratio (as defined in the credit agreement) commencing with the fiscal quarter ending March 31, 2023 as of the last day of any fiscal quarter ending prior to the maturity date, to be less than eleven and a half percent (11.50%) and (iii) the occupancy

------

rate (as defined in the credit agreement) commencing with the fiscal quarter ending March 31, 2023, as of the last day of any fiscal quarter ending prior to the maturity date, to be less than seventy five percent (75%). The Operating Partnership provided a limited guaranty up to a maximum of $175,000 (the "principal liability cap"). In November 2023, the limited guaranty was eliminated pursuant to the terms of the credit agreement and the loan became fully non-recourse. The Company believes that it was in compliance with all financial covenants and restrictions at December 31, 2025.

The secured term loan is secured by first-priority liens on substantially all the personal and real property assets of HoldCo I and its direct and indirect subsidiaries, including without limitation, HoldCo I's and the subsidiary guarantors' ownership interests in the capital stock, membership interests or partnership interests in the subsidiary guarantors.

*<u>Fixed-Rate Debt</u>*

As of December 31, 2025, fixed-rate loans on operating properties bear interest at stated rates ranging from 3.40% to 7.70%. Fixed-rate loans on operating properties generally provide for monthly payments of principal and/or interest and mature at various dates through October 2030, based on original maturity dates, with a weighted-average maturity of 2.9 years.

*<u>Variable-Rate Debt</u>*

The Company's variable-rate debt bears interest at a rate indexed to SOFR. At December 31, 2025, the interest rates ranged from 6.74% to 7.97%. Variable-rate loans mature at various dates through October 2030, based on original maturity dates, with a weighted-average maturity of 1.2 years.

*<u>2025 Loan Activity</u>*

In January 2025, a portion of the proceeds from the sale of Monroeville Mall and the Annex at Monroeville were used to paydown the 2032 non-recourse bank loan (previously referred to as the "open-air centers and outparcels loan") by $7,107.

In February 2025, a portion of the proceeds from the sale of Imperial Valley Mall were used to paydown the secured term loan principal balance by $41,116.

In March 2025, the loan secured by Cross Creek Mall was modified to extend the maturity date to August 2025. In July 2025, the Company closed on a new $78,000, five-year non-recourse loan secured by Cross Creek Mall. The new loan bears a fixed interest rate of 6.856%.

In March 2025, the lender notified the Company that the loan secured by The Outlet Shoppes at Laredo was in default. In September 2025, the loan was extended through June 2026 and the loan default was cured.

In May 2025, the Company exercised the one-year extension option on the loan secured by Fayette Mall.

In July 2025, the Company closed on the acquisition of four malls. The malls include Ashland Town Center in Ashland, KY, Mesa Mall in Grand Junction, CO, Paddock Mall in Ocala, FL, and Southgate Mall in Missoula, MT. Concurrent with the acquisition, the Company completed a modification and extension of the existing $332,956 2032 non-recourse bank loan (previously referred to as the "open-air centers and outparcels loan"), which was scheduled to initially mature in June 2027. The loan was modified to include the acquired properties, increasing the principal balance by $110,000 to $442,956 and extending the initial maturity through October 2030, with one, two-year extension option for a final maturity in October 2032. For the initial five-year term, the interest-only loan will bear a fixed interest rate of 7.70% on a principal balance of approximately $368,000 and a floating interest rate of SOFR plus 410 basis points on the remaining balance of approximately $75,000. The full principal balance will convert to the floating rate after the initial term.

In July 2025, the loan secured by Southpark Mall entered default and the property was placed into receivership. The Company deconsolidated the property in conjunction with the property entering receivership. See [<u>Note 7</u>](#note_7_unconsolidated_affiliates_cost_me).

In October 2025, the lender notified the Company that the loan secured by The Outlet Shoppes at Gettysburg was in maturity default. The Company anticipates returning the property to the lender.

Subsequent to December 31, 2025, the lender notified the Company that the loan secured by Jefferson Mall was in default and the property was placed into receivership. See [<u>Note 18</u>](#note_20_sub_events)for more information.

*<u>2024 Loan Activity</u>*

In February 2024, the Company redeemed U.S. Treasury securities and used the proceeds to pay off the $15,190 loan secured by Brookfield Square Anchor Redevelopment.

In May 2024, the Company exercised a one-year extension option on the loan secured by Fayette Mall.

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In August 2024, the Company used proceeds from the sales of Layton Hills Mall, Layton Hills Convenience Center, Layton Hills Plaza and 9 associated outparcels to partially paydown $46,000 and $18,297 on the outstanding principal balances of the secured term loan and the 2032 non-recourse bank loan (previously referred to as the "open-air centers and outparcels loan"), respectively. In conjunction with the partial paydown of the 2032 non-recourse bank loan, the Company recognized $819 of loss on extinguishment of debt related to a prepayment fee.

In December 2024, the Company closed on the acquisition of its partner's 50% joint venture interests in CoolSprings Galleria, Oak Park Mall and West County Center. The Company assumed its partner's share of three non-recourse loans, secured individually by each of the assets. As of December 31, 2025, the loans securing each asset totaled $519,647, consisting of $133,958 at CoolSprings Galleria, $245,665 at Oak Park Mall and $140,024 at West County Center.

*<u>Other</u>*

Several of the Company's properties are owned by special purpose entities, created as a requirement under certain loan agreements that are included in the Company's consolidated financial statements. The sole business purpose of the special purpose entities is to own and operate these properties. The real estate and other assets owned by these special purpose entities are restricted under the loan agreements in that they are not available to settle other debts of the Company. However, so long as the loans are not under an event of default, as defined in the loan agreements, the cash flows from these properties, after payments of debt service, operating expenses and reserves, are available for distribution to the Company.

*<u>Scheduled Principal Payments</u>* 

As of December 31, 2025, the scheduled principal amortization and balloon payments of the Company's consolidated debt, excluding extensions available at the Company's option, on all mortgage and other indebtedness, are as follows:

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| | |
|:---|:---|
| 2026 | $1281692 |
| 2027 | 11195 |
| 2028 | 134781 |
| 2029 | 7939 |
| 2030 | 740144 |
| Thereafter | 59831 |
| Total | 2235582 |
| Principal balance of a loan with a maturity date prior to December 31, 2025 <sup>(1)</sup> | 19438 |
| **Total mortgage and other indebtedness** | $2255020 |

---

(1)Represents the principal balance as of December 31, 2025 of the loan secured by The Outlet Shoppes at Gettysburg, which is in maturity default. The Company anticipates returning the property to the lender.

Of the $1,281,692 of scheduled principal payments in 2026, $624,083 relates to the maturing principal balance of nine operating property loans and $646,722 relates to the secured term loan.

*<u>Interest Rate Hedge Instruments</u>*

The Company may use derivative financial instruments, including interest rate swaps, caps, options, floors and other interest rate derivative contracts, to hedge all or a portion of the interest rate risk associated with its borrowings. The principal objective of such arrangements is to minimize the risks and/or costs associated with the Company's operating and financial structure as well as to hedge specific anticipated transactions. The Company does not intend to utilize derivatives for speculative or other purposes other than interest rate risk management. The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements. To mitigate this risk, the Company only enters into derivative financial instruments with counterparties with high credit ratings and with major financial institutions with which the Company and its affiliates may also have other financial relationships. The Company does not anticipate that its counterparty will fail to meet their obligation.

The Company records its derivative instruments in its consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the derivative has been designated as a hedge and, if so, whether the hedge has met the criteria necessary to apply hedge accounting.

The Company's objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

------

The effective portion of changes in the fair value of derivatives designated as, and that qualify as, cash flow hedges is recorded in accumulated other comprehensive income (loss) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Such derivatives were used to hedge the variable cash flows associated with variable-rate debt.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Instrument Type** | **Location in the Consolidated Balance Sheet** | **Notional** | **Index** | **Fair Value at December 31, 2025** | **Maturity Date** |
| Pay fixed/Receive variable swap | Intangible lease assets and other assets | $32000 | 1-month USD-SOFR CME | $2 | Jun-27 |

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
| **Hedging Instrument - Interest Rate Swap** | **2025** | **2024** |
| (Loss) gain recognized in other comprehensive income (loss) | $**(512)** | $177 |
| Gain recognized in earnings <sup>(1)</sup> | $**302** | $598 |

---

(1)Gain reclassified from accumulated other comprehensive income into earnings shown in interest expense.

Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on the Company's variable-rate debt. During the next twelve months, the Company estimates that $27 will be reclassified from other comprehensive income (loss) as a decrease to interest expense.

The Company has an agreement with each derivative counterparty that contains a provision where if the Company either defaults or is capable of being declared in default on any of its indebtedness, then the Company could also be declared in default on its derivative obligations.

As of December 31, 2025, the Company did not have any derivatives with a fair value in a net liability position including accrued interest but excluding any adjustment for nonperformance risk. As of December 31, 2025, the Company has posted $1,920 of cash collateral related to the interest rate swap. The Company is not in breach of any agreement provisions.

**NOTE 9. SHAREHOLDERS' EQUITY**

*<u>Common Stock and Common Units</u>*

The Company's authorized common stock consists of 200,000,000 shares at $0.001 par value per share. The Company had 30,322,052 and 30,711,227 shares of common stock issued and outstanding as of December 31, 2025 and 2024, respectively (in each case, excluding 34 treasury shares).

The Company may repurchase shares of CBL's common stock, as authorized by the board of directors. The timing and amount of repurchase activity is based on market conditions and other considerations, including the level of available cash, alternative uses for cash and the Company's stock price. In August 2023, the board of directors authorized the repurchase of up to $25,000 of the Company's outstanding common stock beginning on August 10, 2023. In September 2024, the Company completed all repurchase activity under the $25,000 stock repurchase program. In October 2024, the Company completed the repurchase of 500,000 shares of CBL stock for $12,525, in a privately negotiated block trade from a single shareholder. The block repurchase was completed separately from the Company's stock repurchase program. In May 2025, the board of directors authorized the repurchase of up to $25,000 of the Company's outstanding common stock. In November 2025, the board of directors authorized the repurchase of up to $25,000 of the Company's outstanding common stock. The authorized share repurchase program has an expiration date of November 5, 2026 and replaced the existing program authorized in May 2025. Repurchased common stock is accounted for as treasury stock until otherwise retired. During 2025, the Company repurchased 248,590 shares of common stock at a total cost of $7,339, which includes $10 in commissions, under the May 2025 share repurchase program, and repurchased 325,408 shares of common stock at a total cost of $10,720, which includes $13 in commissions, under the November 2025 share repurchase program. During 2024, the Company repurchased 1,022,860 shares of common stock at a total cost of $23,933, which includes $41 in commissions, under the share repurchase program. During 2023, the Company repurchased 51,966 shares of common stock at a total cost of $1,109, which includes $2 in commissions, under the share repurchase program.

Partners in the Operating Partnership hold their ownership through common units of limited partnership interest, hereinafter referred to as "common units." A common unit and a share of CBL's common stock have essentially the same economic characteristics, as they effectively participate equally in the net income and distributions of the Operating Partnership. For each share of common stock issued by CBL, the Operating Partnership has issued a corresponding number of common units to CBL in exchange for the proceeds from the stock issuance.

------

Each limited partner in the Operating Partnership has the right to exchange all or a portion of its common units for shares of CBL's common stock, or at the Company's election, their cash equivalent. When an exchange for common stock occurs, the Company assumes the limited partner's common units in the Operating Partnership. The number of shares of common stock received by a limited partner of the Operating Partnership upon exercise of its exchange rights will be equal, on a one-for-one basis, to the number of common units exchanged by the limited partner. If the Company elects to pay cash, the amount of cash paid by the Operating Partnership to redeem the limited partner's common units will be based on the five-day trailing average of the trading price, at the time of exchange, of the shares of common stock that would otherwise have been received by the limited partner in the exchange. Neither the common units nor the shares of CBL's common stock are subject to any right of mandatory redemption.

During 2023, the Company paid cash of $110 to four holders of limited partnership interest in exchange for 4,985 common units of limited partnership interest.

*<u>Dividends</u>*

The Company paid common stock dividends of $0.40 per share in each of the first and second quarters of 2025 and $0.45 per share in each of the third and fourth quarters of 2025. Additionally, our board of directors declared a special dividend of $0.80 per share, which was paid in cash during the first quarter of 2025. The special dividend was made to ensure that the Company meets the minimum requirement to maintain our status as a REIT. The Company paid common stock dividends of $0.40 per share for each quarter during 2024. The Company paid common stock dividends of $0.375 per share for each quarter during 2023. In November 2022, the board of directors declared a special dividend of $2.20 per share of common stock, payable in cash. The special dividend was paid in cash during the first quarter of 2023. Subsequent to December 31, 2025, the Company's board of directors declared a $0.45 per share regular quarterly dividend for the first quarter of 2026. See [<u>Note 18</u>](#note_20_sub_events) for more information.

The decision to declare and pay dividends on any outstanding shares of our common stock, as well as the timing, amount and composition of any such future dividends, will be at the sole discretion of the Company's board of directors and will depend on the Company's earnings, taxable income, cash flows, liquidity, financial condition, capital requirements, contractual prohibitions or other limitations under the Company's then-current indebtedness, the annual distribution requirements under the REIT provisions of the Internal Revenue Code, Delaware law and such other factors as the Company's board of directors deems relevant. Any dividends payable will be determined by the Company's board of directors based upon the circumstances at the time of declaration. The Company's actual results of operations will be affected by a number of factors, including the revenues received from its properties, its operating expenses, interest expense, unanticipated capital expenditures and the ability of its anchors and tenants at its properties to meet their obligations for payment of rents and tenant reimbursements.

The allocations of dividends declared and paid for income tax purposes for the years ended December 31, 2025, 2024 and 2023 are as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| **Dividends declared:** |  |  |  |
| Common stock | $**2.50** | $1.60 | $1.50 |
| **Allocations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary income | **86.31%** | 88.86% | 87.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gains | **2.02%** | 8.61% | 12.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of capital | **11.67%** | 2.53% | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | **100.00%** | 100.00% | 100.00% |

---

**NOTE 10. NONCONTROLLING INTERESTS**

*<u>Noncontrolling Interests of the Company</u>*

Third parties held rights to convert noncontrolling interests in the Operating Partnership to 5,298 shares of common stock at both December 31, 2025 and 2024.

The assets and liabilities allocated to the Operating Partnership's noncontrolling interests are based on their ownership percentages of the Operating Partnership at December 31, 2025 and 2024. The ownership percentages are determined by dividing the number of common units held by each of the noncontrolling interests at December 31, 2025 and 2024 by the total common units outstanding at December 31, 2025 and 2024, respectively. The noncontrolling interest ownership percentage in assets and liabilities of the Operating Partnership was 0.02% at both December 31, 2025 and 2024.

------

Income is allocated to the Operating Partnership's noncontrolling interests based on their weighted-average ownership during the year. The ownership percentages are determined by dividing the weighted-average number of common units held by each of the noncontrolling interests by the total weighted-average number of common units outstanding during the year.

A change in the number of shares of common stock or common units changes the percentage ownership of all partners of the Operating Partnership. A common unit is considered to be equivalent to a share of common stock since it generally is exchangeable for shares of the Company's common stock or, at the Company's election, their cash equivalent. As a result, an allocation is made between shareholders' equity and noncontrolling interests in the Operating Partnership in the Company's accompanying balance sheets to reflect the change in ownership of the Operating Partnership's underlying equity when there is a change in the number of shares and/or common units outstanding.

The total noncontrolling interest in the Operating Partnership was $70 and $53 at December 31, 2025 and 2024, respectively.

*<u>Noncontrolling Interests in Other Consolidated Subsidiaries</u>* 

The Company had 10 other consolidated subsidiaries at December 31, 2025 and 2024 that had noncontrolling interests held by third parties and for which the related partnership agreements either do not include redemption provisions or are subject to redemption provisions that do not require classification outside of permanent equity. The total noncontrolling interests in other consolidated subsidiaries of the Company was $(10,332) and $(10,735) at December 31, 2025 and 2024, respectively.

The assets and liabilities allocated to noncontrolling interests in other consolidated subsidiaries of the Company are based on the third parties' ownership percentages in each subsidiary at December 31, 2025 and 2024, respectively. Income is allocated to noncontrolling interests in other consolidated subsidiaries based on the third parties' weighted-average ownership in each subsidiary during the year.

*<u>Variable Interest Entities (VIE)</u>*

The Operating Partnership and certain of its subsidiaries are deemed to have the characteristics of a VIE primarily because the limited partners of these entities do not collectively possess substantive kick-out or participating rights.

Generally, a VIE is a legal entity in which the equity investors do not have the characteristics of a controlling financial interest or the equity investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. A limited partnership is considered a VIE when the majority of the limited partners unrelated to the general partner possess neither the right to remove the general partner without cause, nor proportionate rights to participate in the decisions that most significantly affect the financial results of the partnership. The Company consolidates the Operating Partnership, which is a VIE, for which the Company is the primary beneficiary. The Company, through the Operating Partnership, consolidates all VIEs for which it is the primary beneficiary. In determining whether the Company is the primary beneficiary of a VIE, the Company considers qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE's economic performance and which party controls such activities; the amount and characteristics of the Company's investment; the obligation or likelihood for the Company or other investors to provide financial support; and the similarity with and significance to the Company's business activities and the business activities of the other investors.

The table below lists the Company's consolidated VIEs as of December 31, 2025 and 2024, which does not reflect the elimination of any internal debt the consolidated VIE has with the Operating Partnership:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2025** | **2025** | **2024** | **2024** |
|  | **Assets** | **Liabilities** | **Assets** | **Liabilities** |
| **Consolidated VIEs:** |  |  |  |  |
| Atlanta Outlet Outparcels, LLC | $**779** | $**—** | $792 | $— |
| CBL Terrace LP | **15195** | **17943** | 15969 | 18148 |
| Gettysburg Outlet Center Holding, LLC | **10328** | **21724** | 10960 | 20129 |
| Gettysburg Outlet Center, LLC | **2830** | **—** | 2886 |  |
| Jarnigan Road LP | **12979** | **19662** | 14182 | 20541 |
| Jarnigan Road II, LLC | **16443** | **16611** | 17611 | 16840 |
| Laredo Outlet JV, LLC | **19375** | **32807** | 19588 | 34432 |
| Lebcon Associates | **77437** | **107822** | 81420 | 105150 |
| Lebcon I, Ltd | **10477** | **11952** | 10800 | 12007 |
| Louisville Outlet Outparcels, LLC | **537** | **—** | 537 |  |
|  | $**166380** | $**228521** | $174745 | $227247 |

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The table below lists the Company's unconsolidated VIEs as of December 31, 2025:

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| | | |
|:---|:---|:---|
| **Unconsolidated VIEs:** | **Investment in<br>Real Estate<br>Joint<br>Ventures<br>and<br>Partnerships** | **Maximum<br>Risk of Loss** |
| Ambassador Infrastructure, LLC <sup>(1)</sup> | $— | $2797 |
| Atlanta Outlet JV, LLC |  |  |
| BI Development, LLC | 375 | 375 |
| El Paso Outlet Center Holding, LLC |  |  |
| Louisville Outlet Shoppes, LLC |  |  |
| Mall of South Carolina L.P. |  |  |
| Southpark Mall CMBS, LLC <sup>(2)</sup> |  |  |
| Vision - CBL Hamilton Place, LLC | 3685 | 3685 |
| Vision - CBL Mayfaire TC Hotel, LLC | 5774 | 5774 |
|  | $9834 | $12631 |

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(1)The Operating Partnership has guaranteed all of the debt. See [<u>Note 14</u>](#note_15_contingencies) for more information.

(2)During the year ended December 31, 2025, the property was placed into receivership.

**NO** **TE 11. SEGMENT INFORMATION**

As discussed in [<u>Note 1</u>](#note_1_organization), the Company owns interests in a portfolio of properties including regional shopping malls, outlet centers, lifestyle centers, open-air centers, office buildings and other properties, including single-tenant and multi-tenant parcels. The Company has identified each property as an operating segment, and each is led by a general manager. Performance and resource allocation is assessed by the chief executive officer ("CEO"), whom the Company has determined to be the CODM.

As previously mentioned in [<u>Note 1</u>](#note_1_organization), the Company's reportable segments are malls, lifestyle centers, outlet centers and open-air centers. The CODM evaluates performance and allocates resources on a property-by-property basis, which the Company aggregates into reportable segments based on property type in accordance with Accounting Standards Codification ("ASC") 280, *Segment Reporting*, ("ASC 280") aggregation criteria. The CODM measures performance and allocates resources to each property based on net operating income ("NOI") and certain criteria such as tenant mix, capital requirements, economic risks, leasing terms, and short- and long-term returns on capital. NOI is a supplemental non-GAAP measure of the operating performance of the Company's shopping centers and other properties. The Company defines NOI as property operating revenues (rental revenues, tenant reimbursements and other income) less property operating expenses (property operating, real estate taxes and maintenance and repairs) plus property interest and other income. The Company computes NOI based on its pro rata share of both consolidated and unconsolidated properties.

Asset value information and capital expenditures by segment are not reported because the CODM does not use these measures to assess performance.

The following is a brief description of the Company's reportable segments and the remaining operating segments that comprise the All Other category:

Malls – The malls reporting segment consists of enclosed large regional shopping centers, generally anchored by two or more anchors or junior anchors, a wide variety of in-line retail stores, restaurants and non-retail tenants.

Lifestyle centers – The lifestyle center reporting segment consists of large open-air centers, generally anchored by one or more anchors, which can include traditional department store anchors, grocers, or other non-traditional anchors and/or junior anchors, a wide variety of in-line and retail stores, restaurants, and/or non-retail tenants.

Outlet centers – The outlet center reporting segment consists of open-air centers, generally anchored by one or more discount or off-price junior anchors and a wide variety of brand name off-price or discount in-line stores.

Open-air centers – The open-air centers reporting segment is typically anchored by a combination of supermarkets, value-priced stores, big-box retailers or traditional department stores. In many cases, the open-air centers in this category are adjacent to the properties that make up the malls reporting segment.

All Other – The All Other category includes outparcels, office buildings, hotels, corporate-level debt and the Management Company.

Rental income and tenant reimbursements from tenant leases provide the majority of revenues from all segments. The accounting policies of the reportable segments are the same as those described in [<u>Note 2</u>](#note_2_summary_of_significant_accounting).

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Information on the Company's reportable segments is presented as follows:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Year Ended December 31, 2025** | **Malls** | **Outlet Centers** | **Lifestyle Centers** | **Open-Air Centers** | **Total Reportable Segments** | **All Other** <sup>(1)</sup> | **Consolidation Adjustments** <sup>(2)</sup> | **Consolidated Total** |
| Revenues <sup>(3)</sup> | $**478422** | $**35427** | $**50920** | $**65194** | $**629963** | $**31903** | $**(83493)** | $**578373** |
| Property operating expenses <sup>(4)</sup> | **(174927)** | **(13504)** | **(14563)** | **(13768)** | **(216762)** |  |  |  |
| Interest and other income | **465** | **48** | **123** | **668** | **1304** |  |  |  |
| Segment net operating income | $**303960** | $**21971** | $**36480** | $**52094** | **414505** |  |  |  |
| All other segment net operating income <sup>(1)</sup> |  |  |  |  | **36333** |  |  |  |
| Consolidation adjustments <sup>(2)</sup> |  |  |  |  | **(63568)** |  |  |  |
| Interest expense |  |  |  |  | **(175962)** |  |  |  |
| Gain on sales of real estate assets |  |  |  |  | **74229** |  |  |  |
| Other |  |  |  |  | **(57)** |  |  |  |
| Depreciation and amortization |  |  |  |  | **(165156)** |  |  |  |
| General and administrative expense |  |  |  |  | **(69040)** |  |  |  |
| Loss on extinguishment of debt |  |  |  |  | **(217)** |  |  |  |
| Loss on impairment |  |  |  |  | **(3193)** |  |  |  |
| Gain on deconsolidation |  |  |  |  | **33851** |  |  |  |
| Income tax provision |  |  |  |  | **(475)** |  |  |  |
| Equity in earnings of unconsolidated affiliates |  |  |  |  | **53276** |  |  |  |
| Net income |  |  |  |  | $**134526** |  |  |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Year Ended December 31, 2024** | **Malls** | **Outlet Centers** | **Lifestyle Centers** | **Open-Air Centers** | **Total Reportable Segments** | **All Other** <sup>(1)</sup> | **Consolidation Adjustments** <sup>(2)</sup> | **Consolidated Total** |
| Revenues <sup>(3)</sup> | $446043 | $34688 | $49925 | $69924 | $600580 | $36516 | $(121535) | $515561 |
| Property operating expenses <sup>(4)</sup> | (160304) | (12764) | (14656) | (13135) | (200859) |  |  |  |
| Interest and other income | 681 | 81 | 1 | 736 | 1499 |  |  |  |
| Segment net operating income | $286420 | $22005 | $35270 | $57525 | 401220 |  |  |  |
| All other segment net operating income <sup>(1)</sup> |  |  |  |  | 43139 |  |  |  |
| Consolidation adjustments <sup>(2)</sup> |  |  |  |  | (88234) |  |  |  |
| Interest expense |  |  |  |  | (154486) |  |  |  |
| Other |  |  |  |  | (230) |  |  |  |
| Gain on sales of real estate assets |  |  |  |  | 16676 |  |  |  |
| Depreciation and amortization |  |  |  |  | (140591) |  |  |  |
| General and administrative expense |  |  |  |  | (67254) |  |  |  |
| Litigation settlement |  |  |  |  | 553 |  |  |  |
| Loss on extinguishment of debt |  |  |  |  | (819) |  |  |  |
| Loss on impairment |  |  |  |  | (1461) |  |  |  |
| Gain on consolidation |  |  |  |  | 26727 |  |  |  |
| Income tax provision |  |  |  |  | (1055) |  |  |  |
| Equity in earnings of unconsolidated affiliates |  |  |  |  | 22932 |  |  |  |
| Net income |  |  |  |  | $57117 |  |  |  |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Year Ended December 31, 2023** | **Malls** | **Outlet Centers** | **Lifestyle Centers** | **Open-Air Centers** | **Total Reportable Segments** | **All Other** <sup>(1)</sup> | **Consolidation Adjustments** <sup>(2)</sup> | **Consolidated Total** |
| Revenues <sup>(3)</sup> | $468138 | $32504 | $50634 | $68507 | $619783 | $35255 | $(119752) | $535286 |
| Property operating expenses <sup>(4)</sup> | (170952) | (12136) | (14026) | (14808) | (211922) |  |  |  |
| Interest and other income | 1068 | 22 | 12 | 877 | 1979 |  |  |  |
| Segment net operating income | $298254 | $20390 | $36620 | $54576 | 409840 |  |  |  |
| All other segment net operating income <sup>(1)</sup> |  |  |  |  | 38851 |  |  |  |
| Consolidation adjustments <sup>(2)</sup> |  |  |  |  | (87345) |  |  |  |
| Interest expense |  |  |  |  | (172905) |  |  |  |
| Gain on sales of real estate assets |  |  |  |  | 5125 |  |  |  |
| Other |  |  |  |  | (221) |  |  |  |
| Depreciation and amortization |  |  |  |  | (190505) |  |  |  |
| General and administrative expense |  |  |  |  | (64066) |  |  |  |
| Litigation settlement |  |  |  |  | 2310 |  |  |  |
| Gain on extinguishment of debt |  |  |  |  | 3270 |  |  |  |
| Gain on deconsolidation |  |  |  |  | 47879 |  |  |  |
| Income tax provision |  |  |  |  | (894) |  |  |  |
| Equity in earnings of unconsolidated affiliates |  |  |  |  | 11865 |  |  |  |
| Net income |  |  |  |  | $3204 |  |  |  |

---

(1)The All Other category includes outparcels, office buildings, hotels, corporate-level entities and the Management Company.

(2)Consolidation adjustments represent the elimination of the Company's share of unconsolidated affiliates and the addition of the noncontrolling interests' share to reconcile to the amounts reported in the Company's consolidated statements of operations.

(3)Management, development and leasing fees earned by the Management Company are included in the All Other category. See [<u>Note 3</u>](#note_3_revenues) for information on the Company's revenues disaggregated by revenue source.

(4)Property operating expenses include property operating, real estate taxes and maintenance and repairs, none of which represent significant segment expense.

**NOTE 12. SUPPLEMENTAL AND NONCASH INFORMATION**

The Company's noncash investing and financing activities for the years ended December 31, 2025, 2024 and 2023 were as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Additions to real estate assets accrued but not yet paid | $**16710** | $16395 | $8749 |
| Deconsolidation upon loss of control <sup>(1)</sup>: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in real estate assets | **(10075)** |  | (14419) |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in mortgage and other indebtedness | **45594** |  | 63339 |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in operating assets and liabilities | **882** |  | 6409 |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in intangible lease and other assets | **(2550)** |  | (7450) |
| Settlement of mortgage debt obligations <sup>(2)</sup>: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in mortgage and other indebtedness | **—** |  | 3270 |

---

(1)See [<u>Note 7</u>](#note_7_unconsolidated_affiliates_cost_me) for more information.

(2)In October 2023, after the lender's claim against the general unsecured claim pool related to the filing of bankruptcy was allowed, the Company and its joint venture partner modified the loan secured by The Outlet Shoppes at Laredo, which resulted in the recognition of gain on extinguishment of debt of $3,270.

**NOTE 13. RELATED PARTY TRANSACTIONS** 

The Management Company provides management, development and leasing services to the Company's unconsolidated affiliates and other affiliated partnerships. The Company recognized revenues for these services in the amount of $4,476, $6,818 and $7,169 for the years ended December 31, 2025, 2024 and 2023. Of these amounts, a portion comes from three unconsolidated affiliates in which an affiliate of the Company holds a significant interest.

**NOTE 14. CONTINGENCIES**

The Company is currently involved in certain other litigation that arises in the ordinary course of business, most of which is expected to be covered by liability insurance. Management makes assumptions and estimates concerning the likelihood and amount of any potential loss relating to these matters using the latest information available. The Company records a liability for litigation if an unfavorable outcome is probable and the amount of loss or range of loss can be reasonably estimated. If an unfavorable outcome is probable and a reasonable estimate of the loss is a range, the Company accrues the best estimate within the range. If no amount within the range is a better estimate than any other amount, the Company accrues the minimum amount within the range. If an unfavorable outcome is probable but the amount of the loss

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cannot be reasonably estimated, the Company discloses the nature of the litigation and indicates that an estimate of the loss or range of loss cannot be made. If an unfavorable outcome is reasonably possible and the estimated loss is material, the Company discloses the nature and estimate of the possible loss of the litigation. Based on current expectations, such matters, both individually and in the aggregate, are not expected to have a material adverse effect on the liquidity, results of operations, business or financial condition of the Company.

*<u>Environmental Contingencies</u>*

The Company evaluates potential loss contingencies related to environmental matters using the same criteria described above related to litigation matters. Based on current information, an unfavorable outcome concerning such environmental matters, both individually and in the aggregate, is considered to be reasonably possible. However, the Company believes its maximum potential exposure to loss would not be material to its results of operations or financial condition. The Company has a master insurance policy that provides coverage into 2027 for certain environmental claims up to $40,000 per occurrence and up to $40,000 in the aggregate, subject to deductibles and certain exclusions. At certain locations, individual policies are in place.

*<u>Guarantees</u>*

The Operating Partnership may guarantee the debt of a joint venture primarily because it allows the joint venture to obtain funding at a lower cost than could be obtained otherwise. This results in a higher return for the joint venture on its investment, and a higher return on the Operating Partnership's investment in the joint venture. The Operating Partnership may receive a fee from the joint venture for providing the guaranty. Additionally, when the Operating Partnership issues a guaranty, the terms of the joint venture agreement typically provide that the Operating Partnership may receive indemnification from the joint venture partner or have the ability to increase its ownership interest. The guarantees expire upon repayment of the debt, unless noted otherwise.

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The following table represents the Operating Partnership's guarantees of unconsolidated affiliates' debt as reflected in the accompanying consolidated balance sheets as of December 31, 2025 and 2024:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **Obligation<br>recorded to reflect<br>guaranty** | **Obligation<br>recorded to reflect<br>guaranty** |
| **Unconsolidated Affiliate** | **Company's<br>Ownership<br>Interest** | **Outstanding<br>Balance** | **Percentage<br>Guaranteed<br>by the<br>Operating<br>Partnership** | **Maximum<br>Guaranteed<br>Amount** | **Debt<br>Maturity<br>Date** | **December 31, 2025** | **December 31, 2024** |
| Port Orange I, LLC <sup>(1)</sup> | 50% | 43000 |  |  | Oct-2030 | $— | $222 |
| Ambassador Infrastructure, LLC | 65% | 2797 | 100% | 2797 | Mar-2027 | 28 | 44 |
| Total guaranty liability |  |  |  |  |  | $28 | $266 |

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(1)The guaranty was removed in conjunction with the new loan entered into in September 2025. See [<u>Note 7</u>](#note_7_unconsolidated_affiliates_cost_me) for more information.

For the years ended December 31, 2025, 2024 and 2023 the Company evaluated its guarantees individually by looking at the debt service ratio, cash flow forecasts and the performance of each loan. The result of the analysis was that each loan is current. The Company did not record a credit loss related to its guarantees for the years ended December 31, 2025, 2024 and 2023.

**NO** **TE 15. FAIR VALUE MEASUREMENTS**

The Company has categorized its financial assets and financial liabilities that are recorded at fair value into a hierarchy in accordance with ASC 820, *Fair Value Measurements and Disclosure*, ("ASC 820") based on whether the inputs to valuation techniques are observable or unobservable. The fair value hierarchy contains three levels of inputs that may be used to measure fair value as follows:

Level 1 - Inputs represent quoted prices in active markets for identical assets and liabilities as of the measurement date.

Level 2 - Inputs, other than those included in Level 1, represent observable measurements for similar instruments in active markets, or identical or similar instruments in markets that are not active, and observable measurements or market data for instruments with substantially the full term of the asset or liability.

Level 3 - Inputs represent unobservable measurements, supported by little, if any, market activity, and require considerable assumptions that are significant to the fair value of the asset or liability. Market valuations must often be determined using discounted cash flow methodologies, pricing models or similar techniques based on the Company's assumptions and best judgment.

The asset or liability's fair value within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Under ASC 820, fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability in an orderly transaction at the measurement date and under current market conditions. Valuation techniques used maximize the use of observable inputs and minimize the use of unobservable inputs and consider assumptions such as inherent risk, transfer restrictions and risk of nonperformance.

The carrying values of cash and cash equivalents, receivables, accounts payable and accrued liabilities are reasonable estimates of their fair values because of the short-term nature of these financial instruments. The estimated fair value of mortgage and other indebtedness was $2,084,706 and $2,110,154 at December 31, 2025 and 2024, respectively. The fair value was calculated using Level 2 inputs by discounting future cash flows for mortgage and other indebtedness using estimated market rates at which similar loans would be made currently.

*<u>Fair Value Measurements on a Recurring Basis</u>*

The Company uses interest rate swaps to manage its interest rate risk. The valuation of these instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows. This analysis reflects the contractual terms of the interest rate swap, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. To comply with the provisions of ASC 820, the Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements. In adjusting the fair value of the Company's derivative contracts for the effect of nonperformance risk, it has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees. In accordance with ASU 2011-04, the FASB's fair value measurement guidance, the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio. Although the Company has determined that the majority of the inputs used to value its interest rate

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swap fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its interest rate swap utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. The Company has determined that the significance of the impact of the credit valuation adjustments made to its derivative contract, which determination was based on the fair value of the individual contract, was not significant to the overall valuation. As a result, the Company's interest rate swap held as of December 31, 2025 and December 31, 2024 were classified as Level 2 of the fair value hierarchy.

The following table sets forth information regarding the Company's interest rate swap that was designated as a cash flow hedge of interest risk for the year ended December 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Fair Value Measurements at Reporting Date Using** | **Fair Value Measurements at Reporting Date Using** | **Fair Value Measurements at Reporting Date Using** |
| **Asset** | **Fair Value at December 31, 2025** | **Quoted Prices in<br>Active Markets<br> for Identical<br>Assets (Level 1)** | **Significant<br>Other<br>Observable<br>Inputs (Level 2)** | **Significant<br>Unobservable<br>Inputs (Level 3)** |
| &nbsp;&nbsp;Interest rate swap | $**2** | $**—** | $**2** | $**—** |

---

The following table sets forth information regarding the Company's interest rate swap that was designated as a cash flow hedge of interest risk for the year ended December 31, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Fair Value Measurements at Reporting Date Using** | **Fair Value Measurements at Reporting Date Using** | **Fair Value Measurements at Reporting Date Using** |
| **Asset** | **Fair Value at December 31, 2024** | **Quoted Prices in<br>Active Markets<br> for Identical<br>Assets (Level 1)** | **Significant<br>Other<br>Observable<br>Inputs (Level 2)** | **Significant<br>Unobservable<br>Inputs (Level 3)** |
| &nbsp;&nbsp;Interest rate swap | $**514** | $**—** | $**514** | $**—** |

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During the year ended December 31, 2025, the Company has continued to reinvest the cash from maturing U.S. Treasury securities into new U.S. Treasury securities. The Company designated the U.S. Treasury securities as available-for-sale ("AFS"). The below table sets forth information regarding the Company's AFS securities that were measured at fair value. Subsequent to December 31, 2025, the Company purchased and redeemed U.S. Treasury securities. See [<u>Note 18</u>](#note_20_sub_events) for more information.

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| | | |
|:---|:---|:---|
| **U.S. Treasury securities** | **December 31, 2025** | **December 31, 2024** |
| Amortized cost <sup>(1)</sup> | $**292646** | $242881 |
| Allowance for credit losses <sup>(2)</sup> |  |  |
| Total unrealized gain | **441** | 267 |
| Fair value <sup>(3)</sup> | $**293087** | $243148 |

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(1)The U.S. Treasury securities have maturities through October 2026.

(2)U.S Treasury securities have a long history with no credit losses. Additionally, the Company notes that U.S Treasury securities are explicitly fully guaranteed by a sovereign entity that can print its own currency and that the sovereign entity's currency is routinely held by central banks and other major financial institutions, is used in international commerce, and commonly viewed as a reserve currency, all of which quantitatively indicate that historical credit loss information should be minimally affected by current conditions and reasonable and supportable forecasts. Therefore, the Company did not record expected credit losses for its U.S Treasury securities for the years ended December 31, 2025 and 2024.

(3)The fair value was calculated using Level 1 inputs.

*<u>Fair Value Measurements on a Nonrecurring Basis</u>*

The Company measures the fair value of certain long-lived assets on a nonrecurring basis, through quarterly impairment testing or when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. The Company's evaluation of the recoverability of long-lived assets involves the comparison of undiscounted future cash flows expected to be generated by each property over the Company's expected remaining holding period to the respective carrying amount. The determination of whether the carrying value is recoverable also requires management to make estimates related to probability weighted scenarios impacting undiscounted cash flow models. The Company considers both quantitative and qualitative factors in its impairment analysis of long-lived assets. Significant quantitative factors include historical and forecasted information for each property such as net operating income, occupancy statistics and sales levels. Significant qualitative factors used include market conditions, age and condition of the property and tenant mix. The quantitative and qualitative factors impact the selection of the terminal capitalization rate which is used in both an undiscounted and discounted cash flow model and the discount rate used in a discounted cash flow model. Due to the significant unobservable estimates and assumptions used in the valuation of long-lived assets that experience impairment, the Company classifies such long-lived assets under Level 3 in the fair value hierarchy. Level 3 inputs primarily consist of sales and market data, independent valuations and discounted cash flow models. See below for a description of the estimates and assumptions the Company used in its impairment analysis. See [<u>Note 2</u>](#note_2_summary_of_significant_accounting) for additional information describing the Company's impairment review process.

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*Long-lived Assets Measured at Fair Value in 2025*

During the year ended December 31, 2025, the Company sold 840 Greenbrier Circle (June 2025) for $3,500 and a land parcel (September 2025) for $7,463, which were both less than their carrying values and recorded impairments totaling $3,193.

During the year ended December 31, 2025, the Company adjusted the negative equity in Southpark Mall to zero upon deconsolidation, which represented the estimated fair value of the Company's investment in the property. See [<u>Note 7</u>](#note_7_unconsolidated_affiliates_cost_me) for more information.

See [<u>Note 5</u>](#note_5_acquisitions) for information regarding the fair value adjustments associated with the acquisition of four enclosed malls, which includes Ashland Town Center, Mesa Mall, Paddock Mall and Southgate Mall.

*Long-lived Assets Measured at Fair Value in 2024*

During the year ended December 31, 2024, the Company sold two outparcels for less than each asset's carrying value and recorded impairment of $1,461.

See [<u>Note 5</u>](#note_5_acquisitions) for information regarding the fair value adjustments associated with the Company's acquisition of its partner's 50% joint venture interests in the CBL/T-C, LLC joint venture, which includes CoolSprings Galleria, Oak Park Mall and West County Center.

*Long-lived Assets Measured at Fair Value in 2023*

During the year ended December 31, 2023, the Company adjusted the negative equity in WestGate Mall and Alamance Crossing East to zero upon deconsolidation, which represents the estimated fair value of the Company's investment in these properties. See [<u>Note 7</u>](#note_7_unconsolidated_affiliates_cost_me)for more information.

**NOTE 16. SHARE-BA** **SED COMPENSATION** 

*2021 Equity Incentive Plan*

On November 10, 2021, the board of directors of the Company adopted the CBL & Associates Properties, Inc. 2021 Equity Incentive Plan (the "EIP"). The EIP authorizes the grant of equity awards to eligible participants based on the Company's common stock, in the form of stock options, stock appreciation rights, restricted stock, restricted stock units and other equity awards. Awards under the EIP may be granted to officers, employees, directors, consultants and independent contractors of the reorganized company. Initially, 3,222,222 shares of the Company's common stock were available under the EIP. The initial amount of the Company's common stock authorized for awards under the EIP is subject to an annual increase of a number of shares equal to 3% of the number of shares of the Company's common stock issued and outstanding at the end of the relevant calendar year (beginning January 2023), or such lesser amount as the board of directors may determine. Pursuant to this provision, the board of directors approved an increase of 953,403 shares in January 2023 and determined that no additional shares would be added in January 2024, January 2025 or January 2026. As of December 31, 2025, there were 2,503,741 shares available under the EIP. The Plan is administered by the compensation committee of the board of directors, which determines the participants who will be granted awards under the EIP and the terms and conditions of EIP awards.

In accordance with the provisions of ASU 2016-09, which are designed to simplify the accounting for share-based payments transactions, the Company accounts for forfeitures of share-based payments as they occur rather than estimating them in advance.

*Restricted Stock Awards*

Restricted stock awards granted to the Company's executive officers vest annually over a three-year or four-year period as defined in the award. Restricted stock awards granted to the Company's non-executive officers vest annually over a three-year period. Restricted stock awards granted to the Company's non-employee directors vest over a one-year period, with restrictions expiring each January. The grantee generally has all the rights of a stockholder during the vesting/restricted period, including the right to receive dividends on the same basis and at the same rate as all other outstanding shares of common stock and the right to vote such shares on any matter on which holders of the Company's common stock are entitled to vote. The shares generally are not transferable during the restricted period, except for any transfers which may be required by law.

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A summary of the status of the Company's nonvested restricted stock awards as of December 31, 2025, and changes during the year ended December 31, 2025, are presented below:

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| | | |
|:---|:---|:---|
|  | **Shares** | **Weighted-<br>Average<br>Grant-Date<br>Fair Value Per Share** |
| Unvested at January 1, 2025 | 490864 | $26.08 |
| Granted | 152542 | $31.71 |
| Vested | (302849) | $26.35 |
| Forfeited | (2501) | $28.20 |
| Unvested at December 31, 2025 | 338056 | $28.35 |

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Compensation expense is recognized on a straight-line basis over the requisite service period. The share-based compensation cost related to restricted stock awards was $8,814, $8,305 and $7,343 for the years ended December 31, 2025, 2024 and 2023, respectively. Share-based compensation cost capitalized as part of real estate assets was $136 and $133 for the years ended December 31, 2025 and 2024, respectively. Share-based compensation cost resulting from share-based awards is recorded at the Management Company, which is a taxable entity.

The total grant-date fair value of restricted stock awards granted during the years ended December 31, 2025, 2024 and 2023 was $4,837, $4,148 and $10,086, respectively. The total fair value of restricted stock awards that vested during the years ended December 31, 2025, 2024 and 2023 was $10,414, $7,720 and $11,090, respectively.

As of December 31, 2025, there was $5,105 of total unrecognized compensation cost related to nonvested restricted stock awards granted under the EIP, which is expected to be recognized over a weighted-average period of 1.6 years.

*Performance Stock Unit Awards*

In February 2022, the compensation committee approved the terms of new awards of PSUs. The PSUs are earned over a four-year performance period aligned with fiscal years 2022 (includes the period from November 1, 2021 through December 31, 2021) through 2025, with one-quarter of the PSUs assigned to each fiscal year within the four-year performance period. The number of PSUs earned for each fiscal year within the four-year performance period will be determined based on the achievement of both (i) a quantitative total market return goal and (ii) a Company-specific stated goal, for such fiscal year.

In February 2023, the compensation committee established a long-term incentive program ("LTIP") under the EIP. The 2023 LTIP awards approved by the compensation committee consist of both a PSU component (55% - 60% of the LTIP award) and a restricted stock award component (40% - 45% of the LTIP award). The amount of common stock that may be issued for the PSU component upon the conclusion of the applicable three-year performance period will be determined by two measures: (i) a portion (40%) of the number of shares issued will be determined based on the Company's achievement of specified levels of long-term relative total stockholder return ("<u>TSR</u>") performance (stock price appreciation plus aggregate dividends) versus the Retail Sector Component (excluding companies comprising the Free-Standing Subsector) of the FTSE NAREIT All Equity REIT Index, provided that at least a "Threshold" level must be attained for any shares to be received, and (ii) a portion (60%) of such number of shares issued will be determined based on the Company's absolute TSR performance over such period, provided again that at least a "Threshold" level must be attained for any shares to be received. The restricted stock award component consists of time-vesting restricted stock, of which a third of the award vests annually over the three-year performance period. The 2024 and 2025 LTIP awards approved by the compensation committee consist of both a PSU component (60% - 70% of the LTIP award) and a restricted stock award component (30% - 40% of the LTIP award). The amount of common stock that may be issued for the PSU component upon the conclusion of the applicable three-year performance period will be determined by two measures: (i) a portion (30%) of the number of shares issued will be determined based on the Company's achievement of specified levels of long-term relative <u>TSR</u> performance (stock price appreciation plus aggregate dividends) versus the Retail Sector Component (excluding companies comprising the Free-Standing Subsector) of the FTSE NAREIT All Equity REIT Index, provided that at least a "Threshold" level must be attained for any shares to be received, and (ii) a portion (70%) of such number of shares issued will be determined based on the Company's absolute TSR performance over such period, provided again that at least a "Threshold" level must be attained for any shares to be received. The restricted stock award component consists of time-vesting restricted stock, of which a third of the award vests annually over the three-year performance period.

Compensation cost for the PSUs granted in February 2023, February 2024 and February 2025 is recognized on a straight-line basis over the service period since it is longer than the performance period. The resulting expense is recorded regardless of whether any PSU awards are earned as long as the required service period is met. For the PSUs granted in February 2022, each quarter, management assesses the probability that the measures associated with the Company's

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outstanding PSU awards will be attained. The Company begins recognizing compensation expense on a straight-line basis over the remaining service period once the PSU award measures are deemed probable of achievement. Share-based compensation expense related to the PSUs granted under the EIP was $7,799, $6,490 and 5,639 for the years ended December 31, 2025, 2024 and 2023, respectively. The unrecognized compensation expense related to the PSUs granted under the EIP was $7,270 as of December 31, 2025, which is expected to be recognized over a weighted-average period of 2.3 years.

A summary of the status of the Company's outstanding PSU awards as of December 31, 2025, and changes during the year ended December 31, 2025, are presented below:

---

| | | |
|:---|:---|:---|
|  | **PSUs** | **Weighted-<br>Average<br>Grant-Date<br>Fair Value Per Share** |
| Outstanding at January 1, 2025 | 571287 | $28.48 |
| 2025 PSUs granted | 130312 | $35.57 |
| Incremental PSUs granted <sup>(1)</sup> | 64671 | $28.00 |
| Vested | (230421) | $24.67 |
| Outstanding at December 31, 2025 | 535849 | $31.78 |

---

(1)PSUs granted shall be adjusted as if the shares of common stock represented by such PSUs had received any applicable stock or cash dividends declared. As for stock dividends, a number of PSUs shall be added to the target amount corresponding to the number of shares of common stock that would have been payable per such stock dividend on the then outstanding number of PSUs under the agreement as if common stock had been issued for such PSUs. As to cash dividends, a number of PSUs shall be added to the target amount corresponding to the number of shares of common stock that could have been acquired by the cash dividend payable on the then outstanding number of PSUs under the agreement as if common stock had been issued for such PSUs, and the calculation of the number of shares of common stock that could have been acquired shall be based on the closing price of the common stock on the record date for the cash dividend at issue.

The following table summarizes the assumptions used in the Monte Carlo simulation pricing model related to the Company's PSUs:

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| | | | |
|:---|:---|:---|:---|
|  | **2025 PSUs** | **2024 PSUs** | **2023 PSUs** |
| Grant date | February 12, 2025 | February 7, 2024 | February 17, 2023 |
| Fair value per share on valuation date <sup>(1)</sup> | $35.57 | $24.30 | $38.79 |
| Risk-free interest rate <sup>(2)</sup> | 4.40% | 4.19% | 4.37% |
| Expected share price volatility <sup>(3)</sup> | 32.00% | 40.00% | 62.50% |

---

(1)The value of the PSU awards are estimated on the date of grant using a Monte Carlo simulation model. The valuation consists of computing the fair value using CBL's simulated stock price as well as TSR over a three-year performance period. The award is modeled as a contingent claim in that the expected return on the underlying shares is risk-free and the rate of discounting the payoff of the award is also risk-free. The weighted-average fair value per share related to the 2025 PSUs consists of 39,094 PSUs at a fair value of $42.50 per share (which relates to the relative TSR) and 91,218 PSUs at a fair value of $32.60 per share (which relates to absolute TSR). The weighted-average fair value per share related to the 2024 PSUs consists of 50,825 PSUs at a fair value of $29.38 per share (which relates to the relative TSR) and 118,595 PSUs at a fair value of $22.12 per share (which relates to absolute TSR). The weighted-average fair value per share related to the 2023 PSUs consists of 63,114 shares at a fair value of $40.64 per share (which relates to the relative TSR) and 94,675 shares at a fair value of $37.55 per share (which relates to absolute TSR).

(2)The risk-free interest rate was based on the yield curve on zero-coupon U.S. Treasury securities in effect as of the valuation date, which is the grant date listed above.

(3)For the 2025 PSUs, the computation of expected volatility was based on the historical volatility of CBL's shares of common stock for a trading period equal to the time from the grant date to the end of the performance period. For the 2024 PSUs, the computation of expected volatility was based on the historical volatility of CBL's shares of common stock for a trading period equal to the time from the grant date to the end of the performance period. Since the performance period exceeds CBL's trading history, volatility indications of comparable public companies were also considered. For the 2023 PSUs, the computation of expected volatility was based on the historical volatility of CBL's shares of common stock based on annualized daily total continuous returns over a three-year period and implied volatility data based on the trailing month average of daily implied volatilities implied by stock call option contracts that were both closest to the terms shown and closest to the money.

**NOTE 17. EMPLOYEE BENEFIT PLANS**

*<u>401(k) Plan</u>* 

The Management Company maintains a 401(k) profit sharing plan, which is qualified under Section 401(a) and Section 401(k) of the Internal Revenue Code to cover employees of the Management Company. All employees who have attained the age of 21 and have completed at least one month of service are eligible to participate in the plan. The plan provides for employer matching contributions on behalf of each participant equal to 50% of the portion of such participant's contribution that does not exceed 2.5% of such participant's annual gross salary for the plan year. Additionally, the Management Company has the discretion to make additional profit-sharing-type contributions not related to participant elective contributions. Total contributions by the Management Company for the years ended December 31, 2025, 2024 and 2023, were $982, $903 and $890, respectively.

------

**NO** **TE 18. SUBS** **EQUENT EVENTS**

During January 2026, the Company redeemed $120,801 in U.S. Treasury securities and purchased $120,800 in new U.S. Treasury securities. During February 2026, the Company redeemed $146,508 in U.S. Treasury securities and purchased $118,555 in new U.S. Treasury securities.

In January 2026, the Company was notified by the lender that the loan secured by Jefferson Mall was in default. In February 2026, the property was placed into receivership in connection with the foreclosure process.

In February 2026, the Company announced a cash dividend of $0.45 per common share for the quarter ending March 31, 2026. The dividend is payable on March 31, 2026, to shareholders of record as of March 17, 2026.

------

**Schedu** **le III**

**CBL & ASSOCIATES PROPERTIES, INC.**

**REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**

**At December 31, 2025**

(In thousands)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Initial Cost** <sup>(1)</sup> | **Initial Cost** <sup>(1)</sup> |  |  |  | **Gross Carry Amounts at Close of Period** | **Gross Carry Amounts at Close of Period** | **Gross Carry Amounts at Close of Period** | **Gross Carry Amounts at Close of Period** |  |
| **Description /Location** | **Encumbrances**<br> <sup>(2)</sup> | **Land** | **Buildings<br>and<br>Improvements** | **Costs<br>Capitalized<br>Subsequent to<br>Acquisition** | **Sales of<br>Outparcel<br>Land** | **Fresh Start<br>Adjustments** | **Land** | **Buildings<br>and<br>Improvements** | **Total** <sup>(3)</sup> | **Accumulated<br>Depreciation**<br> <sup>(4)</sup> | **Date of<br>Construction<br> / Acquisition** |
| **OPERATING PROPERTIES** |  |  |  |  |  |  |  |  |  |  |  |
| Alamance Crossing West<br>Burlington, NC | $18111 | $8344 | $19549 | $240 | $(3962) | $(11969) | $6242 | $5960 | $12202 | $(1776) | 2007 |
| Arbor Place<br>Atlanta (Douglasville), GA | 85515 | 8508 | 95088 | 30579 |  | (89396) | 3050 | 41729 | 44779 | (11265) | 1998-1999 |
| Ashland Town Center<br>Ashland, KY | 26400 | 9237 | 27235 | 358 |  |  | 9237 | 27593 | 36830 | (528) | 2025 |
| Brookfield Square<br>Brookfield, WI |  | 8996 | 78533 | 99692 | (5208) | (146235) | 10284 | 25494 | 35778 | (10355) | 2001 |
| CBL Center<br>Chattanooga, TN |  | 1332 | 24675 | 3051 |  | (17030) | 3081 | 8947 | 12028 | (2391) | 2001 |
| CBL Center II<br>Chattanooga, TN |  | 22 | 13648 | 1796 |  | (9880) | 965 | 4621 | 5586 | (943) | 2008 |
| CherryVale Mall<br>Rockford, IL | —<br><sup>(5)</sup> | 11892 | 64117 | 56438 | (1667) | (113543) | 5360 | 11877 | 17237 | (5810) | 2001 |
| CoolSprings Crossing<br>Nashville, TN | 17331 | 2803 | 14985 | (2802) |  | (10291) | 2969 | 1726 | 4695 | (846) | 1991-1993 |
| CoolSprings Galleria<br>Nashville, TN | 133958 | 21333 | 131871 | 1016 |  |  | 21333 | 132887 | 154220 | (7012) | 2024 |
| Courtyard at Hickory Hollow<br>Nashville, TN | 4485 | 3314 | 2771 | 665 | (231) | (1181) | 1844 | 3494 | 5338 | (770) | 1998 |
| Cross Creek Mall<br>Fayetteville, NC | 77603 | 19155 | 104378 | 35354 |  | (49534) | 4372 | 104981 | 109353 | (24391) | 2003 |
| Dakota Square Mall<br>Minot, ND |  | 4552 | 87625 | 27834 |  | (96630) | 5179 | 18202 | 23381 | (5386) | 2012 |
| East Towne Mall<br>Madison, WI | —<br><sup>(5)</sup> | 4496 | 63867 | 64356 | (909) | (123012) | 4413 | 4385 | 8798 | (3155) | 2002 |
| Eastland Mall<br>Bloomington, IL |  | 5746 | 75893 | (71144) | (753) | (5600) | 1921 | 2221 | 4142 | (966) | 2005 |
| Fayette Mall<br>Lexington, KY | 101683 | 25205 | 84256 | 114030 |  | (87361) | 11203 | 124927 | 136130 | (24281) | 2001 |
| Frontier Mall<br>Cheyenne, WY | —<br><sup>(5)</sup> | 2681 | 15858 | 22658 | (83) | (31588) | 3715 | 5811 | 9526 | (2413) | 1984-1985 |
| Frontier Square<br>Cheyenne, WY | 2863 | 346 | 684 | 1422 | (86) | 612 | 904 | 2074 | 2978 | (409) | 1985 |
| Gunbarrel Pointe<br>Chattanooga, TN | 16358 | 4170 | 10874 | 5798 |  | (5974) | 8099 | 6769 | 14868 | (1493) | 2000 |
| Hamilton Corner<br>Chattanooga, TN | 16533 | 630 | 5532 | 8600 |  | (2368) | 4981 | 7413 | 12394 | (1552) | 1986-1987 |
| Hamilton Crossing<br>Chattanooga, TN | 11615 | 4014 | 5906 | 7883 | (1370) | (5550) | 5300 | 5583 | 10883 | (1348) | 1987 |

---

------

**Schedule III**

**CBL & ASSOCIATES PROPERTIES, INC.**

**REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**

**At December 31, 2025**

(In thousands)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Initial Cost** <sup>(1)</sup> | **Initial Cost** <sup>(1)</sup> |  |  |  | **Gross Carry Amounts at Close of Period** | **Gross Carry Amounts at Close of Period** | **Gross Carry Amounts at Close of Period** | **Gross Carry Amounts at Close of Period** |  |
| **Description /Location** | **Encumbrances**<br> <sup>(2)</sup> | **Land** | **Buildings<br>and<br>Improvements** | **Costs<br>Capitalized<br>Subsequent to<br>Acquisition** | **Sales of<br>Outparcel<br>Land** | **Fresh Start<br>Adjustments** | **Land** | **Buildings<br>and<br>Improvements** | **Total** <sup>(3)</sup> | **Accumulated<br>Depreciation**<br> <sup>(4)</sup> | **Date of<br>Construction<br> / Acquisition** |
| Hamilton Place<br>Chattanooga, TN | $86636 | $3532 | $42619 | $56138 | $(2933) | $(35984) | $9091 | $54281 | $63372 | $(14281) | 1986-1987 |
| Hanes Mall<br>Winston-Salem, NC | —<br><sup>(5)</sup> | 17176 | 133376 | 54120 | (1767) | (147963) | 13968 | 40974 | 54942 | (10579) | 2001 |
| Harford Annex<br>Bel Air, MD | 12982 | 3117 | 9718 | 1368 |  | (2430) | 3117 | 8656 | 11773 | (1624) | 2003 |
| Harford Mall<br>Bel Air, MD |  | 8699 | 45704 | 17944 |  | (65736) | 4582 | 2029 | 6611 | (1069) | 2003 |
| Jefferson Mall<br>Louisville, KY | 48990 | 13125 | 40234 | 28458 | (521) | (70099) | 4625 | 6572 | 11197 | (3222) | 2001 |
| Kirkwood Mall<br>Bismarck, ND | —<br><sup>(5)</sup> | 3368 | 118945 | 43794 | (2394) | (126278) | 8114 | 29321 | 37435 | (7570) | 2012 |
| The Landing at Arbor Place<br>Atlanta (Douglasville), GA | 5682 | 7238 | 14330 | 2804 | (2242) | (18627) | 1587 | 1916 | 3503 | (526) | 1998-1999 |
| Laurel Park Place<br>Livonia, MI |  | 13289 | 92579 | (98075) |  | (3630) | 751 | 3412 | 4163 | (1721) | 2005 |
| Mall del Norte<br>Laredo, TX | —<br><sup>(5)</sup> | 21734 | 142049 | 59937 | (149) | (148232) | 13875 | 61464 | 75339 | (15805) | 2004 |
| Mayfaire Town Center<br>Wilmington, NC | —<br><sup>(5)</sup> | 26333 | 101087 | 31893 |  | (107804) | 7165 | 44344 | 51509 | (11779) | 2015 |
| Meridian Mall<br>Lansing, MI |  | 2797 | 103678 | 67092 |  | (150764) | 9487 | 13316 | 22803 | (4905) | 1998 |
| Mesa Mall<br>Grand Junction, CO | 30128 | 8210 | 35503 | 115 |  |  | 8210 | 35618 | 43828 | (660) | 2025 |
| Mid Rivers Mall<br>St. Peters, MO |  | 16384 | 170582 | (132005) | (4174) | (27787) | 10473 | 12527 | 23000 | (4605) | 2007 |
| Northgate Mall<br>Chattanooga, TN | —<br><sup>(5)</sup> | 2330 | 8960 | 24933 | (492) | (23815) | 3413 | 8503 | 11916 | (2312) | 2011 |
| Northpark Mall<br>Joplin, MO |  | 9977 | 65481 | 39417 |  | (99164) | 7084 | 8627 | 15711 | (4185) | 2004 |
| Northwoods Mall<br>North Charleston, SC | 47615 | 14867 | 49647 | 33873 | (2339) | (52958) | 9402 | 33688 | 43090 | (10407) | 2001 |
| Oak Park Mall<br>Overland Park, KS | 245665 | 28207 | 100879 | 3179 |  |  | 28207 | 104058 | 132265 | (4791) | 2024 |
| Old Hickory Mall<br>Jackson, TN |  | 15527 | 29413 | (32387) | (362) | (9431) | 800 | 1960 | 2760 | (829) | 2001 |
| The Outlet Shoppes at Gettysburg<br>Gettysburg, PA | 19438 | 20779 | 22180 | (27176) | (2394) | (47) | 7822 | 5520 | 13342 | (2380) | 2012 |
| The Outlet Shoppes at Laredo<br>Laredo, TX | 31380 | 11000 | 97353 | (62761) | (2394) | (26318) | 3741 | 13139 | 16880 | (2780) | 2017 |

---

------

**Schedule III**

**CBL & ASSOCIATES PROPERTIES, INC.**

**REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**

**At December 31, 2025**

(In thousands)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Initial Cost** <sup>(1)</sup> | **Initial Cost** <sup>(1)</sup> |  |  |  | **Gross Carry Amounts at Close of Period** | **Gross Carry Amounts at Close of Period** | **Gross Carry Amounts at Close of Period** | **Gross Carry Amounts at Close of Period** |  |
| **Description /Location** | **Encumbrances**<br> <sup>(2)</sup> | **Land** | **Buildings<br>and<br>Improvements** | **Costs<br>Capitalized<br>Subsequent to<br>Acquisition** | **Sales of<br>Outparcel<br>Land** | **Fresh Start<br>Adjustments** | **Land** | **Buildings<br>and<br>Improvements** | **Total** <sup>(3)</sup> | **Accumulated<br>Depreciation**<br> <sup>(4)</sup> | **Date of<br>Construction<br> / Acquisition** |
| Paddock Mall<br>Ocala, FL | $33733 | $10361 | $38803 | $171 | $— | $— | $10361 | $38974 | $49335 | $(731) | 2025 |
| Parkdale Mall and Crossing<br>Beaumont, TX | 49075 | 22060 | 29842 | (4786) | (874) | (21766) | 11364 | 13112 | 24476 | (5698) | 2001 |
| Parkway Place<br>Huntsville, AL |  | 6364 | 67067 | 11437 |  | (43144) | 10067 | 31657 | 41724 | (8303) | 2010 |
| Pearland Office<br>Pearland, TX | —<br><sup>(5)</sup> |  | 7849 | 2472 |  | (3210) |  | 7111 | 7111 | (2175) | 2009 |
| Pearland Town Center<br>Pearland, TX | —<br><sup>(5)</sup> | 16300 | 108615 | 25879 | (857) | (106531) | 16896 | 26510 | 43406 | (8199) | 2008 |
| The Plaza at Fayette<br>Lexington, KY | 23108 | 9531 | 27646 | 2609 |  | (28520) | 2527 | 8739 | 11266 | (4326) | 2006 |
| Post Oak Mall<br>College Station, TX | —<br><sup>(5)</sup> | 3936 | 48948 | 17732 | (327) | (52738) | 6028 | 11523 | 17551 | (3960) | 1984-1985 |
| Richland Mall<br>Waco, TX | —<br><sup>(5)</sup> | 9874 | 34793 | 25490 | (1225) | (44167) | 8793 | 15972 | 24765 | (5159) | 2002 |
| The Shoppes at Hamilton Place<br>Chattanooga, TN | 18905 | 5837 | 16326 | 1506 |  | (10827) | 5062 | 7780 | 12842 | (2352) | 2003 |
| The Shoppes at St. Clair Square<br>Fairview Heights, IL | 16530 | 8250 | 23623 | 739 | (5044) | (19688) | 2783 | 5097 | 7880 | (1136) | 2007 |
| South County Center<br>St. Louis, MO |  | 15754 | 159249 | 4604 |  | (160681) | 12871 | 6055 | 18926 | (3415) | 2007 |
| Southaven Towne Center<br>Southaven, MS | —<br><sup>(5)</sup> | 14315 | 29380 | 2853 |  | (27929) | 10163 | 8456 | 18619 | (2251) | 2005 |
| Southgate Mall<br>Missoula, MT | 19739 | 7680 | 18393 | 148 |  |  | 7680 | 18541 | 26221 | (451) | 2025 |
| St. Clair Square<br>Fairview Heights, IL |  | 11027 | 75620 | 36121 |  | (82113) | 8150 | 32505 | 40655 | (8545) | 1996 |
| Stroud Mall<br>Stroudsburg, PA |  | 14711 | 23936 | (24097) |  | (5698) | 2942 | 5910 | 8852 | (2736) | 1998 |
| Sunrise Commons<br>Brownsville, TX | 8508 | 1013 | 7525 | 1946 |  | (2845) | 3504 | 4135 | 7639 | (915) | 2003 |
| Sunrise Mall<br>Brownsville, TX | —<br><sup>(5)</sup> | 11156 | 59047 | 18397 |  | (45064) | 14999 | 28537 | 43536 | (12086) | 2003 |
| The Terrace<br>Chattanooga, TN | 17542 | 4166 | 9929 | 11266 |  | (9404) | 8982 | 6975 | 15957 | (1821) | 1997 |
| Turtle Creek Mall<br>Hattiesburg, MS | —<br><sup>(5)</sup> | 2345 | 26418 | 19063 |  | (26937) | 3977 | 16912 | 20889 | (6438) | 1993-1995 |
| Valley View Mall<br>Roanoke, VA | —<br><sup>(5)</sup> | 15985 | 77771 | 23972 |  | (89309) | 9499 | 18920 | 28419 | (5427) | 2003 |

---

------

**Schedule III**

**CBL & ASSOCIATES PROPERTIES, INC.**

**REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**

**At December 31, 2025**

(In thousands)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Initial Cost** <sup>(1)</sup> | **Initial Cost** <sup>(1)</sup> |  |  |  | **Gross Carry Amounts at Close of Period** | **Gross Carry Amounts at Close of Period** | **Gross Carry Amounts at Close of Period** | **Gross Carry Amounts at Close of Period** |  |
| **Description /Location** | **Encumbrances**<br> <sup>(2)</sup> | **Land** | **Buildings<br>and<br>Improvements** | **Costs<br>Capitalized<br>Subsequent to<br>Acquisition** | **Sales of<br>Outparcel<br>Land** | **Fresh Start<br>Adjustments** | **Land** | **Buildings<br>and<br>Improvements** | **Total** <sup>(3)</sup> | **Accumulated<br>Depreciation**<br> <sup>(4)</sup> | **Date of<br>Construction<br> / Acquisition** |
| Volusia Mall<br>Daytona Beach, FL | $33165 | $2526 | $120242 | $22168 | $(222) | $(128334) | $10856 | $5524 | $16380 | $(2913) | 2004 |
| West County Center<br>Des Peres, MO | 140024 | 11634 | 96736 | 2587 |  |  | 11634 | 99323 | 110957 | (7632) | 2024 |
| West Towne Crossing<br>Madison, WI | 19905 | 1784 | 2955 | 7777 |  | 4227 | 5831 | 10912 | 16743 | (1846) | 1998 |
| West Towne Mall<br>Madison, WI | —<br><sup>(5)</sup> | 8912 | 83084 | 49764 |  | (84533) | 14623 | 42604 | 57227 | (12322) | 2002 |
| WestGate Crossing<br>Spartanburg, SC | 7600 | 1082 | 3422 | 7924 |  | (5426) | 2047 | 4955 | 7002 | (1291) | 1997 |
| Westmoreland Crossing<br>Greensburg, PA | —<br><sup>(5)</sup> | 2898 | 21167 | 9614 |  | (23389) | 3119 | 7171 | 10290 | (5361) | 2002 |
| Westmoreland Mall<br>Greensburg, PA | —<br><sup>(5)</sup> | 4621 | 84215 | 35788 | (1240) | (107620) | 6389 | 9375 | 15764 | (5234) | 2002 |
| York Galleria<br>York, PA |  | 5757 | 63316 | 23430 |  | (84499) | 1767 | 6237 | 8004 | (3603) | 1995 |
| **OUTPARCELS:** |  |  |  |  |  |  |  |  |  |  |  |
| Outparcel properties | 179493 | 77013 | 113160 | 13984 | (14077) | 12440 | 118673 | 83847 | 202520 | (16454) | Various |
| Developments in progress consisting of construction and development properties |  |  |  | 10533 |  |  |  | 10533 | 10533 |  | Various |
| **TOTAL OPERATING PROPERTIES** | $1608298 | $701357 | $3830739 | $881576 | $(60296) | $(3121302) | $601553 | $1630521 | $2232074 | $(355900) |  |
| **DISPOSITIONS:** |  |  |  |  |  |  |  |  |  |  |  |
| 840 Greenbrier Circle<br>Chesapeake, VA | $— | $2096 | $3091 | $2127 | $(5688) | $(1626) | $— | $— | $— | $— | 2007 |
| Annex at Monroeville<br>Pittsburgh, PA |  |  | 29496 | 4976 | (8610) | (25862) |  |  |  |  | 2004 |
| Imperial Valley Mall<br>El Centro, CA |  | 35378 | 71753 | 34944 | (50056) | (92019) |  |  |  |  | 2012 |
| Monroeville Mall<br>Pittsburgh, PA |  | 22911 | 177214 | (100405) | (63096) | (36624) |  |  |  |  | 2004 |
| The Promenade D'lberville<br>D'lberville, MS |  | 16278 | 48806 | 28766 | (40337) | (53513) |  |  |  |  | 2009 |
| **Total Dispositions** | $— | $76663 | $330360 | $(29592) | $(167787) | $(209644) | $— | $— | $— | $— |  |

---

(1)Initial cost represents the total cost capitalized including carrying cost at the end of the first fiscal year in which the property opened or was acquired.

(2)Encumbrances represent the outstanding balance of the mortgage and other indebtedness balance at December 31, 2025, excluding debt discounts, if applicable.

(3)The aggregate cost of land and buildings and improvements for federal income tax purposes is approximately $6.982 billion.

(4)Depreciation for all properties is computed over the useful life which is generally 30 years for buildings, 10 - 20 years for certain improvements and 5 - 10 years for equipment and fixtures.

(5)Encumbered by the secured term loan.

------

**Schedule III**

**CBL & ASSOCIATES PROPERTIES, INC.**

**REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION**

**At December 31, 2025**

(In thousands)

The changes in real estate assets and accumulated depreciation for the years ended December 31, 2025, 2024 and 2023 (in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2025** | **2024** | **2023** |
| **REAL ESTATE ASSETS:** |  |  |  |
| **Balance at beginning of period** | $**2099202** | $1810145 | $1800888 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additions during the period: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additions and improvements | **57776** | 43514 | 42267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisitions of real estate assets | **155423** | 387110 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deductions during the period: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disposals, deconsolidations and accumulated depreciation on impairments | **(140197)** | (81590) | (33010) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers from real estate assets | **59870** | (59977) |  |
| **Balance at end of period** | $**2232074** | $2099202 | $1810145 |
| **ACCUMULATED DEPRECIATION:** |  |  |  |
| **Balance at beginning of period** | $**283785** | $228034 | $136901 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation expense | **95958** | 87063 | 104153 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfers from real estate assets | **12850** | (12780) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation on real estate assets sold, retired, deconsolidated or impaired | **(36693)** | (18532) | (13020) |
| **Balance at end of period** | $**355900** | $283785 | $228034 |

---

------

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description** |
| 2.1 | [<u>Chapter 11 Plan of Reorganization, dated as of December 29, 2020 (incorporated by reference from the Company's Current Report on Form 8-K, filed on December 30, 2020).</u>](https://www.sec.gov/Archives/edgar/data/910612/000119312520329323/d60607dex21.htm) |
| 2.2 | [<u>Findings of Fact, Conclusions of Law, and Order (I) Confirming Third Amended Joint Chapter 11 Plan of CBL & Associates Properties, Inc. and Its Affiliated Debtors and (II) Granting Related Relief, dated August 11, 2021. (filed as Exhibit 2.1 to CBL & Associates Properties, Inc. Current Report on Form 8-K filed on August 12, 2021).</u>](https://www.sec.gov/Archives/edgar/data/910612/000156459021043767/cbl-ex21_16.htm) |
| 2.3 | [<u>Third Amended Chapter 11 Plan (with technical modifications), as approved by the Bankruptcy Court on August 12, 2021 (incorporated by reference to Exhibit 99.1 to the Company's Current Report on Form 8-K, filed on August 10, 2021).</u>](https://www.sec.gov/Archives/edgar/data/910612/000156459021043139/cbl-ex991_6.htm) |
| 3.1 | [<u>Second Amended and Restated Certification of Incorporation of CBL & Associates Properties, Inc (incorporated by reference from the Company's Current Report on Form 8-K, filed on November 2, 2021).</u>](https://www.sec.gov/Archives/edgar/data/910612/000156459021053379/cbl-ex31_295.htm) |
| 3.2 | [<u>Amendment, dated February 15, 2023, to Fourth Amended and Restated Bylaws of CBL & Associates Properties, Inc. (incorporated by reference from the Company's Current Report on Form 8-K, filed on February 21, 2023).</u>](https://www.sec.gov/Archives/edgar/data/910612/000095017023003430/cbl-ex3_1.htm) |
| 3.3 | [<u>Fifth Amended and Restated Bylaws of CBL & Associates Properties, Inc. (incorporated by reference from the Company's Annual Report on Form 10-K for the year ended December 31, 2022, filed on March 1, 2023).</u>](https://www.sec.gov/Archives/edgar/data/910612/000095017023005470/cbl-ex3_3.htm) |
| 4.1 | See Second Amended and Restated Certificate of Incorporation of the CBL & Associates Properties, Inc and Fifth Amended and Restated Bylaws of CBL & Associates Properties, Inc relating to the Common Stock, Exhibits 3.1 and 3.2 above. |
| 4.2 | [<u>Description of Securities (incorporated by reference from the Company's Annual Report on Form 10-K for the year ended December 31, 2024, filed on March 3, 2025).</u>](https://www.sec.gov/Archives/edgar/data/910612/000095017025030677/cbl-ex4_2.htm) |
| 4.3.1 | [<u>Credit Agreement, dated as of June 7, 2022, between the Company, as a borrower and a guarantor, Beal Bank USA, as the initial lender, CLMG CORP., as administrative agent, and the other lenders party thereto, related to the $360 million open-air centers and outparcels loan (incorporated by reference from the Company's Quarterly Report on Form 10-Q, filed on August 15, 2022).</u>](https://www.sec.gov/Archives/edgar/data/910612/000156459022029498/cbl-ex41_181.htm) |
| 4.3.2 | [<u>Amended and Restated Credit Agreement, dated as of July 29, 2025, between the Company, as a borrower and a guarantor, Beal Bank USA, as the initial lender, CLMG CORP., as administrative agent, and the other lenders party thereto, related to the amended and restated 2032 non-recourse bank loan (previously referred to as the "open-air centers and outparcels loan").</u>](cbl-ex4_1.htm) |
| 10.1 | [<u>Fifth Amended and Restated Agreement of Limited Partnership of CBL & Associates Limited Partnership, dated November 1, 2021 (incorporated by reference from the Company's Current Report on Form 8-K, filed on November 2, 2021).</u>](https://www.sec.gov/Archives/edgar/data/910612/000156459021053379/cbl-ex106_599.htm) |
| 10.2.1 | [<u>Form of Executive Employment Agreements† (incorporated by reference from the Company's Current Report on Form 8-K, filed on August 19, 2020).</u>](https://www.sec.gov/Archives/edgar/data/910612/000156459020040603/cbl-ex102_9.htm) |
| 10.2.2 | [<u>Form of Amended and Restated Employment Agreement, entered into May 21, 2021 with certain Company executives† (incorporated by reference from the Company's Current Report on Form 8-K, filed on May 26, 2021).</u>](https://www.sec.gov/Archives/edgar/data/910612/000156459021029942/cbl-ex10222_6.htm) |
| 10.2.3 | [<u>CBL & Associates Properties, Inc. 2021 Equity Incentive Plan† (incorporated by reference from the Company's Current Report on Form 8-K, filed on November 16, 2021).</u>](https://www.sec.gov/Archives/edgar/data/910612/000156459021057283/cbl-ex101_15.htm) |

---

------

---

| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description** |
| 10.2.4 | [<u>Form of Executive Officer Time-Vested Award Stock Restriction Agreement under CBL & Associates Properties, Inc. 2021 Equity Incentive Plan† (incorporated by reference from the Company's Current Report on Form 8-K, filed on December 21, 2021).</u>](https://www.sec.gov/Archives/edgar/data/910612/000156459021060815/cbl-ex102_16.htm) |
| 10.2.5 | [<u>Form of 2022 Performance Stock Unit Award Agreement under CBL & Associates Properties, Inc. 2021 Equity Incentive Plan† (incorporated by reference from the Company's Current Report on Form 8-K, filed on February 23, 2022).</u>](https://www.sec.gov/Archives/edgar/data/910612/000156459022006307/cbl-ex102_15.htm) |
| 10.2.6 | [<u>2023 Long Term Incentive Plan under CBL & Associates Properties, Inc. 2021 Equity Incentive Plan † (incorporated by reference from the Company's Current Report on Form 8-K, filed on February 22, 2023).</u>](https://www.sec.gov/Archives/edgar/data/910612/000095017023003692/cbl-ex10_4.htm) |
| 10.2.7 | [<u>Form of 2023 LTIP Performance Stock Unit Award Agreement under CBL & Associates Properties, Inc. 2021 Equity Incentive Plan † (incorporated by reference from the Company's Current Report on Form 8-K, filed on February 22, 2023).</u>](https://www.sec.gov/Archives/edgar/data/910612/000095017023003692/cbl-ex10_5.htm) |
| 10.2.8 | [<u>Form of 2023 LTIP Stock Restriction Agreement under CBL & Associates Properties, Inc. 2021 Equity Incentive Plan † (incorporated by reference from the Company's Current Report on Form 8-K, filed on February 22, 2023).</u>](https://www.sec.gov/Archives/edgar/data/910612/000095017023003692/cbl-ex10_6.htm) |
| 10.2.9 | [<u>Form of Non-Employee Director Annual Award Stock Restriction Agreement under CBL & Associates Properties, Inc. 2021 Equity Incentive Plan † (incorporated by reference from the Company's Annual Report on Form 10-K for the year ended December 31, 2022, filed on March 1, 2023).</u>](https://www.sec.gov/Archives/edgar/data/910612/000095017023005470/cbl-ex10_216.htm) |
| 10.2.10 | [<u>Form of Second Amended and Restated Employment Agreement entered into November 7, 2023 with certain Company executives \[titled Amended and Restated Employment Agreement for the Executive Vice President - Chief Financial Officer\] † (incorporated by reference from the Company's Current Report on Form 8-K, filed on November 13, 2023).</u>](https://www.sec.gov/Archives/edgar/data/910612/000095017023062634/cbl-ex10_1.htm) |
| 10.2.11 | [<u>2024 Long Term Incentive Plan Under CBL & Associates Properties, Inc. 2021 Equity Incentive Plan † (incorporated by reference from the Company's Current Report on Form 8-K, filed on February 13, 2024).</u>](https://www.sec.gov/Archives/edgar/data/910612/000095017024014478/cbl-ex10_3.htm) |
| 10.2.12 | [<u>Form of 2024 LTIP Performance Stock Unit Award Agreement under CBL & Associates Properties, Inc. 2021 Equity Incentive Plan † (incorporated by reference from the Company's Current Report on Form 8-K, filed on February 13, 2024).</u>](https://www.sec.gov/Archives/edgar/data/910612/000095017024014478/cbl-ex10_4.htm) |
| 10.2.13 | [<u>Form of 2024 LTIP Stock Restriction Agreement under CBL & Associates Properties, Inc. 2021 Equity Incentive Plan † (incorporated by reference from the Company's Current Report on Form 8-K, filed on February 13, 2024).</u>](https://www.sec.gov/Archives/edgar/data/910612/000095017024014478/cbl-ex10_5.htm) |
| 10.2.14 | [<u>CBL & Associates Properties, Inc. Named Executive Officer Annual Incentive Compensation Plan (AIP) (Fiscal Year 2025) † (incorporated by reference from the Company's Current Report on Form 8-K, filed on February 18, 2025).</u>](https://www.sec.gov/Archives/edgar/data/910612/000095017025022467/cbl-ex10_1.htm) |
| 10.2.15 | [<u>2025 Long Term Incentive Plan under CBL & Associates Properties, Inc. 2021 Equity Incentive Plan † (incorporated by reference from the Company's Current Report on Form 8-K, filed on February 18, 2025).</u>](https://www.sec.gov/Archives/edgar/data/910612/000095017025022467/cbl-ex10_3.htm) |
| 10.2.16 | [<u>Form of 2025 LTIP Performance Stock Unit Award Agreement under CBL & Associates Properties, Inc. 2021 Equity Incentive Plan † (incorporated by reference from the Company's Current Report on Form 8-K, filed on February 18, 2025).</u>](https://www.sec.gov/Archives/edgar/data/910612/000095017025022467/cbl-ex10_4.htm) |
| 10.2.17 | [<u>Form of 2025 LTIP Stock Restriction Agreement under CBL & Associates Properties, Inc. 2021 Equity Incentive Plan † (incorporated by reference from the Company's Current Report on Form 8-K, filed on February 18, 2025).</u>](https://www.sec.gov/Archives/edgar/data/910612/000095017025022467/cbl-ex10_5.htm) |

---

------

---

| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description** |
| 10.2.18 | [<u>Form of Third Amended and Restated Employment Agreement entered into February 11, 2026 with certain Company executives \[titled Second Amended and Restated Employment Agreement for the Executive Vice President – Chief Financial Officer\] (incorporated by reference from the Company's Current Report on Form 8-K, filed on February 17, 2026).</u>](https://www.sec.gov/Archives/edgar/data/910612/000119312526054978/cbl-ex10_1.htm) |
| 10.2.19 | [<u>CBL & Associates Properties, Inc. Named Executive Officer Annual Incentive Compensation Plan (AIP) (Fiscal Year 2026) (incorporated by reference from the Company's Current Report on Form 8-K, filed on February 17, 2026).</u>](https://www.sec.gov/Archives/edgar/data/910612/000119312526054978/cbl-ex10_2.htm) |
| 10.2.20 | [<u>2026 Long Term Incentive Plan under CBL & Associates Properties, Inc. 2021 Equity Incentive Plan (incorporated by reference from the Company's Current Report on Form 8-K, filed on February 17, 2026).</u>](https://www.sec.gov/Archives/edgar/data/910612/000119312526054978/cbl-ex10_5.htm) |
| 10.2.21 | [<u>Form of 2026 LTIP Performance Stock Unit Award Agreement under CBL & Associates Properties, Inc. 2021 Equity Incentive Plan (incorporated by reference from the Company's Current Report on Form 8-K, filed on February 17, 2026).</u>](https://www.sec.gov/Archives/edgar/data/910612/000119312526054978/cbl-ex10_6.htm) |
| 10.2.22 | [<u>Form of 2026 LTIP Stock Restriction Agreement under CBL & Associates Properties, Inc. 2021 Equity Incentive Plan (incorporated by reference from the Company's Current Report on Form 8-K, filed on February 17, 2026).</u>](https://www.sec.gov/Archives/edgar/data/910612/000119312526054978/cbl-ex10_7.htm) |
| 10.2.23 | [<u>Form of Stock Restriction Agreement for Common Stock Issued pursuant to 2023 LTIP Performance Based Equity Awards under CBL & Associates Properties, Inc. 2021 Equity Incentive Plan (incorporated by reference from the Company's Current Report on Form 8-K, filed on February 17, 2026).</u>](https://www.sec.gov/Archives/edgar/data/910612/000119312526054978/cbl-ex10_8.htm) |
| 10.3 | [<u>Form of Director and Officer Indemnification Agreement \[updated, includes minor modification to, and replaces, version originally filed as an exhibit to the Company's Current Report on Form 8-K filed on November 2, 2021\].</u>](https://www.sec.gov/Archives/edgar/data/910612/000156459021057035/cbl-ex107_1132.htm) |
| 10.4.1 | [<u>CBL & Associates Properties, Inc. Tier III Post-65 Retiree Program† (incorporated by reference from the Company's Current Report on Form 8-K, filed on November 9, 2012).</u>](https://www.sec.gov/Archives/edgar/data/910612/000091061212000068/ex1075.htm) |
| 10.4.2 | [<u>CBL & Associates Properties, Inc. Tier 1 Retiree Program † (incorporated by reference from the Company's Annual Report on Form 10-K for the year ended December 31, 2022, filed on March 1, 2023).</u>](https://www.sec.gov/Archives/edgar/data/910612/000095017023005470/cbl-ex10_42.htm) |
| 10.5 | Option Agreement relating to Outparcels (incorporated by reference to Post-Effective Amendment No. 1 to the Company's Registration Statement on Form S-11 (No. 33-67372), as filed with the Commission on January 27, 1994. Exhibit originally filed in paper format and as such, a hyperlink is not available). |
| 10.6.1 | [<u>Contribution Agreement and Joint Escrow Instructions between the Company and the owners of Oak Park Mall named therein, dated as of October 17, 2005 (incorporated by reference from the Company's Current Report on Form 8-K, filed on November 22, 2005).</u>](https://www.sec.gov/Archives/edgar/data/910612/000091061205000174/exhibit10231.txt) |
| 10.6.2 | [<u>First Amendment to Contribution Agreement and Joint Escrow Instructions between the Company and the owners of Oak Park Mall named therein, dated as of November 8, 2005 (incorporated by reference from the Company's Current Report on Form 8-K, filed on November 22, 2005).</u>](https://www.sec.gov/Archives/edgar/data/910612/000091061205000174/exhibit10232.txt) |
| 10.6.3 | [<u>Contribution Agreement and Joint Escrow Instructions between the Company and the owners of Eastland Mall named therein, dated as of October 17, 2005 (incorporated by reference from the Company's Current Report on Form 8-K, filed on November 22, 2005).</u>](https://www.sec.gov/Archives/edgar/data/910612/000091061205000174/exhibit10233.txt) |
| 10.6.4 | [<u>First Amendment to Contribution Agreement and Joint Escrow Instructions between the Company and the owners of Eastland Mall named therein, dated as of November 8, 2005 (incorporated by reference from the Company's Current Report on Form 8-K, filed on November 22, 2005).</u>](https://www.sec.gov/Archives/edgar/data/910612/000091061205000174/exhibit10234.txt) |

---

------

---

| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description** |
| 10.6.5 | [<u>Purchase and Sale Agreement and Joint Escrow Instructions between the Company and the owners of Hickory Point Mall named therein, dated as of October 17, 2005 (incorporated by reference from the Company's Current Report on Form 8-K, filed on November 22, 2005).</u>](https://www.sec.gov/Archives/edgar/data/910612/000091061205000174/exhibit10235.txt) |
| 10.6.6 | [<u>Purchase and Sale Agreement and Joint Escrow Instructions between the Company and the owner of Eastland Medical Building, dated as of October 17, 2005 (incorporated by reference from the Company's Current Report on Form 8-K, filed on November 22, 2005).</u>](https://www.sec.gov/Archives/edgar/data/910612/000091061205000174/exhibit10236.txt) |
| 10.6.7 | [<u>Letter Agreement, dated as of October 17, 2005, between the Company and the other parties to the acquisition agreements listed above for Oak Park Mall, Eastland Mall, Hickory Point Mall and Eastland Medical Building (incorporated by reference from the Company's Current Report on Form 8-K, filed on November 22, 2005).</u>](https://www.sec.gov/Archives/edgar/data/910612/000091061205000174/exhibit10237.txt) |
| 10.6.8 | [<u>Forms of 2022 Individual and Entity Assignments of Partnership Interests to CBL & Associates Management, Inc. (incorporated by reference from the Company's Current Report on Form 8-K, filed on March 29, 2022).</u>](https://www.sec.gov/Archives/edgar/data/910612/000156459022012180/cbl-ex101_18.htm) |
| 10.7 | [<u>Settlement Agreement and Release, by and between the Company, the Operating Partnership, the Management Company, JG Gulf Coast Town Center LLC and Wave Lengths Hair Salons of Florida, Inc. d/b/a Salon Adrian, as approved by the U.S. District Court for the Middle District of Florida on August 22, 2019 (incorporated by reference from the Company's Quarterly Report on Form 10-Q/A, filed on December 20, 2019).</u>](https://www.sec.gov/Archives/edgar/data/910612/000156459019046516/cbl-ex1013_14.htm) |
| 10.8.1 | [<u>Restructuring Support Agreement, dated as of August 18, 2020, between the Operating Partnership, REIT, Subsidiary Guarantors and Consenting Holders (incorporated by reference from the Company's Current Report on Form 8-K, filed on August 19, 2020).</u>](https://www.sec.gov/Archives/edgar/data/910612/000156459020040603/cbl-ex101_433.htm) |
| 10.8.2 | [<u>First Amended and Restated Restructuring Support Agreement, dated as of March 21, 2021, between the Operating Partnership, REIT, Subsidiary Guarantors and Consenting Stakeholders (incorporated by reference from the Company's Current Report on Form 8-K, filed on March 22, 2021).</u>](https://www.sec.gov/Archives/edgar/data/910612/000156459021014485/cbl-ex101_26.htm) |
| 10.8.3 | [<u>Plan Term Sheet, dated as of March 21, 2021 (See Exhibit B to Exhibit 10.1) (incorporated by reference from the Company's Current Report on Form 8-K, filed on March 22, 2021).</u>](https://www.sec.gov/Archives/edgar/data/910612/000156459021014485/cbl-ex101_26.htm) |
| 10.9 | [<u>Amended and Restated Credit Agreement, dated as of November 1, 2021, among CBL & Associates HoldCo I, LLC, as borrower, CBL & Associates Properties, Inc., CBL & Associates Limited Partnership, the lenders party thereto and Wells Fargo, National Association, as administrative agent (incorporated by reference from the Company's Current Report on Form 8-K, filed on November 2, 2021).</u>](https://www.sec.gov/Archives/edgar/data/910612/000156459021053379/cbl-ex101_145.htm) |
| 10.10 | [<u>Collateral Agency and Intercreditor Agreement, dated as of November 1, 2021, among CBL & Associates HoldCo II, LLC, the subsidiary guarantors, certain other subsidiaries of CBL & Associates HoldCo II, LLC, Wilmington Savings Fund Society, FSB, as trustee under the 10% Senior Secured Notes due 2029 and Wilmington Savings Fund Society, FSB, as trustee and exchange agent under the 7.0% Exchangeable Senior Secured Notes due 2028 (incorporated by reference from the Company's Current Report on Form 8-K, filed on November 2, 2021).</u>](https://www.sec.gov/Archives/edgar/data/910612/000156459021053379/cbl-ex104_30.htm) |
| 10.11 | [<u>Registration Rights Agreement, dated November 1, 2021, among CBL & Associates Properties, Inc. and the holders of registrable securities party thereto (incorporated by reference from the Company's Current Report on Form 8-K, filed on November 2, 2021).</u>](https://www.sec.gov/Archives/edgar/data/910612/000156459021053379/cbl-ex105_366.htm) |
| 10.12.1 | [<u>Employment Agreement for Benjamin W. Jaenicke, dated September 1, 2022 (incorporated by reference to the Company's Current Report on Form 8-K, filed September 1, 2022).</u>](https://www.sec.gov/Archives/edgar/data/910612/000156459022030780/cbl-ex101_19.htm) |
| 10.12.2 | [<u>Relocation Allowance Commitment with Benjamin W. Jaenicke, dated September 1, 2022 (incorporated by reference to the Company's Current Report on Form 8-K filed September 1, 2022).</u>](https://www.sec.gov/Archives/edgar/data/910612/000156459022030780/cbl-ex102_20.htm) |

---

------

---

| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description** |
| 10.12.3 | [<u>First Amendment, dated February 15, 2023, to Employment Agreement for Benjamin W. Jaenicke dated September 1, 2022 (incorporated by reference to the Company's Current Report on Form 8-K, filed February 22, 2023).</u>](https://www.sec.gov/Archives/edgar/data/910612/000095017023003692/cbl-ex10_1.htm) |
| 19 | [<u>CBL & Associates Properties, Inc. Insider Trading Policy (incorporated by reference from the Company's Annual Report on Form 10-K for the year ended December 31, 2024, filed on March 3, 2025).</u>](https://www.sec.gov/Archives/edgar/data/910612/000095017025030677/cbl-ex19_1.htm) |
| 21 | [<u>Subsidiaries of CBL & Associates Properties, Inc.</u>](cbl-ex21.htm) |
| 23 | [<u>Consent of Deloitte & Touche LLP.</u>](cbl-ex23.htm) |
| 24 | [<u>Power of Attorney</u>](cbl-ex24.htm) |
| 31.1 | [<u>Certification pursuant to Securities Exchange Act Rule 13a-14(a) by the Chief Executive Officer, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</u>](cbl-ex31_1.htm) |
| 31.2 | [<u>Certification pursuant to Securities Exchange Act Rule 13a-14(a) by the Chief Financial Officer, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</u>](cbl-ex31_2.htm) |
| 32.1 | [<u>Certification pursuant to Securities Exchange Act Rule 13a-14(b) by the Chief Executive Officer, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</u>](cbl-ex32_1.htm) |
| 32.2 | [<u>Certification pursuant to Securities Exchange Act Rule 13a-14(b) by the Chief Financial Officer as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</u>](cbl-ex32_2.htm) |
| 97 | [<u>CBL & Associates Properties, Inc. Amended and Restated Clawback Policy (incorporated by reference from the Company's Annual Report on Form 10-K for the year ended December 31, 2023, filed February 29, 2024).</u>](https://www.sec.gov/Archives/edgar/data/910612/000095017024023267/cbl-ex97.htm) |
| 101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. (Filed herewith.) |
| 101.SCH | Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents. (Filed herewith.) |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibits 101.\*). (Filed herewith.) |

---

† A management contract or compensatory plan or arrangement required to be filed pursuant to Item 15(b) of this report.

------

**<u>SIGNAT</u><u>URES</u>**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| CBL & ASSOCIATES PROPERTIES, INC. | CBL & ASSOCIATES PROPERTIES, INC. |
| (Registrant) | (Registrant) |
| By: | /s/ Benjamin W. Jaenicke |
|  | Benjamin W. Jaenicke |
|  | Executive Vice President -<br>Chief Financial Officer and Treasurer |

---

Dated: March 3, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature**  | **Title** | **Date** |
| /s/ David J. Contis\* | Chairman of the Board | March 3, 2026 |
| David J. Contis |  |  |
| /s/ Stephen D. Lebovitz | Director and Chief Executive Officer <br>(Principal Executive Officer) | March 3, 2026 |
| Stephen D. Lebovitz | Director and Chief Executive Officer <br>(Principal Executive Officer) |  |
| /s/ Benjamin W. Jaenicke | Executive Vice President - Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer) | March 3, 2026 |
| Benjamin W. Jaenicke | Executive Vice President - Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer) |  |
| /s/ Marjorie L. Bowen\* | Director  | March 3, 2026 |
| Marjorie L. Bowen | Director  |  |
| /s/ David M. Fields\* | Director  | March 3, 2026 |
| David M. Fields<br>| Director  |  |
| /s/ Jeffrey Kivitz\* | Director | March 3, 2026 |
| Jeffrey Kivitz<br>|  |  |
| /s/ Robert G. Gifford\* | Director | March 3, 2026 |
| Robert G. Gifford | Director |  |
| <br>/s/ Michael A. Torres\* | <br>Director | <br>March 3, 2026 |
| Michael A. Torres |  |  |
| \*By: /s/ Benjamin W. Jaenicke | Attorney-in-Fact | March 3, 2026 |
| Benjamin W. Jaenicke | Attorney-in-Fact |  |

---

------

## Exhibit 4.1

**Exhibit 4.1**

AMENDED AND RESTATED CREDIT AGREEMENT

Dated as of July 29, 2025

among

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) ACW-NORTH CAROLINA, LLC,

(2) BROOKFIELD SQUARE PARCEL, LLC,

(3) CBL BROOKFIELD SQUARE OP PROPCO, LLC,

(4) CBL CROSS CREEK SEARS OP PROPCO, LLC,

(5) CBL DAKOTA SQUARE MALL OP PROPCO III, LLC,

(6) CBL DAKOTA SQUARE MALL OP PROPCO, LLC,

(7) CBL FAYETTE MALL OP PROPCO, LLC,

(8) CBL FRONTIER SQUARE PROPCO, LLC,

(9) CBL HAMILTON PLACE SEARS OP PROPCO, LLC,

(10) CBL HANES MALL OP PROPCO, LLC,

(11) CBL HARFORD MALL ANNEX PROPCO, LLC,

(12) CBL JEFFERSON MALL SELF DEV PROPCO, LLC,

(13) CBL KIRKWOOD MALL OP PROPCO, LLC,

(14) CBL LANDING AT ARBOR PLACE OP PROPCO, LLC,

(15) CBL LAUREL PARK MALL OP PROPCO, LLC,

(16) CBL MAYFAIRE TOWN CENTER OP PROPCO, LLC,

(17) CBL MERIDIAN MALL OP PROPCO, LLC,

(18) CBL MID RIVERS MALL OP PROPCO, LLC,

(19) CBL NORTHPARK MALL OP PROPCO III, LLC,

(20) CBL NORTHPARK MALL OP PROPCO, LLC,

(21) CBL PARKDALE MALL CORNER OP PROPCO, LLC,

(22) CBL PARKDALE MALL CORNER TRACT 4 PROPCO, LLC,

(23) CBL PEARLAND TOWN CENTER OP PROPCO II, LLC,

(24) CBL POST OAK MALL OP PROPCO, LLC,

(25) CBL SHOPS AT EASTGATE PROPCO, LLC,

(26) CBL SOUTH COUNTY CENTER OP PROPCO II, LLC,

(27) CBL SOUTH COUNTY CENTER OP PROPCO, LLC,

(28) CBL SOUTHAVEN TOWNE CENTER OP PROPCO, LLC,

(29) CBL SUNRISE COMMONS PROPCO, LLC,

(30) CBL VALLEY VIEW MALL OP PROPCO, LLC,

(31) CBL WEST TOWNE CROSSING OP PROPCO, LLC,

(32) CBL WESTGATE CROSSING PROPCO, LLC,

(33) CBL YORK GALLERIA OP PROPCO, LLC,

(34) CHH-TENNESSEE, LLC,

(35) CSPC-TENNESSEE, LLC,

(36) EAST TOWNE PARCEL I, LLC,

(37) ETM-WISCONSIN, LLC,

(38) FAYETTE PLAZA CMBS, LLC,

(39) GC-TENNESSEE, LLC,

Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

------

(40) HM-NORTH CAROLINA, LLC

(41) MADISON OP OUTPARCEL GROUND, LLC,

(42) MDN-TEXAS, LLC,

(43) NGM-TENNESSEE, LLC,

(44) PM ANCHOR-TEXAS, LLC,

(45) SHOPPES AT ST. CLAIR CMBS, LLC,

(46) SOUTHPARK MALL-DSG, LLC,

(47) STCS-ILLINOIS, LLC,

(48) VOLUSIA SAC, LLC,

(49) VOLUSIA-OP PERIPHERAL, LLC,

(50) WEST TOWNE DISTRICT, LLC,

(51) CBL ASHLAND MALL, LLC,

(52) CBL MESA MALL, LLC

(53) CBL PADDOCK MALL, LLC

and

(54) CBL SOUTHGATE MALL, LLC

as Borrowers,

CBL OUTPARCEL HOLDCO, LLC,<br>as Sole Member and a Guarantor

and

CBL & ASSOCIATES LIMITED PARTNERSHIP,<br>as Sponsor and a Guarantor,

CBL & ASSOCIATES HOLDCO II, LLC,<br>as Parent and a Pledgor

CLMG CORP.,<br>as Administrative Agent,

and

BEAL BANK USA,<br>as Initial Lender

and

the other Lenders from time to time party hereto

Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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**<u>**TABLE OF CONTENTS**</u>**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Article I DEFINITIONS AND ACCOUNTING TERMS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Article I DEFINITIONS AND ACCOUNTING TERMS** | **4** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | Defined Terms | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | Other Interpretive Provisions | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | Accounting Terms. | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | Times of Day | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Article II THE LOAN** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Article II THE LOAN** | **29** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01 | The Loans | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02 | Use of Proceeds | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03 | Prepayments | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04 | Repayment of Loans | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05 | Interest | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06 | Fees | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07 | Computation of Interest and Fees; Retroactive Adjustments of Applicable Rate | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08 | Evidence of Debt | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.09 | Payments Generally; Administrative Agent's Clawback | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 | Sharing of Payments by Lenders | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 | Release of Funds from the Loss Proceeds Account | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 | Real Estate Tax Account | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 | Revenue Accounts | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 | Repair Reserve Account | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 | Cash Accounts upon an Event of Default | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 | Intentionally Omitted. | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17 | Disposition(s), Release(s) of Collateral. | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 | Substitution of Collateral/Borrower. | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19 | Intentionally Omitted. | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20 | Extension of Maturity Date. | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21 | Additional Matters Relating to Term SOFR. | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Article III TAXES, YIELD PROTECTION AND ILLEGALITY** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Article III TAXES, YIELD PROTECTION AND ILLEGALITY** | **44** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.01 | Taxes | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.02 | Increased Costs | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.03 | Mitigation Obligations; Designation of a Different Lending Office | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.04 | Survival | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Article IV CONDITIONS PRECEDENT TO INITIAL BORROWING** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Article IV CONDITIONS PRECEDENT TO INITIAL BORROWING** | **48** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.01 | Conditions of Borrowing of the Existing Loan | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.02 | Conditions of Borrowing of the New Loan | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Article V REPRESENTATIONS AND WARRANTIES** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Article V REPRESENTATIONS AND WARRANTIES** | **55** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.01 | Existence, Qualification and Power | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02 | Authorization; No Contravention | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.03 | Governmental Authorization; Other Consents | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.04 | Binding Effect | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05 | Litigation | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.06 | No Default | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.07 | Ownership of Property; Leases | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.08 | Environmental Compliance | 57 |

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**Page i**

Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.09 | Insurance | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10 | Taxes | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11 | ERISA Compliance | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12 | Subsidiaries; Equity Interests; Loan Parties | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13 | Margin Regulations; Investment Company Act | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14 | Disclosure | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15 | Compliance with Laws; Permits | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.16 | Intellectual Property; Licenses, Etc | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.17 | Solvency | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.18 | Casualty, Etc | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.19 | Labor Matters | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20 | Collateral Documents | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.21 | Compliance with OFAC and the U.S. Patriot Act | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.22 | Conduct of Business | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.23 | Operating Budget; Capital Budget | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.24 | Material Contracts | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25 | Utility Services | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.26 | Permits | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.27 | Easements and Public Access | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.28 | Flood Zone | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.29 | Physical Condition | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30 | Boundaries | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.31 | FIRPTA | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.32 | Certain Fees | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.33 | Financial Information | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.34 | Payment of Tenant Improvement Costs and Leasing Commissions | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35 | Ground Leases | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.36 | Purchase of New Projects | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.37 | Special Purpose Entities | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38 | Status of Leases | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.39 | Layton Hills and MNVL | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40 | Representations and Warranties in Schedules | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.41 | Reliance on Representations and Warranties | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Article VI AFFIRMATIVE COVENANTS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Article VI AFFIRMATIVE COVENANTS** | **62** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.01 | Financial Statements | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.02 | Certificates; Other Information | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.03 | Notices | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.04 | Payment of Obligations | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05 | Preservation of Existence, Etc | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.06 | Maintenance of Properties | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.07 | Maintenance of Insurance | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.08 | Compliance with Laws | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.09 | Books and Records | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10 | Inspection Rights | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11 | Use of Proceeds | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12 | Covenant to Give Security | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13 | Compliance with Environmental Laws | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.14 | Preparation of Environmental Reports | 67 |

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**Page ii**

Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.15 | Further Assurances | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.16 | [Intentionally Omitted]. | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.17 | [Intentionally Omitted]. | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.18 | Material Contracts; Leases | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.19 | Designation as Senior Debt | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20 | Separateness | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.21 | Deposit Accounts | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.22 | Budgets | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.23 | Real Estate Tax Account | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.24 | Restoration Following Casualty | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25 | Condemnation | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.26 | Ground Leases | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.27 | Post-Closing Covenants | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.28 | [Reserved] | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.29 | Reaffirmation of Existing Collateral and Collateral Documents | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Article VII NEGATIVE COVENANTS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Article VII NEGATIVE COVENANTS** | **74** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.01 | Liens | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.02 | Indebtedness | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.03 | Investments | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.04 | Fundamental Changes | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.05 | Dispositions | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.06 | Formation of Subsidiaries and Employees | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.07 | Transactions with Affiliates | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.08 | Use of Proceeds | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.09 | [Reserved]. | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10 | Amendments of Organization Documents | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.11 | Accounting Changes | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12 | ERISA. | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13 | Assignment | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.14 | Deposit Accounts and Securities Accounts | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.15 | Hazardous Materials | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.16 | Sale-Leaseback | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.17 | Restricted Payments | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.18 | Sole Member; Parent | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.19 | Partition | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.20 | Leases | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.21 | Intercompany Note | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Article VIII EVENTS OF DEFAULT AND REMEDIES** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Article VIII EVENTS OF DEFAULT AND REMEDIES** | **79** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.01 | Events of Default | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.02 | Remedies upon Event of Default | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.03 | Appropriate Proceedings; Remedies Cumulative | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.04 | Application of Funds | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Article IX ADMINISTRATIVE AGENT** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Article IX ADMINISTRATIVE AGENT** | **84** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.01 | Appointment and Authority | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.02 | Rights as a Lender | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.03 | Exculpatory Provisions | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.04 | Reliance by Administrative Agent | 85 |

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**Page iii**

Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.05 | Delegation of Duties | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.06 | Resignation of Administrative Agent | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.07 | Non-Reliance on Administrative Agent and Other Lenders | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.08 | Administrative Agent May File Proofs of Claim | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.09 | Collateral Matters | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Article X MISCELLANEOUS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Article X MISCELLANEOUS** | **87** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.01 | Amendments, Etc | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.02 | Notices; Effectiveness; Electronic Communications | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.03 | No Waiver; Cumulative Remedies; Enforcement | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.04 | Expenses; Indemnity; Damage Waiver. | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.05 | Payments Set Aside | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.06 | Successors and Assigns. | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.07 | Treatment of Certain Information; Confidentiality | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.08 | Right of Setoff | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.09 | Interest Rate Limitation | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.10 | Counterparts; Integration; Effectiveness | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.11 | Survival of Representations and Warranties | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.12 | Severability | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.13 | Borrowers' Representative | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.14 | Governing Law; Jurisdiction; Etc. | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.15 | WAIVER OF JURY TRIAL | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.16 | No Advisory or Fiduciary Responsibility | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.17 | Electronic Execution of Loan Documents | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.18 | U.S. PATRIOT Act | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.19 | LIMITATION OF LIABILITY | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.20 | Use of Name and Information | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.21 | ENTIRE AGREEMENT | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.22 | Broker | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.23 | Joint and Several Liability of Borrowers. | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.24 | Amendment and Restatement of Existing Credit Agreement; No Novation. | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.25 | Layton Hills and MNVL | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.26 | Borrowing Request | 104 |

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**SCHEDULES**

Schedule 2.01 - Commitments and Applicable Percentages

Schedule 2.14 - Repair Reserve Account Scheduled Repairs

Schedule 2.17(a) - New Project Allocated Loan Amounts

Schedule 2.17(b) - Special Release Parcel

Schedule 4.02(a)(vii) - Estoppel Certificates and Subordination, Non-Disturbance and Attornment Agreements

Schedule 4.02(a)(xviii) - Insurance Requirements

Schedule 4.02(a)(xix) - Restatement Closing Date Required Account Control Agreements

Schedule 5.05 - Litigation

Schedule 5.07(a) - Permitted Encumbrances

Schedule 5.07(b) - Leases

Schedule 5.11 - ERISA Compliance

Schedule 5.12A - Subsidiaries and Other Equity Investments

Schedule 5.12B - Loan Parties

**Page iv**

Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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Schedule 5.16 - Intellectual Property Matters

Schedule 5.19 - Labor Matters

Schedule 5.24 - Material Contracts

Schedule 5.25 - Utility Services

Schedule 5.28 - Properties Located in Special Flood Hazard Area

Schedule 5.35 - Ground Leases

Schedule 5.38 - Lease Defaults

Schedule 6.18 - Property Management Agreements

Schedule 6.27 - Post-Closing Covenants

Schedule 7.02(c) - Unsecured Trade Payables: Specified Value for each Borrower

Schedule 7.14 - Deposit Accounts and Securities Accounts

**<u>EXHIBITS</u>**

A Properties/Projects

B-1 Form of Promissory Note for Existing Loan

B-2 Form of Promissory Note for New Loan

C-1 Form of Compliance Certificate

C-2 Form of Excess Cash Flow Certificate

D Form of Assignment and Assumption

E-1 Form of Guaranty of Sole Member

E-2 Form of Carve-Out Guaranty of Sponsor

E-3 Form of Guaranty of New Borrowers

F Form of Security Agreement to be executed by Borrowers

G Form of Assignment of Other Material Contracts

H-1 Form of Pledge Agreement to be executed by Sole Member (pledging Equity Interest in Borrowers)

H-2 Form of Pledge Agreement to be executed by Parent (pledging Equity Interest in Sole Member)

I Standard Form of Lease

J Form of Borrowing Request

**Page v**

Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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**<u>AMENDED AND RESTATED CREDIT AGREEMENT</u>**

This AMENDED AND RESTATED CREDIT AGREEMENT (this "<u>Agreement</u>") is entered into as of July 29, 2025 (the "<u>Restatement Closing Date</u>"), among the following Persons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) ACW-NORTH CAROLINA, LLC, a North Carolina limited liability company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) BROOKFIELD SQUARE PARCEL, LLC, a Wisconsin limited liability company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) CBL BROOKFIELD SQUARE OP PROPCO, LLC, a Wisconsin limited liability company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) CBL CROSS CREEK SEARS OP PROPCO, LLC, a North Carolina limited liability company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) CBL DAKOTA SQUARE MALL OP PROPCO III, LLC, a North Dakota limited liability company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) CBL DAKOTA SQUARE MALL OP PROPCO, LLC, a North Dakota limited liability company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) CBL FAYETTE MALL OP PROPCO, LLC, a Kentucky limited liability company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) CBL FRONTIER SQUARE PROPCO, LLC, a Wyoming limited liability company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) CBL HAMILTON PLACE SEARS OP PROPCO, LLC, a Tennessee limited liability company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) CBL HANES MALL OP PROPCO, LLC, a North Carolina limited liability company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) CBL HARFORD MALL ANNEX PROPCO, LLC, a Pennsylvania limited liability company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) CBL JEFFERSON MALL SELF DEV PROPCO, LLC, a Kentucky limited liability company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) CBL KIRKWOOD MALL OP PROPCO, LLC, a North Dakota limited liability company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) CBL LANDING AT ARBOR PLACE OP PROPCO, LLC, a Georgia limited liability company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) CBL LAUREL PARK MALL OP PROPCO, LLC, a Michigan limited liability company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) CBL MAYFAIRE TOWN CENTER OP PROPCO, LLC, a North Carolina limited liability company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) CBL MERIDIAN MALL OP PROPCO, LLC, a Michigan limited liability company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) CBL MID RIVERS MALL OP PROPCO, LLC, a Missouri limited liability company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) CBL NORTHPARK MALL OP PROPCO III, LLC, a Missouri limited liability company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) CBL NORTHPARK MALL OP PROPCO, LLC, a Missouri limited liability company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) CBL PARKDALE MALL CORNER OP PROPCO, LLC, a Texas limited liability company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) CBL PARKDALE MALL CORNER TRACT 4 PROPCO, LLC, a Texas limited liability company,

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Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) CBL PEARLAND TOWN CENTER OP PROPCO II, LLC, a Texas limited liability company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) CBL POST OAK MALL OP PROPCO, LLC, a Texas limited liability company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) CBL SHOPS AT EASTGATE PROPCO, LLC, an Ohio limited liability company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) CBL SOUTH COUNTY CENTER OP PROPCO II, LLC, a Missouri limited liability company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) CBL SOUTH COUNTY CENTER OP PROPCO, LLC, a Missouri limited liability company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28) CBL SOUTHAVEN TOWNE CENTER OP PROPCO, LLC, a Mississippi limited liability company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29) CBL SUNRISE COMMONS PROPCO, LLC, a Texas limited liability company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30) CBL VALLEY VIEW MALL OP PROPCO, LLC, a Virginia limited liability company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31) CBL WEST TOWNE CROSSING OP PROPCO, LLC, a Wisconsin limited liability company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32) CBL WESTGATE CROSSING PROPCO, LLC, a South Carolina limited liability company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33) CBL YORK GALLERIA OP PROPCO, LLC, a Pennsylvania limited liability company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34) CHH-TENNESSEE, LLC, a Tennessee limited liability company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35) CSPC-TENNESSEE, LLC, a Tennessee limited liability company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36) EAST TOWNE PARCEL I, LLC, a Wisconsin limited liability company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37) ETM-WISCONSIN, LLC, a Wisconsin limited liability company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38) FAYETTE PLAZA CMBS, LLC, a Delaware limited liability company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39) GC-TENNESSEE, LLC, a Tennessee limited liability company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40) HM-NORTH CAROLINA, LLC, a North Carolina limited liability company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41) MADISON OP OUTPARCEL GROUND, LLC, a Wisconsin limited liability company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42) MDN-TEXAS, LLC, a Texas limited liability company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43) NGM-TENNESSEE, LLC, a Tennessee limited liability company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44) PM ANCHOR-TEXAS, LLC, a Texas limited liability company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45) SHOPPES AT ST. CLAIR CMBS, LLC, a Delaware limited liability company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46) SOUTHPARK MALL-DSG, LLC, a Virginia limited liability company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47) STCS-ILLINOIS, LLC, an Illinois limited liability company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48) VOLUSIA SAC, LLC, a Florida limited liability company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49) VOLUSIA-OP Peripheral, LLC, a Florida limited liability company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50) WEST TOWNE DISTRICT, LLC, a Wisconsin limited liability company (each of the Persons named in items 1 through 50 preceding is hereinafter sometimes called an

**Page 2**

Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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"<u>Existing Borrower</u>" and they are sometimes hereinafter collectively called "<u>Existing Borrowers</u>"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51) CBL ASHLAND MALL, LLC, a Delaware limited liability company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52) CBL MESA MALL, LLC , a Delaware limited liability company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53) CBL PADDOCK MALL, LLC, a Delaware limited liability company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54) CBL SOUTHGATE MALL, LLC, a Delaware limited liability <br>(each of the Persons named in items 51 through 54 preceding is hereinafter sometimes called a "<u>New Borrower</u>" and they are sometimes hereinafter collectively called "<u>New Borrowers</u>", and each of Existing Borrowers and New Borrowers is sometimes hereinafter called a "<u>Borrower</u>" and they are sometimes hereinafter collectively called "<u>Borrowers</u>"),

CBL OUTPARCEL HOLDCO, LLC, a Delaware limited liability company ("<u>Sole Member</u>"), as a Guarantor,

CBL & ASSOCIATES LIMITED PARTNERSHIP, a Delaware limited partnership ("<u>Sponsor</u>"), as a Guarantor,

CBL & ASSOCIATES HOLDCO II, LLC, a Delaware limited liability company ("<u>Parent</u>"),

BEAL BANK USA, a Nevada thrift ("<u>Initial Lender</u>" and, together with the other lenders from time to time party hereto, each a "<u>Lender</u>" and collectively "<u>Lenders</u>"), and

CLMG CORP., a Texas corporation, as administrative agent for Lenders ("<u>Administrative Agent</u>").

**PRELIMINARY STATEMENTS:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Existing Borrowers (and Layton Hills and MNVL as defined below), Sole Member, Sponsor, Initial Lender and Administrative Agent are parties to that certain Credit Agreement dated as of June 7, 2022 (the "<u>Existing</u> <u>Credit Agreement</u>"), pursuant to which, among other things, Existing Lenders extended a single advance term loan to Existing Borrowers (and Layton Hills and MNVL) in the aggregate principal amount of $360,000,000.00 (the "<u>Existing Loan</u>"), which Existing Loan is guaranteed by Guarantors (and will be guaranteed by New Borrowers in accordance with this Agreement) and is secured by Liens on, among other Property, the Existing Mortgaged Properties granted pursuant to the Existing Mortgages. As of the Restatement Closing Date, the outstanding principal amount of the Existing Loan and all accrued and unpaid interest thereon is as set forth in <u>Section 2.01(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Each of CBL Layton Hills OP PropCo, LLC ("<u>Layton Hills</u>") and MNVL-Pennsylvania, LLC ("<u>MNVL</u>"), which were borrowers under the Existing Credit Agreement, previously sold the Project (as defined in the Existing Credit Agreement) that was owned by it as of the Closing Date (each a "<u>Sold Project</u>" and collectively the "<u>Sold Projects</u>") and, in connection therewith, the Release Price (as defined in the Existing Credit Agreement) was paid to Administrative Agent and Administrative Agent's Lien on such Sold Projects was released. Accordingly, as of the Restatement Closing Date, neither Layton Hills nor MNVL owns any Project and neither Sole Member nor any other Loan Party owns any membership interest in Layton Hills or MNVL, and Loan Parties have requested that neither Layton Hills nor MNVL be required to be a Borrower under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Borrowers, Sole Member and Sponsor have requested that Lenders make an additional single advance term loan (i.e., in addition to the Existing Loan which remains outstanding and will continue in full force and effect) to Borrowers on the Restatement Closing

**Page 3**

Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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Date in the principal amount of $110,000,000.00 (the "<u>New Loan</u>") for the purpose of partially financing the purchase by the applicable New Borrowers of the New Mortgaged Properties, and Lenders have indicated their willingness to provide such New Loan on the terms and subject to the conditions set forth in this Agreement which amends and restates the Existing Credit Agreement, which conditions include, among others, that (i) Guarantors shall guarantee the payment of the New Loan, (ii) the New Loan shall be secured by Liens on, among other Property, the New Mortgaged Properties and the Existing Mortgaged Properties, (iii) New Borrowers shall guaranty the payment of the Existing Loan, (iv) the Existing Loan will be secured by Liens on, among other Property, the New Mortgaged Properties as well as the Existing Mortgaged Properties and (v) the Existing Loan and the New Loan will be cross-defaulted as well as cross-collateralized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Borrowers engaged the services of Exclusive Placement Agent (defined herein) to assist it with identifying potential sources of financing which would be secured by Borrowers' real properties and fixtures, and, after careful consideration of available financing options, determined that Initial Lender and Administrative Agent provided the best financing option to Borrowers pursuant to the New Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. In consideration of the mutual covenants and agreements herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto covenant and agree, and amend and restate the Existing Credit Agreement, as follows:

# Article I<br>DEFINITIONS AND ACCOUNTING TERMS
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 <u>Defined Terms</u>. As used in this Agreement, the following terms shall have the meanings set forth below:

"<u>Acceptable Financial Institution</u>" means any financial institution acceptable to Administrative Agent in its reasonable discretion; <u>provided</u>, that, with respect to any such financial institution, either (a) such financial institution shall have entered into an Account Control Agreement satisfactory to Administrative Agent in its sole but reasonable discretion, which Account Control Agreement shall include a full waiver of setoff rights by such financial institution with respect to any debt or obligations of any Borrower owing to such financial institution (other than customary account fees and similar items (including any lockbox services)) or (b) such financial institution shall have entered into an Account Control Agreement satisfactory to Administrative Agent in its sole but reasonable discretion and (i) shall have no existing business relationship with any Loan Party of any kind at any time, and (ii) shall not have had any prior business relationship with any Loan Party during the two year period immediately preceding the Restatement Closing Date, including that such financial institution shall not, during such period or after such date, (A) have extended any credit to any Loan Party of any kind (whether by loans, lines of credit or otherwise) or (B) except with respect to being the depositary bank with respect to a Revenue Account, have provided any cash management services, including treasury, overdraft, credit or debit card, electronic funds transfer or other cash management arrangements.

"<u>Account Control Agreement</u>" means each account control agreement entered into by Administrative Agent and any Borrower or Sole Member, and, in the case of the Blocked Accounts, the Depositary Bank, and, with respect to all other Accounts, the applicable Acceptable Financial Institution, in each case, each such Account Control Agreement to be in form and substance satisfactory to Administrative Agent.

**Page 4**

Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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"<u>Accounts</u>" means, collectively, the Blocked Accounts and all other deposit accounts and securities accounts of any one or more of Borrowers, and "<u>Account</u>" means, individually, a Blocked Account or any such deposit account or securities account.

"<u>Administrative Agent</u>" has the meaning specified in the introductory paragraph hereto.

"<u>Administrative Agent Fee</u>" has the meaning set forth in any Fee Letter.

"<u>Administrative Agent's Office</u>" means Administrative Agent's address as set forth in <u>Section 10.02</u>, or such other address in the United States as Administrative Agent may from time to time specify by notice to Borrowers' Representative and Lenders.

"<u>Administrative Questionnaire</u>" means an Administrative Questionnaire in form approved by Administrative Agent.

"<u>Affiliate</u>" means, with respect to any Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified.

"<u>Agreement</u>" has the meaning specified in the introductory paragraph hereto.

"<u>Anti-Corruption Law</u>" means, with respect to any Related Party, the FCPA and any law, rule or regulation of any jurisdiction concerning or relating to bribery or corruption that are applicable to such Related Party.

"<u>Anti-Terrorism Law</u>" means, with respect to any Person, all Laws related to financing terrorism, including, without limitation, (a) the Patriot Act, (b) the Currency and Foreign Transactions Reporting Act, (31 U.S.C. §§ 5311-5330) (also known as the "Bank Secrecy Act"), (c) the Trading With the Enemy Act (50 U.S.C. § 1 et seq.), (d) Executive Order 13224 (effective September 24, 2001) and (e) the International Economic Emergency Powers Act (15 U.S.C. § 1701 et seq.).

"<u>Applicable Margin</u>" means 4.1000%.

"<u>Applicable Percentage</u>" means, with respect to any Lender at any time, the fraction (expressed as a percentage, carried out to the ninth decimal place of the Dollar amount of the Loan), the numerator of which is represented by the aggregate outstanding principal amount of the Loans held by such Lender at such time and the denominator of which is the aggregate outstanding principal amount of all Loans at such time. The initial Applicable Percentage of each Lender in respect of the Loans is set forth opposite the name of such Lender on <u>Schedule 2.01</u> or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable, and, in the absence thereof, the applicable percentage of Initial Lender shall be 100%.

"<u>Applicable Rate</u>" means (a) for the Fixed Rate Portion of the Loans and during the Fixed Rate Period, a per annum rate of interest (determined carried out to four decimal places) equal to the Initial Interest Rate and (b) except as otherwise provided in <u>clause (a)</u> preceding, for any Interest Period (including for the Fixed Rate Portion of the Loans commencing on the last day of the Fixed Rate Period and continuing thereafter and for the Floating Rate Portion of the Loans at all times), a per annum rate of interest (determined carried out to four decimal places) equal to the Benchmark Rate plus the Applicable Margin.

**Page 5**

Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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"<u>Approved Fund</u>" means any fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity, or an Affiliate of an entity, that administers or manages a Lender.

"<u>Assignment and Assumption</u>" means an assignment and assumption entered into by a Lender and an Eligible Assignee (with the consent of any party whose consent is required by <u>Section 10.06(b)(iii)</u>), and accepted by Administrative Agent, in substantially the form of <u>Exhibit D</u> or any other form approved by Administrative Agent.

"<u>Assignment of Other Material Contracts</u>" means that certain Amended and Restated Assignment of Other Material Contracts in the form of <u>Exhibit G</u> or such other form approved by Administrative Agent.

"<u>Bankruptcy Code</u>" means Title 11 of the United States Code entitled "Bankruptcy", as now and hereafter in effect, or any successor statute.

"<u>Benchmark Rate</u>" means the Term SOFR Rate; <u>provided</u>, <u>however</u>, that, promptly upon the occurrence of any Benchmark Transition Event or the suspension of the Term SOFR Rate in accordance with <u>Section 2.21(d)</u>, the "Benchmark Rate" shall at all times then and thereafter (in the case of the occurrence of any Benchmark Transition Event) or at all times during any such suspension (in the case of such suspension) mean the Federal Funds Rate plus 0.35% (provided such rate shall not be less than 0.50%). Notwithstanding the foregoing, if, on any date of determination hereunder, the Benchmark Rate is less than the Floor Rate, then, for such date of determination, the Benchmark Rate shall be deemed to be the Floor Rate at such time.

"<u>Benchmark Transition Event</u>" means that, and such an event shall be deemed to have occurred if, Administrative Agent has determined in its sole and absolute discretion that (a) the administrator of Term SOFR has announced that Term SOFR will no longer be provided, (b) any relevant agency or authority has announced that Term SOFR is no longer representative, or (c) any similar circumstance exists such that Term SOFR has become permanently unavailable or ceased to exist.

"<u>Blocked Accounts</u>" means the Real Estate Tax Account, the Loss Proceeds Account and the Repair Reserve Account.

"<u>Borrowers</u>" has the meaning specified in the introductory paragraph hereto.

"<u>Borrowers' knowledge</u>," "<u>Loan Parties' knowledge</u>," "<u>Mortgagor's knowledge</u>", "<u>the knowledge of Borrowers</u>," "<u>the knowledge of Loan Parties,</u>" "<u>the knowledge of Mortgagor</u>" and similar phrases shall mean the actual or constructive knowledge of any one or more of Benjamin W. Jaenicke, Jennifer Cope and Blake Winstead, after due inquiry; and shall be deemed to also include such actual or constructive knowledge (assuming due inquiry) of any other Person who shall assume any actual or contemplated function of any of the foregoing persons (whether as an officer, manager, employee or similar person of authority of any Borrower, Guarantor or other Loan Party or otherwise) in the context in which this defined term is being used as of the date with respect to which such knowledge is determined.

"<u>Borrowers' Representative</u>" means Sole Member.

"<u>Business Day</u>" means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the Laws of, or are in fact closed in, the State of New York, the State of Nevada or the State of Texas.

**Page 6**

Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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"<u>Capital Budget</u>" has the meaning specified in <u>Section 6.22</u>.

"<u>Capital Expenditures</u>" means, with respect to any Person for any period, any expenditure that is capitalized on the balance sheet of any Borrower in accordance with GAAP.

"<u>Cash Equivalents</u>" means any of the following types of Investments, to the extent owned by any Borrower free and clear of all Liens (other than Liens created under the Collateral Documents):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) readily marketable obligations issued or directly and fully guaranteed or insured by the United States or any agency or instrumentality thereof; <u>provided</u> that the full faith and credit of the United States is pledged in support thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) time deposits with, or certificates of deposit or bankers' acceptances of, any commercial bank that (i) (A) is a Lender or (B) is organized under the laws of the United States, any state thereof or the District of Columbia or is the principal banking subsidiary of a bank holding company organized under the laws of the United States, any state thereof or the District of Columbia, and is a member of the Federal Reserve System and (ii) has combined capital and surplus of at least $1,000,000,000, in each case with maturities of not more than 90 days from the date of acquisition thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) fully collateralized repurchase agreements with a term of not more than 30 days for securities described in clauses (a) through (b) of this definition above and entered into with financial institutions satisfying the criteria of clause (b) of this definition above.

"<u>Casualty Loss</u>" has the meaning specified in <u>Section 6.24</u>.

"<u>Change in Law</u>" means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation or application thereof by any Governmental Authority or (c) with respect to each Lender, the making or issuance of any request, guideline or directive (whether or not having the force of law) by any Governmental Authority that is a regulator of such Lender.

"<u>Change of Control</u>" means an event or series of events by which, except as expressly permitted hereby:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Parent shall cease to directly own and control legally and beneficially and free and clear of all Liens (except the Lien securing the Obligations in favor of Administrative Agent for the benefit of Secured Parties) 100% of the Equity Interests in Sole Member; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Sole Member shall cease to directly own and control legally and beneficially and free and clear of all Liens (except the Lien securing the Obligations in favor of Administrative Agent for the benefit of Secured Parties) 100% of the Equity Interests in each Borrower.

"<u>Closing Date</u>" means as such term is defined in the Existing Credit Agreement.

"<u>Code</u>" means the Internal Revenue Code of 1986.

"<u>Collateral</u>" means all real and personal property that is or is purported to be, under the terms of the Collateral Documents, subject to Liens in favor of Administrative Agent for the benefit of Secured

**Page 7**

Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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Parties, including (a) all of the "Collateral" and "Property" referred to in the Collateral Documents and (b) each Project.

"<u>Collateral Documents</u>" means, collectively, the Pledge Agreements, the Security Agreements, each Mortgage, each Account Control Agreement, the Environmental Indemnity, the Assignment of Other Material Contracts, each of the Security Agreement Supplements delivered to Administrative Agent pursuant to <u>Section 6.12,</u> a collateral assignment of the New Projects Acquisition Agreement and each other written agreement, document or instrument executed by a Loan Party that creates, evidences or perfects, or purports to create, evidence or perfect, a Lien in favor of Administrative Agent for the benefit of Secured Parties, and "<u>Collateral Document</u>" means, individually, any such agreement, document or instrument.

"<u>Collateral Release Fee</u>" means (a) with respect to any of the Mortgaged Properties consisting of the Existing Projects or any portion thereof, Twenty-Five Thousand and No/100 Dollars ($25,000.00) per each Mortgaged Property released and (b) with respect to any of the Mortgaged Properties consisting of the New Projects or any portion thereof, Fifteen Thousand and No/100 Dollars ($15,000.00) per each Mortgaged Property released.

"<u>Commitment</u>" means, as to each Lender, (a) its obligation to fund its portion of the Existing Loan to Existing Borrowers pursuant to <u>Section 2.01</u> of the Existing Agreement in an aggregate principal amount not to exceed the amount set forth opposite such Lender's name on <u>Schedule 2.01</u> under the caption "Existing Loan Commitment" (which Commitment, for the avoidance of doubt, has been previously satisfied in full by Lenders on the date of the advance of the Existing Loan and therefor is no longer in effect) and (b) its obligation to fund its portion of the New Loan to Borrowers pursuant to <u>Section 2.01(b)</u> of this Agreement in an aggregate principal amount not to exceed the amount set forth opposite such Lender's name on <u>Schedule 2.01</u> under the caption "New Loan Commitment" or opposite such caption in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement.

"<u>Compliance Certificate</u>" means a certificate substantially in the form of <u>Exhibit C-1</u>.

"<u>Conforming Changes</u>" has the meaning specific in <u>Section 2.21(c)</u>.

"<u>Contractual Obligation</u>" means, as to any Person, any provision of any Lien or security issued or incurred by such Person or of any obligation, liability or undertaking under any contract, agreement, instrument or other document to which such Person is a party or by which it or any of the Property is bound.

"<u>Control</u>" means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. "<u>Controlling</u>" and "<u>Controlled</u>" have meanings correlative thereto.

"<u>Debt Yield on Existing Projects</u>" means, as of any date of determination, Net Operating Income solely attributable to the Existing Projects for the consecutive twelve-month period ending as of such date divided by the outstanding principal amount of the Existing Loan on such date.

"<u>Debt Yield on New Projects</u>" means, as of any date of determination, Net Operating Income solely attributable to the New Projects for the consecutive twelve-month period ending (or then most recently ended) on such date (or, in the case of a New Project for which the operating history is less than twelve months, for the applicable period commencing on the date of commencement of such operations and ending (or then most recently ended) on such date determined on an annualized basis) divided by the outstanding principal amount of the New Loan on such date.

**Page 8**

Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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"<u>Debtor Relief Laws</u>" means the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally.

"<u>Default</u>" means any event or condition that constitutes an Event of Default or that, with the giving of any notice, the passage of time, or both, would be an Event of Default.

"<u>Default Rate</u>" means an interest rate equal to the lesser of (a) the Maximum Rate and (b) the Applicable Rate <u>plus</u> 3% per annum.

"<u>Depository Bank</u>" means Beal Bank USA and/or, at the election of Administrative Agent, another bank acceptable to Administrative Agent in its sole but reasonable discretion, with which each Blocked Account shall be opened and maintained from time to time.

"<u>Disposition</u>" or "<u>Dispose</u>" means the sale, transfer, license, lease or other disposition (including any sale and leaseback transaction) of any property by any Person (or the granting of any option or other right to do any of the foregoing), including any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and claims associated therewith.

"<u>Dollar</u>" and "<u>$</u>" mean lawful money of the United States.

"<u>DSCR for Existing Projects</u>" means, on a consolidated basis as of the end of the relevant Fiscal Quarter, the quotient obtained by dividing (a) Net Operating Income from the Existing Projects for the consecutive twelve month period ending as of such date, by (b) an amount equal to (i) the aggregate amount of interest paid on the Loans (excluding any interest at the Default Rate but including any interest at the non-Default Rate) during the immediately preceding twelve (12) month period ending as of such date multiplied by (ii) a fraction, the numerator of which is the unpaid principal amount of the Existing Loan and the denominator of which is the unpaid principal amount of the Loans, which numerator and denominator shall be determined as of the end of the relevant Fiscal Quarter.

"<u>Eligible Assignee</u>" means any Person that meets the requirements to be an assignee under <u>Section 10.06(b)</u>, including any consent requirements in <u>Section 10.06(b)(iii)</u>.

"<u>Environmental Indemnity</u>" means that certain Amended and Restated Environmental Indemnity Agreement dated as of the Restatement Closing Date executed by each Borrower and each Guarantor in favor of Administrative Agent and Lenders.

"<u>Environmental Laws</u>" means any and all Laws relating to pollution and the protection of the environment from Hazardous Materials or the release of any Hazardous Materials into the environment, including those related to Hazardous Materials discharged in the air, or to waste or public systems.

"<u>Environmental Permit</u>" means any permit, approval, identification number, license or other authorization required under any Environmental Law.

**Page 9**

Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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"<u>Equity Interests</u>" means, with respect to any Person, all of the shares of capital stock of (or other ownership, member's, trust or profit interests in) such Person, all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership, member's, trust or profit interests in) such Person, all of the securities issued by such Person convertible into or exchangeable for shares of capital stock of (or other ownership, member's, trust or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person of such shares (or such other interests), and all of the other ownership or profit interests in such Person (including partnership, member's, trust or profit interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other interests are outstanding on any date of determination.

"<u>ERISA</u>" means the Employee Retirement Income Security Act of 1974.

"<u>ERISA Affiliate</u>" means any trade or business (whether or not incorporated) under common control with any Borrower within the meaning of Section 414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code).

"<u>ERISA Event</u>" means (a) a Reportable Event with respect to a Pension Plan; (b) a withdrawal by any Borrower or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer (as defined in Section 4001(a)(2) of ERISA) or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA; (c) a complete or partial withdrawal by any Borrower or any ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is in reorganization; (d) the filing of a notice of intent to terminate, the treatment of a Plan amendment as a termination under Section 4041 or 4041A of ERISA, or the commencement of proceedings by the PBGC to terminate a Pension Plan or Multiemployer Plan; (e) an event or condition which constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan or Multiemployer Plan; or (f) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon any Borrower or any ERISA Affiliate.

"<u>Event of Default</u>" has the meaning specified in <u>Section 8.01</u>.

"<u>Excess Cash Flow</u>" means, on a consolidated cash basis, as of the end of the relevant Fiscal Quarter, the remainder of (a) Net Operating Income less (b)(i) Capital Expenditures, (ii) Tenant Allowances, (iii) all payments made in respect of the Loans during such Fiscal Quarter, and (iv) without duplication, required taxable income distributions reasonably estimated by Borrowers' tax advisors on a quarterly basis and made by Borrowers in accordance with <u>Section 7.17(c)(i)</u> hereof.

"<u>Excess Cash Flow Certificate</u>" means a certificate substantially in the form of <u>Exhibit C-2</u>.

"<u>Excluded Items</u>" means, with respect to the Operating Revenue to be reported by Borrowers, the interest income that would otherwise be recognized by Borrowers solely but for the issuance of the Sole Member Promissory Note.

"<u>Excluded Taxes</u>" means, with respect to Administrative Agent, any Lender or any other recipient of any payment to be made by or on account of any obligation of any Borrower hereunder or under any Fee Letter, (a) taxes imposed on or measured by its overall net income (however denominated), and franchise taxes imposed on it (in lieu of net income taxes), by any jurisdiction (or any political subdivision thereof), (b) any branch profits taxes imposed by the United States or any similar tax imposed by any other jurisdiction in which any Borrower is located, (c) any backup withholding tax that is required by the Code to be withheld from amounts payable to a Lender that is a "United States person" within the meaning of

**Page 10**

Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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Section 7701(a)(30) of the Code, and (d) in the case of a Foreign Lender (other than an assignee pursuant to a request by a Borrower under <u>Section 10.13</u>), any United States withholding tax that (i) is required to be imposed on amounts payable to such Foreign Lender pursuant to the Laws in force at the time such Foreign Lender becomes a party hereto (or designates a new Lending Office) or (ii) is attributable to such Foreign Lender's failure or inability (other than as a result of a Change in Law) to comply with clause (b) of <u>Section 3.01(e)(ii)</u>.

"<u>Exclusive Placement Agent</u>" means Eastdil Secured, LLC.

"<u>Existing Borrowers</u>" means the Borrowers who are parties to the Existing Credit Agreement, which Borrowers are listed under items (1) through (52) of this Agreement.

"<u>Existing Credit Agreement</u>" means as such term is defined in <u>Preliminary Statement A</u>.

"<u>Existing Fee Letter</u>" means the letter agreement, dated as of the Closing Date, among Existing Borrowers, Lenders and Administrative Agent, as amended, modified or supplemented from time to time.

"<u>Existing Financing</u>" has the meaning specified in <u>Section 4.01(a)(xxi)</u> of the Existing Credit Agreement.

"<u>Existing Leases</u>" means those Leases set forth on <u>Schedule 5.07(b)</u> as in effect on the Restatement Closing Date.

"<u>Existing Loan</u>" means the "Loan" as such term is defined in the Existing Credit Agreement, which loan consists of the loan made by Initial Lender to Existing Borrowers on the Closing Date in the initial aggregate principal amount of $360,000,000.00 as referred to in <u>Section 2.01(a)</u> of this Agreement.

"<u>Existing Loan Structuring Fee</u>" means 1.00% of the original principal amount of the Existing Loan, which fee was due and payable on, and fully earned on and as of, the Closing Date as set forth in the Existing Fee Letter and was paid on the Closing Date.

"<u>Existing Loan to Value Ratio</u>" means the percentage derived by dividing (a) the then-outstanding principal amount of the Existing Loans by (b) the value of the Collateral consisting of the Existing Projects as determined by Required Lenders at the time in question in their reasonable discretion based on appraisals, broker's opinion of values and/or internal valuations.

"<u>Existing Mortgaged Properties</u>" means the Mortgaged Properties identified on <u>Exhibit A</u> attached hereto under the heading "Existing Mortgaged Properties/Existing Projects".

"<u>Existing Mortgages</u>" means the Mortgages which grant a Lien on the Existing Mortgaged Properties to Administrative Agent for the benefit of Secured Parties.

"<u>Existing Projects</u>" means the Projects listed on <u>Exhibit A</u> hereto under the heading "Existing Mortgaged Properties/Existing Projects", and "<u>Existing Project</u>" means, individually, each Existing Project.

"<u>Extension Fee</u>" means Fifty Thousand and No/100 Dollars ($50,000.00).

**Page 11**

Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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"<u>Extraordinary Receipt</u>" means any cash received by or paid to or for the account of any Person in respect of proceeds of insurance or condemnation awards (and payments in lieu thereof).

"<u>FCPA</u>" means the Foreign Corrupt Practices Act of 1977, 15 U.S.C. §§ 78dd 1, et seq.

"<u>Federal Funds Rate</u>" means, for any day, the rate per annum equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day; <u>provided</u> that (a) if such day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day, and (b) if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged to Beal Bank USA on such day on such transactions as determined by Administrative Agent.

"<u>Fee Estate</u>" means the fee estate of any Ground Lessor in the land on which the relevant Project is located.

"<u>Fee Letter</u>" means (a) the Existing Fee Letter or (b) the New Fee Letter, and "<u>Fee Letters</u>" means the Existing Fee Letter and the New Fee Letter.

"<u>First Lien Policies</u>" and "<u>First Lien Policy</u>" have the meanings specified in <u>Section 4.02(a)(iv)(B)</u>.

"<u>Fiscal Quarter</u>" means a fiscal quarter of Borrowers which, unless modified in accordance with this Agreement, shall mean each of such quarters ending March 31, June 30, September 30 and December 31 of each calendar year.

"<u>Fixed Rate Period</u>" means the period from the Restatement Closing Date through and including July 29, 2030.

**"**<u>Fixed Rate Portion</u>**"** means the portion of the outstanding principal amount of the Loans outstanding as of the Restatement Closing Date (and after giving effect to the advance of the New Loan on the Restatement Closing Date) equal to $367,955,659 (which amount of the Fixed Rate Portion, for the avoidance of doubt, is equal to the entire outstanding principal amount of the Loans outstanding as of the Restatement Closing Date other than the $75,000,000.00 amount of the Floating Rate Portion). In the event that an allocation of the Fixed Rate Portion between the Existing Loan and the New Loan is relevant to any term or provision of this Agreement, and unless otherwise stated herein or agreed by Administrative Agent and Borrowers' Representative, the Fixed Rate Portion shall be allocated between the Existing Loan and the New Loan pro rata based upon the respective outstanding principal amounts of the Existing Loan and the New Loan as of the relevant date of determination, as determined by Administrative Agent.

"<u>Floating Rate Portion</u>" means the portion of the outstanding principal amount of the Loans other than the Fixed Rate Portion (which amount of the Floating Rate Portion, for the avoidance of doubt, equals $75,000,000.00 as of the Restatement Closing Date). In the event that an allocation of the Floating Rate Portion between the Existing Loan and the New Loan is relevant to any term or provision of this Agreement, and unless otherwise stated herein or agreed by Administrative Agent and Borrowers' Representative, the Floating Rate Portion shall be allocated between the Existing Loan and the New Loan pro rata based upon the respective outstanding principal amounts of the Existing Loan and the New Loan as of the relevant date of determination, as determined by Administrative Agent.

**Page 12**

Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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"<u>Floor Rate</u>" means zero percent 0.0000% per annum.

"<u>Foreign Lender</u>" means any Lender that is organized under the Laws of a jurisdiction other than that in which Borrowers are residents for tax purposes. For purposes of this definition, the United States, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction.

"<u>Fraudulent Transfer Laws</u>" has the meaning specified in <u>Section 10.23(a)</u>.

"<u>FRB</u>" means the Board of Governors of the Federal Reserve System of the United States.

"<u>GAAP</u>" means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or such other principles as may be approved by a significant segment of the accounting profession in the United States and that are applicable to the circumstances as of the date of determination, consistently applied.

"<u>Governmental Authority</u>" means the government of the United States or any other nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank).

"<u>Ground Leases</u>" means the leases described on <u>Schedule 5.35</u> hereof pursuant to which a Borrower leases the land, as such lease may be amended, modified, supplemented, renewed or extended from time to time.

"<u>Ground Lessee</u>" means the lessee under the relevant Ground Lease.

"<u>Ground Lessee Default</u>" means either of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A default by the applicable Borrower in making any payment of Ground Rent, additional rent or other sum of money payable by such Borrower to Ground Lessor under the relevant Ground Lease on the date such payment is due and payable, and such default shall have continued to the date that is ten (10) days prior to the latest date that all applicable notice and cure periods are scheduled to expire; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A default by the applicable Borrower in performing or observing any of the terms, covenants or conditions of the relevant Ground Lease other than the payments referred to in <u>clause (a)</u> preceding required to be performed or observed by Ground Lessee, and such default shall have continued to the date that is ten (10) days prior to the latest date that all applicable notice and cure periods are scheduled to expire.

"<u>Ground Lessor</u>" means the lessor under the relevant Ground Lease.

"<u>Ground Lessor Default</u>" means a default by the relevant Ground Lessor in performing or observing any of the terms, covenants or conditions of the relevant Ground Lease required to be performed or observed by such Ground Lessor.

**Page 13**

Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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"<u>Ground Rent</u>" means the base or minimum rent payable in fixed monthly or other periodic installments under the relevant Ground Lease.

"<u>Guarantors</u>" means, collectively, Sole Member, Sponsor and New Borrowers (as to their guaranty of payment of the Existing Loan and related Obligations), and "<u>Guarantor</u>" means, individually, any such entity.

"<u>Guaranty</u>" means a guaranty of payment of the Obligations executed by each of Guarantors in favor of Administrative Agent (for the benefit Secured Parties) or in favor of Secured Parties and delivered to Administrative Agent pursuant to <u>Section 4.02(a)(xii)</u> hereof. The form of Guaranty executed or to be executed by Sole Member is attached hereto as <u>Exhibit E-</u>1 (Payment and Performance) and incorporated herein by reference, the form of Guaranty executed or to be executed by Sponsor is attached hereto as <u>Exhibit E-2</u> (Carve-Out Guaranty) and incorporated herein by reference and the form of Guaranty executed or to be executed by New Borrowers with respect to the Existing Loan is attached hereto as <u>Exhibit E-3</u> (Payment and Performance).

"<u>Hazardous Materials</u>" means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to any Environmental Law; <u>provided</u>, <u>however</u>, Hazardous Materials shall not be deemed to include cleaning substances used in the ordinary course of operations of the Projects in accordance with applicable instructions on use, or sold in retail quantities.

"<u>Immaterial Transfer</u>" shall mean the removal or Disposition of (a) obsolete personal property or fixture(s) located at the Projects; <u>provided</u> that such personal property or fixture(s) (i) is of no continuing beneficial use at such Project at the time of such removal and (ii) in any individual case, does not exceed $100,000 or, in the aggregate, does not exceed $1,000,000 per calendar year (with the first such period to commence on the Closing Date and continue through December 31, 2022) and (b) worn personal property replaced with personal property of similar utility; and if the terms of <u>clause (a)</u> or <u>clause (b)</u> above are satisfied, the removal or Disposition of such personal property or fixture(s) shall not require the prior written consent of Administrative Agent or Required Lenders.

"<u>Impacted Lender</u>" means any Lender that has (a) failed to fund any portion of any Loan required to be funded by it under the Existing Credit Agreement or under this Agreement within one Business Day of the date required to be funded by it hereunder unless such failure has been cured, (b) otherwise failed to pay over to Administrative Agent or any Lender any other amount required to be paid by it hereunder within one Business Day of the date when due, unless such failure is the subject of a good faith dispute, or (c) (i) become or is insolvent or is the Subsidiary or Affiliate of a Person that has become or is insolvent or (ii) become the subject of any proceeding under any Debtor Relief Law or has had a receiver, conservator, trustee, custodian or governmental agency appointed for it or to take over its affairs, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment or is the Subsidiary or Affiliate of a Person that has become the subject of any proceeding under Debtor Relief Laws or has had a receiver, conservator, trustee, custodian or governmental agency appointed for it or to take over its affairs, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment. Notwithstanding anything to the contrary contained herein, neither Initial Lender nor any of its Affiliates shall at any time be deemed to be an Impacted Lender.

"<u>Improvements</u>" has the meaning set forth in the granting clause of each Mortgage, as applicable.

**Page 14**

Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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"<u>Indebtedness</u>" means, with respect to any Person as of any date of determination: (a) obligations created, issued or incurred by such Person for borrowed money (whether by loan, the issuance and sale of debt securities or the sale of Property to another Person subject to an understanding or agreement, contingent or otherwise, to repurchase such Property from such Person); (b) obligations to pay the deferred purchase or acquisition price of Property or services, other than trade accounts payable (other than for borrowed money) arising, and accrued expenses incurred, in the ordinary course of business so long as such trade accounts payable are payable and paid within ninety (90) days of the date the respective goods are delivered or the respective services are rendered; (c) obligations of others secured by a Lien on the Property of such Person, whether or not the respective indebtedness so secured has been assumed by such Person; (d) obligations (contingent or otherwise) under reimbursement agreements in respect of letters of credit or similar instruments issued for the account of such Person; (e) payment obligations under repurchase agreements, single seller financing facilities, warehouse facilities and other lines of credit; (f) obligations or indebtedness of others guaranteed by such Person; (g) all obligations incurred in connection with the acquisition or carrying of fixed assets; (h) indebtedness of general partnerships of which such Person is a general partner; (i) obligations under any rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing) and (j) any other known or contingent liabilities of such Person.

"<u>Indemnified Taxes</u>" means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of any Loan Party under any Loan Document and (b) to the extent not otherwise described in <u>clause (a)</u>, Other Taxes.

"<u>Indemnitees</u>" has the meaning specified in <u>Section 10.04(b)</u>.

"<u>Independent Manager</u>" means a natural person selected by each Borrower and as to whom Required Lenders have no reasonable objection, who: (a) is not and has not been at any time within the past five (5) years (i) a stockholder, director, manager, officer, employee, or partner of any Borrower or any Affiliate of any Borrower or a direct or indirect owner of any Equity Interest or other interest in any Borrower or any Affiliate of each Borrower (unless serving in such capacity as an Independent Manager or Director and such person is an employee of a nationally recognized provider of Independent Managers or Directors), (ii) a customer of or supplier to, or a person who derives more than ten percent (10%) of its purchases or revenues from, any Borrower or any Affiliate of any Borrower, (iii) an Affiliate of, or an employee or agent of any Person that is an Affiliate of, any Borrower or any Affiliate of any Borrower, or (iv) a member of the immediate family of any person that would fall within the descriptions set forth in the foregoing <u>clauses (i)</u> through <u>(iii)</u>; (b) in any event, has no interest in the profits, losses or capital of any Borrower or any Affiliate of any Borrower and has no right to receive any distributions of the assets of any such Person; and (c) is appointed a manager of such Borrower on terms satisfactory to Administrative Agent.

"<u>Information</u>" has the meaning specified in <u>Section 10.07</u>.

"<u>Initial Capital Budget</u>" has the meaning specified in <u>Section 4.02(a)(xx)</u>.

"<u>Initial Interest Rate</u>" means 7.70191% per annum.

**Page 15**

Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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"<u>Initial Lender</u>" has the meaning specified in the introductory paragraph hereto.

"<u>Initial Operating Budget</u>" has the meaning specified in <u>Section 4.02(a)(xx)</u>.

"<u>Insurance Requirements</u>" means the requirements for insurance to be maintained by Borrowers throughout the term of the Loan as set forth on <u>Schedule 4.02(a)(xviii)</u>**.**

"<u>Interest Payment Date</u>" means, the first (1<sup>st</sup>) day of each month, but if such day is not a Business Day, then the Interest Payment Date shall be the immediately succeeding Business Day; <u>provided</u> that the first Interest Payment Date shall be July 1, 2022.

"<u>Interest Period</u>" means the initial period from the Closing Date to the first Interest Payment Date and, thereafter, from the relevant Interest Payment Date to the next following Interest Payment Date; <u>provided</u> that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Closing Date occurs on an Interest Payment Date, the last day of the initial Interest Period with respect to the Loan will be the Interest Payment Date occurring in the next succeeding calendar month;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business Day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) no Interest Period shall extend beyond the Maturity Date.

"<u>Investment</u>" means, as to any Person, any direct or indirect acquisition or investment by such Person in another Person, whether by means of (a) the purchase or other acquisition of Equity Interests of another Person, (b) a loan, advance or capital contribution to, guaranty or assumption of debt of, or purchase or other acquisition of any other debt or equity interest in, another Person, or (c) the purchase or other acquisition (in one transaction or a series of transactions) of assets of another Person that constitute a business unit, or all or a substantial part of the business, of such Person.

"<u>IP Rights</u>" has the meaning specified in <u>Section 5.16</u>.

"<u>Laws</u>" means, collectively, all applicable international, foreign, Federal, state and local statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or not having the force of law.

"<u>Lease</u>" or "<u>Leases</u>" have the meaning specified in <u>Section 5.07(b)</u>.

"<u>Leased Premises</u>" means the land and any other real property leased by any Borrower pursuant to the relevant Lease.

**Page 16**

Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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"<u>Leasehold Estate</u>" means a Borrower's interest in the land and any other real property leased by such Borrower pursuant to a Ground Lease, including all of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all rights of such Borrower to renew or extend the term of such Ground Lease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all amounts deposited by such Borrower with Ground Lessor under such Ground Lease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) such Borrower's right or privilege to terminate, cancel, surrender, modify or amend such Ground Lease; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all other options, privileges and rights granted and demised to such Borrower under such Ground Lease and all appurtenances with respect to such Ground Lease.

"<u>Lender</u>" has the meaning specified in the introductory paragraph hereto.

"<u>Lending Office</u>" means, as to any Lender, the office or offices of such Lender described as such in such Lender's Administrative Questionnaire, or such other office in the United States as a Lender may from time to time specify by notice to Borrowers and Administrative Agent.

"<u>Lien</u>" means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge, or preference, priority or security interest or preferential arrangement in the nature of a security interest of any kind or nature whatsoever (including any conditional sale or other title retention agreement, any easement, right of way or other encumbrance on title to real property, and any financing lease having substantially the same economic effect as any of the foregoing).

"<u>Loan</u>" means the Existing Loan or the New Loan, and "<u>Loans</u>" means both the Existing Loan and the New Loan.

"<u>Loan Documents</u>" means, collectively, (a) the "Loan Documents" as defined in the Existing Credit Agreement (except if and to the extent such "Loan Documents" have been amended and restated as of the Restatement Closing Date and are otherwise included elsewhere in this definition), (b) this Agreement, (c) the Notes, (c) each Guaranty, (d) the Environmental Indemnity, (e) the Collateral Documents, and (f) the Fee Letters, as any of the foregoing has been or may hereafter be modified, amended, supplemented and/or restated from time to time, and any other agreements, instruments, certificates or other documents now or hereafter evidencing, governing, securing or otherwise relating to any Loan or this Agreement or delivered to Administrative Agent or any Lender in connection with any Loan or this Agreement, and "<u>Loan Document</u>" means, individually, any such agreement, instrument, certificate or other document.

"<u>Loan Parties</u>" means, collectively, Borrowers, Sole Member, Sponsor, any other Guarantors and Parent, and "<u>Loan Party</u>" means, individually, a Borrower, Sole Member, Sponsor, any other Guarantor or Parent.

"<u>Loan to Value Ratio</u>" means the percentage derived by dividing (a) the then-outstanding principal amount of the Loans by (b) the value of the Collateral as determined by Required Lenders at the time in question in their reasonable discretion based on appraisals, broker's opinion of values and/or internal valuations.

"<u>Loss Proceeds Account</u>" means the Blocked Account established by Borrowers, jointly, with the Depositary Bank designated for such Blocked Account (in the definition of "Depositary Bank") into which

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Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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all Extraordinary Receipts will be deposited and which shall be released only in accordance with <u>Section 2.11</u> of this Agreement.

"<u>Loss Proceeds Prepayment Amount</u>" means the applicable amounts required to be prepaid by Borrowers pursuant to <u>Sections 6.24</u> and <u>6.25</u> hereof as a mandatory prepayment under <u>Section 2.03(b)(ii)</u>.

"<u>Material Adverse Effect</u>" means (a) a material adverse change in, or a material adverse effect upon, the operations, business, assets, properties, liabilities, or condition (financial or otherwise) of Borrowers or Sole Member; (b) a material impairment of the rights or remedies of Administrative Agent or any Lender under any Loan Document, or of the ability of any Borrower or Sole Member to fully and timely perform its obligations under any Loan Document to which it is a party; or (c) a material adverse effect upon the legality, validity, binding effect or enforceability against any Borrower or Sole Member of any Loan Document to which it is a party.

"<u>Material Contract</u>" means, with respect to any Person, each Material Lease, each Property Management Agreement and each other contract to which such Person is a party involving aggregate consideration payable to or by such Person of $500,000 or more in any calendar year or otherwise material to the business, condition (financial or otherwise), operations, performance or properties of such Person.

"<u>Material Lease</u>" means a Lease that (a) has a primary term in excess of 10 years or grants the Tenant renewal options which could result in a term in excess of 10 years, (b) provides for (i) in the case of any Existing Project, leased premises of more than 7,500 rentable square feet of space (and, with respect to any ground lease to a Tenant, the building located on the ground lease shall be more than 7,500 square feet in size) or (ii) in the case of any New Project, leased premised of more than 10,000 rentable square feet of space (and, with respect to any ground lease to a Tenant, the building located on the ground lease shall be more than 10,000 square feet in size), (c) the costs of Tenant improvements, lease commissions and landlord work with regard to such Lease payable by a Borrower exceeds, in the aggregate, $500,000, (d) grants the Tenant any exclusivity rights other than in regard to the demised premises or any right or option to purchase such premises or (e) is with a Loan Party or an affiliate of a Loan Party. For purposes of this definition, the term "Material Lease" shall include each and every Lease as to which the same Tenant or a group of affiliated Tenants is a Tenant or are Tenants and which, when combined with the other Leases of the same Tenant or group of affiliated Tenants, meets the requirements of the immediately preceding sentence.

"<u>Maturity Date</u>" means October 29, 2030, subject to extension in accordance with <u>Section 2.20</u>; <u>provided</u>, <u>however</u>, that, in each case, if such date is not a Business Day, the Maturity Date shall be the next preceding Business Day.

"<u>Maximum Rate</u>" has the meaning specified in <u>Section 10.09</u>.

"<u>Minimum Real Estate Tax Account Funding</u>" has the meaning specified in <u>Section 6.23</u>.

"<u>Mortgaged Properties</u>" means the Existing Mortgaged Properties and the New Mortgaged Properties.

"<u>Mortgages</u>" means, collectively, the mortgages, deeds of trusts, deeds to secure debt or similar instruments (including all amendments and restatements, amendments, modifications, supplements or other modifications for each of the foregoing) creating a Lien on any of the Mortgaged Properties, including the Existing Mortgages and the New Mortgages, and "<u>Mortgage</u>" means each such mortgage, deed of trust,

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Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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deed to secure debt or similar instrument (including all amendments and restatements, amendments, modifications, supplements or other modifications for each of the foregoing).

"<u>Multiemployer Plan</u>" means any employee benefit plan of the type described in Section 4001(a)(3) of ERISA, to which a Borrower or any ERISA Affiliate makes or is obligated to make contributions or, during the preceding five (5) plan years, has made or been obligated to make contributions.

"<u>Net Cash Proceeds</u>" means, with respect to any Disposition by any Borrower or any Extraordinary Receipt received or paid to the account of any Borrower, the excess, if any, of the sum of cash and Cash Equivalents received in connection with such transaction or occurrence (including any cash or Cash Equivalents received by way of deferred payment pursuant to, or by monetization of, a note receivable or otherwise, but only as and when so received) less reasonable and customary, documented, out-of-pocket expenses incurred by any Borrower, as applicable, in connection with such transaction or occurrence paid to Persons not affiliated with any Loan Party (or upon arm's length terms if affiliated with any Loan Party) and reasonably consented to by Administrative Agent.

"<u>Net Operating Income</u>" means for any period, as determined on a cash basis of accounting, (a) rents and other revenues recognized in the ordinary course from the Projects (but excluding the Excluded Items), minus (b) all Operating Expenses (excluding interest and depreciation expense) related to the ownership, operation or maintenance of the Projects, including but not limited to property taxes, insurance, utilities, maintenance, repair and landscaping expenses, marketing expenses and management fees (but only to the extent such fees are paid).

"<u>New Fee Letter</u>" means the letter agreement, dated as of the Restatement Closing Date, among Borrowers, Lenders and Administrative Agent, as amended, modified or supplemented from time to time.

"<u>New Loan</u>" means as such term is defined in <u>Preliminary Statement C</u>.

"<u>New Loan Structuring Fee</u>" means 1.00% of the original principal amount of the New Loan, which fee is due and payable on, and fully earned on and as of, the Restatement Closing Date.

"<u>New Mortgaged Properties</u>" means the Mortgaged Properties identified on <u>Exhibit A</u> attached hereto under the heading "New Mortgaged Properties/New Projects".

"<u>New Mortgages</u>" means the Mortgages which grant a Lien on the New Mortgaged Properties to Administrative Agent for the benefit of Secured Parties.

"<u>New Project Allocated Loan Amounts</u>" means the applicable allocated Loan amount for each of the New Projects as set forth on <u>Schedule 2.17(a)</u> attached hereto, and "<u>New Project Allocated Loan</u> <u>Amount</u>" means any particular allocated Loan amount for any New Project as set forth on such schedule.

"<u>New Project Refinancing</u>" means any refinancing of a portion of the New Loan secured by the New Projects in connection with Borrowers' payment of the Release Price for such New Project in accordance with this Agreement, which refinancing shall be provided by one or more Persons which are unrelated to and not Affiliates of any Loan Party and the amount of which refinancing for a New Project shall be at least equal to the applicable New Project Allocated Loan Amount for such New Project.

"<u>New Projects</u>" means the Projects listed on <u>Exhibit A</u> hereto under the heading "New Mortgaged Properties/New Projects", and "<u>New Project</u>" means, individually, each New Project.

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Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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"<u>New Projects Acquisition</u>" means the acquisition of the New Projects by New Borrowers pursuant to the New Projects Acquisition Agreement.

"<u>New Projects Acquisition Agreement</u>" means that certain Purchase and Sale Agreement dated as of April 10, 2025, by and among ATC Glimcher, LLC, SM Mesa Mall, LLC, Paddock Mall, LLC and Southgate Mall Montana II LLC, as sellers, and CBL & Associates Management, Inc., as buyer, as amended by that certain (a) First Amendment to Purchase and Sale Agreement dated as of May 5, 2025, (b) Second Amendment to Purchase and Sale Agreement dated as of June 5, 2025, (c) Third Amendment to Purchase and Sale Agreement dated as of June 25, 2025, (d) Fourth Amendment to Purchase and Sale Agreement dated as of June 27, 2025, and (e) Fifth Amendment to Purchase and Sale Agreement dated as of July 23, 2025, as such agreement may be further amended, supplemented or otherwise modified from time to time in accordance with the provisions thereof and with the written consent of Administrative Agent, which agreement has been assigned by such buyer to New Borrowers pursuant to that certain Assignment of Purchase and Sale Agreement dated as of July 9, 2025, among such buyer and New Borrowers (and CBL Southgate Mall II, LLC relating to a certain Dillard's property which is not a part of the Mortgaged Properties) and relates to the acquisition of the New Projects by New Borrowers.

"<u>Note</u>" means (a) with respect to the Existing Loan, the Promissory Note made by Exiting Borrowers payable to the order of Initial Lender evidencing the Existing Loan made by such Lender on or about the Closing Date, substantially in the form of <u>Exhibit B-1</u> attached hereto or (b) with respect to the New Loan, a Promissory Note made by Borrowers payable to the order of Initial Lender evidencing the New Loan made by such Lender on or about the Restatement Closing Date, substantially in the form of <u>Exhibit B-2</u> attached hereto, and "<u>Notes</u>" means both of such promissory notes.

"<u>Obligations</u>" means, collectively: (a) the Loans and all other amounts payable by Borrowers or any one or more of Borrowers (including Existing Borrowers or New Borrowers) to any one or more of Secured Parties under this Agreement, the Notes or any other Loan Document or otherwise with regard to the Loans, together with interest on such amounts (including interest that would be payable as post-petition interest in connection with any bankruptcy or similar proceeding), and all other obligations and liabilities of Borrowers or any one or more of Borrowers (including Existing Borrowers and New Borrowers) arising under, or in connection with, this Agreement, the Notes and the other Loan Documents, including Borrowers' indemnity obligations to any of Secured Parties pursuant to the Loan Documents, in each case whether now existing or hereafter arising; (b) all obligations and liabilities of any Borrower or other Loan Party arising under, or in connection with, any Guaranty or any of the other Loan Documents, including the indemnity obligations of any of such Loan Parties to any of Secured Parties pursuant to the Loan Documents, in each case whether now existing or hereafter arising (including interest that would be payable as post-petition interest in connection with any bankruptcy or similar proceeding); (c) any and all sums paid by or on behalf of any Secured Party pursuant to any Loan Document in order to protect or preserve any Collateral or the interest of any of Secured Parties in such Collateral; and (d) in the event of any proceeding for the collection or enforcement of any of the indebtedness, obligations or liabilities of Loan Parties described in the foregoing clauses (a), (b) and (c) or of any of the obligations or liabilities of a Guarantor under a Guaranty, the expenses of taking, retaking, holding, collecting, preparing for sale, selling or otherwise disposing of or realizing on any of the Collateral, or of any exercise by any Secured Party of its rights under the Loan Documents, including attorneys' fees and disbursements and court costs.

"<u>OFAC</u>" means the Office of Foreign Assets Control of the U.S. Department of the Treasury.

"<u>Open-Air Projects</u>" shall mean those Projects identified on <u>Exhibit A</u> as Open-Air Projects.

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Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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"<u>Operating Budget</u>" has the meaning specified in <u>Section 6.22</u>.

"<u>Operating Expenses</u>" means, as determined in accordance with GAAP, the following, whether incurred by any one or more of Borrowers (to the extent such manager-related charges are payable or reimbursable by Borrowers): (a) all costs of maintaining and operating the Projects (including wages and salaries paid by Borrowers) which are direct expenses of the Projects; (b) all insurance costs; (c) all utility charges; (d) all ad valorem taxes, sales taxes, payroll taxes, or other taxes paid in connection with the operation of the Projects; (e) [reserved]; (f) all management fees and expenses (on fair market terms); (g) [reserved]; (h) equipment operating lease payments; and (i) all other expenses of operation of Borrowers subject to any restrictions contained in this Agreement; provided, however, that Operating Expenses do not include (i) Capital Expenditures, (ii) principal and interest payments on the Loans, (iii) any other expenses paid out of escrows or reserves which had previously been established, to the extent the amounts in such escrows or reserves were previously paid from Operating Revenue, and (iv) all costs of repairing the Projects (in excess of the proceeds of insurance policies covering the Projects to the extent such insurance proceeds are made available, as provided in the Loan Documents, and are used to cover the costs of such repair, restoration or rebuilding).

"<u>Operating Revenue</u>" means, as determined in accordance with GAAP, the gross cash receipts collected and received by Borrowers from the operation of the Projects, but excluding any Net Cash Proceeds and the Excluded Items.

"<u>Organization Documents</u>" means, (a) with respect to any corporation, the certificate or articles of incorporation and the bylaws (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the certificate or articles of formation or organization and operating agreement or limited liability company agreement; and (c) with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization and any agreement, instrument, document, filing or notice with respect thereto filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles of formation or organization of such entity.

"<u>Other Connection Taxes</u>" means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document).

"<u>Other Taxes</u>" means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a Lien under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to <u>Section 3.02</u>).

"<u>Outparcel Projects</u>" shall mean those Projects identified on <u>Exhibit A</u> as Outparcel Projects.

"<u>Parent</u>" means CBL & Associates HoldCo II, LLC, a Delaware limited liability company.

"<u>Participant</u>" has the meaning specified in <u>Section 10.06(d)</u>.

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Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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"<u>Participant Register</u>" has the meaning specified in <u>Section 10.06(d)</u>.

"<u>Payment in Full</u>" means the date upon which all Obligations have been finally, unconditionally and indefeasibly paid and performed in full (other than contingent indemnity obligations set forth in the Loan Documents that survive the termination of the same, as applicable) and all commitments to make loans or otherwise extend credit have expired or been terminated.

"<u>PBGC</u>" means the Pension Benefit Guaranty Corporation.

"<u>Pension Plan</u>" means any "employee pension benefit plan" (as such term is defined in Section 3(2) of ERISA), other than a Multiemployer Plan, that is subject to Title IV of ERISA and is sponsored or maintained by a Borrower or any ERISA Affiliate or to which a Borrowers or any ERISA Affiliate contributes or has an obligation to contribute, or in the case of a multiple employer or other plan described in Section 4064(a) of ERISA, has made contributions at any time during the immediately preceding five (5) plan years.

"<u>Permit</u>" means any and all permits, licenses, approvals and other authorizations required to be held by a Borrower or to be in place with respect to any Project under any applicable Law necessary for the development, construction, leasing and/or operation of such Project, including zoning or use permits, variances or special exceptions, and/or zoning reclassifications, foundation and shoring permits, sewer and utility will-serve permits, building permits, street crossing and encroachment permits, subdivision approvals, earth moving permits, environmental permits and approvals, and approvals of fire underwriters.

"<u>Permitted Encumbrances</u>" has the meaning specified in <u>Schedule 5.07(a)</u> with respect to the Project(s) that are encumbered by the Mortgage in question.

"<u>Person</u>" means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity.

"<u>Plan</u>" means any "employee benefit plan" (as such term is defined in Section 3(3) of ERISA) established by a Borrower or, with respect to any such plan that is subject to Section 412 of the Code or Title IV of ERISA, any ERISA Affiliate.

"<u>Pledge Agreement</u>" and "<u>Pledge Agreements</u>" have the meaning specified in <u>Section 4.02(a)(iii)</u>.

"<u>Pledged Debt</u>" means the Indebtedness pledged to Administrative Agent for the benefit of Secured Parties pursuant to the terms of any Security Agreement, including the intercompany loans from Borrowers (including Existing Borrowers or New Borrowers) to Parent represented by promissory note(s) payable by Parent to such Borrowers.

"<u>Pledged Equity</u>" means the Equity Interests pledged to Administrative Agent for the benefit of Secured Parties pursuant to the Collateral Documents.

"<u>Projects</u>" means collectively the Existing Projects and the New Projects, and "<u>Project</u>" means, individually, each Project.

"<u>Property</u>" means any right or interest in or to any property or asset of any kind whatsoever, whether real, personal or mixed and whether tangible or intangible.

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Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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"<u>Property Management Agreements</u>" means those certain management agreements set forth on <u>Schedule 6.18</u> hereto.

"<u>Property Manager</u>" means CBL & Associates Management, Inc., a Delaware corporation.

"<u>Property Taxes</u>" means, collectively, all real and personal property taxes, assessments, or levies for all of the Projects.

"<u>Proposed Released Collateral</u>" has the meaning specified in <u>Section 2.17(a)</u>.

"<u>Real Estate Tax Account</u>" means the Blocked Account established by any one or more of Borrowers (or the Sole Member) with the Depository Bank designated for such Blocked Account into which Tax Funds will be deposited, which Blocked Account (a) as of the Restatement Closing Date, shall be funded in an aggregate amount equal to $1,345,516.45 (the "<u>Real Estate Tax Account Closing Date Funding Amount</u>"), and (b) shall in no event have a balance of less than the Minimum Real Estate Tax Account Funding amount.

"<u>Recipient</u>" means Administrative Agent or any Lender.

"<u>Register</u>" has the meaning specified in <u>Section 10.06(c)</u>.

"<u>Related Parties</u>" or "<u>Related Party</u>" means, with respect to any Person, such Person's Affiliates and the subsidiaries, parents, partners, directors, officers, employees, agents, trustees, attorneys, consultants, contractors, advisors and representatives of such Person and of such Person's Affiliates.

"<u>Release Price</u>" has the meaning specified in <u>Section 2.17(a)(iv)</u>.

"<u>Release Request</u>" has the meaning specified in <u>Section 2.17(a)(i)</u>.

"<u>Repair Reserve Account</u>" means the Blocked Account established by any one or more of Borrowers with the Depository Bank into which the amounts set forth on <u>Schedule 2.14</u> will be deposited and released in accordance with the terms of <u>Section 2.14</u>.

"<u>Replacement Property</u>" has the meaning specified in <u>Section 2.18(a)</u>.

"<u>Reportable Event</u>" means any of the events set forth in Section 4043(c) of ERISA, other than events for which the 30 day notice period has been waived.

"<u>Required Lenders</u>" means, as of any date of determination, Lenders holding more than 50% of the aggregate outstanding principal amount of all Loans after giving effect to any borrowings and prepayments or repayments thereof occurring on such date; <u>provided</u> that the portion of any Loan held or deemed held by any Impacted Lender shall be excluded and shall not be considered outstanding for purposes of making a determination of Required Lenders.

"<u>Responsible Officer</u>" means, with respect to any Loan Party, each Person authorized in writing by the manager, trustee, or other party so authorized for such Loan Party with respect to the Loan Documents; <u>provided</u>, <u>however</u>, that each Loan Party may, upon the giving of prior written notice to Administrative Agent, modify the list of its Responsible Officers for purposes of this Agreement, each of which modifications shall be effective only on and after the effective date of such notification and none of which modifications shall affect any action taken by any Person who was a Responsible Officer at the time when

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Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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such action was taken. Any agreement, instrument or other document delivered hereunder that is signed by a Responsible Officer of a Loan Party shall be conclusively presumed to have been authorized by all necessary corporate, limited liability company, partnership and/or other action on the part of such Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan Party.

"<u>Restatement Closing Date</u>" means the first date all the conditions precedent in <u>Section 4.02</u> are satisfied or waived in accordance with <u>Section 10.01</u>.

"<u>Restatement Closing Date Required Account Control Agreements</u>" means the Account Control Agreements to be delivered on or before the Restatement Closing Date as referred to in <u>Section 4.02(a)(xix)</u>.

"<u>Restricted Party</u>" shall mean a Person (a) that is listed on any Sanctions List (whether designated by name or by reason of being included in a class of person); (b) that is domiciled, registered as located or having its main place of business in, or is incorporated under the laws of, a Sanctioned Country; (c) that is subject to restrictions under Sanctions Laws for being directly or indirectly owned 50% or more by or otherwise controlled by a Person referred to in <u>clauses (a)</u> and/or <u>(b)</u> above; or (d) with which any Lender is prohibited from dealing or otherwise engaging in a transaction with by any Sanctions Laws.

"<u>Restricted Payment</u>" means payment of any dividend or other distribution (whether in cash, securities or other property) with respect to any Equity Interest of any Person or any of its Subsidiaries, or any payment or distribution (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, defeasance, acquisition, cancellation or termination of any such Equity Interest, or on account of any return of capital to any Person's stockholders, partners, members or other owners (or the equivalent of any thereof).

"Revenue Accounts" means, collectively, one or more Accounts, each subject to an Account Control Agreement, established by any one or more of Borrowers and/or Sole Member with an Acceptable Financial Institution into which all revenue of such Borrowers and all other cash received in respect of the operation of the Projects, other than proceeds of the Loans, proceeds from a Disposition and amounts to be deposited into the Loss Proceeds Account, will be deposited by such Borrowers, and, each, individually, a "<u>Revenue Account</u>".

"<u>Sanctioned Country</u>" means, at any time, a country, region or territory which is itself, or whose government is, the subject or target of any comprehensive country-wide, region-wide or territory-wide Sanctions Laws.

"<u>Sanctioned Person</u>" means, at any time, any Person that is subject to any Sanction.

"<u>Sanctions</u>" means economic sanctions administered or enforced by OFAC, the U.S. Department of State, any Sanctions Authority or any other relevant Governmental Authority.

"<u>Sanctions Authority</u>" means (a) the United Nations, the European Union, the member states of the European Union, the Kingdom of Norway, the United States of America and any authority acting on behalf of any of them in connection with Sanctions Laws, including OFAC, the U.S. Department of State and His Majesty's Treasury of the United Kingdom and (b) otherwise, any other jurisdiction where any Loan Party is organized or whose law is applicable to any Loan Party.

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Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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"<u>Sanctions Laws</u>" means all economic or financial sanctions laws and/or regulations, trade embargoes, freezing provisions, prohibitions, restructure measures, decisions, executive orders or notices from regulators implemented, adapted, imposed, administered, enacted and/or enforced by any Sanctions Authority.

"<u>Sanctions List</u>" means any list of prohibited persons, vessels or entities published in connection with Sanctions Laws by or on behalf of any Sanctions Authority that has the effect of prohibiting transactions with such persons, including the Specially Designated Nationals and Blocked Persons List and other prohibited party lists maintained by OFAC or any list of Persons issued by OFAC, including the Executive Order 13224 (effective September 24, 2001), at its official website or any replacement website or other replacement official publication.

"<u>Secured Parties</u>" means, collectively, Administrative Agent, Lenders, each co-agent or sub-agent appointed by Administrative Agent from time to time pursuant to <u>Section 9.05</u>, and any other Persons the Obligations owing to which are or are purported to be secured by the Collateral under the terms of the Collateral Documents, and "<u>Secured Party</u>" means, individually, any such Person.

"<u>Security Agreement</u>" and "<u>Security Agreements</u>" have the meaning specified in <u>Section 4.02(a)(iii)</u>.

"<u>Senior Officer</u>" means any of the Chief Executive Officer, President, Chief Financial Officer, Treasurer, Controller or Senior Vice President of CBL Holdings I, Inc., which is the general partner of Sponsor (Sponsor being the sole member of Parent, Parent being the sole member of Sole Member and Sole Member being the sole member of each Borrower).

"<u>SOFR</u>" means a rate equal to the secured overnight financing rate as administered by the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).

"<u>Sole Member</u>" means CBL Outparcel HoldCo, LLC, a Delaware limited liability company.

"<u>Sole Member Promissory Note</u>" means, with respect to the proceeds of the Existing Loan, a promissory note made by Sole Member and payable to Existing Borrowers in an amount equal to the original principal amount of the Existing Loan ($360,000,000.00).

"<u>Solvency</u>" means, with respect to any Person on any date of determination, that on such date (a) (i) if such Person is a Borrower or Sole Member, the fair value of the property of such Person is greater than the total amount of liabilities, including contingent liabilities, of such Person, and (ii) if such Person is Parent or Sponsor, the net book value of the assets of such Person is greater than the total amount of liabilities, including contingent liabilities, of such Person, (b) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person's ability to pay such debts and liabilities as they mature, (c) such Person is not engaged in business or a transaction, and is not about to engage in business or a transaction, for which such Person's property would constitute an unreasonably small capital, and (d) such Person is able to pay its debts and liabilities, contingent obligations and other commitments as they mature in the ordinary course of business (which payment may include the conveyance of any property securing a debt in satisfaction of such debt).

"<u>Southgate Mall Merchants Association Documents</u>" means (a) the Certificate of Incorporation of Southgate Mall Merchants Association issued by the Secretary of State of Montana on June 30, 1978, and the related Articles of Association of Southgate Mall Merchants Association as filed with the Secretary of State of Montana on June 30, 1978, and (b) the Bylaws of Southgate Merchants Association dated 2011.

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Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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"<u>Special Damages</u>" has the meaning specified in <u>Section 10.19(b)</u>.

"<u>Sponsor</u>" means CBL & Associates Limited Partnership, a Delaware limited partnership.

"<u>Structuring Fees</u>" means the Existing Loan Structuring Fee and the New Loan Structuring Fee, and "<u>Structuring Fee</u>" means either the Existing Loan Structuring Fee or the New Loan Structuring Fee.

"<u>Subordination of Management Agreements</u>" means that certain Amended and Restated Subordination of Management Agreements and Management Fees executed by Property Manager, Borrowers and Administrative Agent dated as of the Restatement Closing Date.

"<u>Subsidiary</u>" of a Person means a corporation, partnership, joint venture, limited liability company or other business entity of which a majority of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body (other than securities or interests having such power only by reason of the happening of a contingency) are at the time beneficially owned, or the management of which is otherwise Controlled, directly, or indirectly through one or more intermediaries, or both, by such Person.

"<u>Substitute Borrowers</u>" or "<u>Substitute Borrower</u>" has the meaning specified in <u>Section 2.18(a)</u>.

"<u>Substituted Property</u>" has the meaning specified in <u>Section 2.18(a)</u>.

"<u>Substitution Fee</u>" means Fifty Thousand and No/100 Dollars ($50,000.00).

"<u>Substitution of Collateral Request</u>" has the meaning specified in <u>Section 2.18(b)</u>.

"<u>Surveys</u>" has the meaning specified in <u>Section 4.02(a)(iv)(C)</u>.

"<u>Tax Funds</u>" has the meaning specified in <u>Section 6.23</u>.

"<u>Taxes</u>" means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

"<u>Tenant</u>" shall mean any Person obligated by contract or otherwise to pay monies (including a percentage of gross income, revenue or profits) under any Lease now or hereafter affecting all or any part of the Projects.

"<u>Tenant Allowances</u>" means the aggregate amount of Tenant improvements and Lease commissions in respect of Leases paid in cash by Borrowers during the relevant Fiscal Quarter (or other applicable period).

"<u>Term SOFR</u>" means the forward-looking term rate based upon SOFR for a one month Interest Period as quoted or determined by Administrative Agent based upon the website of Term SOFR Administrator on the day (such day, the "<u>Periodic Term SOFR Determination Date</u>") that is two U.S. Government Securities Business Days prior to the first day of such Interest Period; <u>provided</u>, <u>however</u>, that if, as of 5:00 p.m. (New York City time) on any Periodic Term SOFR Determination Date, Term SOFR for such one month Interest Period has not been published on such website and a Benchmark Transition Event has not occurred, then Term SOFR will be such rate as determined on the first preceding U.S. Government Securities Business Day for which such rate was published so long as such first preceding U.S. Government

**Page 26**

Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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Securities Business Day is not more than three U.S. Government Securities Business Days prior to such Periodic Term SOFR Determination Date.

"<u>Term SOFR Administrator</u>" means CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term SOFR Rate selected by Administrative Agent in its sole and absolute discretion).

"<u>Term SOFR Rate</u>" means a rate per annum equal to the applicable Term SOFR rate as determined by Administrative Agent in its sole and absolute discretion and as in effect on each applicable date of determination, in each case as such Term SOFR rate changes and is recalculated from time to time in accordance with the terms of this Agreement and as adjusted for all applicable reserve requirements and any costs arising from time to time in connection with a change in government regulation as determined by Administrative Agent from time to time. The Term SOFR Rate shall be calculated carrying out to four decimal places. For reference only, the Term SOFR Rate as of July 29**,** 2025 is 4.35485% per annum. Notwithstanding the foregoing, if, on any date of determination, the Term SOFR Rate is less than the Floor Rate, then, for such date of determination, the Term SOFR Rate shall be deemed to be the Floor Rate at such time.

"<u>Threshold Amount</u>" means $10,000,000.

"<u>UCC</u>" means the Uniform Commercial Code as in effect in the State of New York; <u>provided</u> that, if perfection or the effect of perfection or non-perfection or the priority of any security interest in any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York, "<u>UCC</u>" means the Uniform Commercial Code as in effect from time to time in such other jurisdiction for purposes of the provisions hereof relating to such perfection, effect of perfection or non-perfection or priority.

"<u>Unfunded Pension Liability</u>" means the excess of a Pension Plan's benefit liabilities under Section 4001(a)(16) of ERISA, over the current value of that Pension Plan's assets, determined in accordance with the assumptions used for funding the Pension Plan pursuant to Section 412 of the Code for the applicable plan year.

"<u>United States</u>" and "<u>U.S.</u>" mean the United States of America.

"<u>U.S. Government Securities Business Day</u>" means any day except for a Saturday, a Sunday or a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in U.S. government securities.

"<u>U.S. Patriot Act</u>" has the meaning set forth in <u>Section 10.18</u>.

"<u>Yield Maintenance Amount</u>" means, as of the date of prepayment, the greater of (a) the amount equal to the sum of the remaining scheduled amount of interest payments (calculated at the Yield Maintenance Rate) due on the Fixed Rate Portion of the Loans through the Yield Maintenance Termination Date on any amount of principal of such Loans that is repaid or prepaid, other than by payments of Extraordinary Receipts or prepayments of such Loans elected by Lenders to be applied as such prepayments pursuant to <u>clause (ii)</u> of <u>Section 7.17</u> hereof, and, in each case, shall be calculated on a discounted basis on the equivalent maturity U.S. Treasury rate as of such date, or (b) zero.

**Page 27**

Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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"<u>Yield Maintenance Rate</u>" means 7.70191% per annum.

"<u>Yield Maintenance Termination Date</u>" means July 29, 2030, which date is the last day of the Fixed Rate Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 <u>Other Interpretive Provisions</u>. With reference to this Agreement and each other Loan Document, unless otherwise specified herein or in such other Loan Document:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words "include," "includes" and "including" shall be deemed to be followed by the phrase "without limitation." The word "will" shall be construed to have the same meaning and effect as the word "shall." Unless the context requires otherwise, (i) any definition of or reference to any agreement, instrument or other document (including any Organization Document or any Loan Document) shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein or in any other Loan Document), (ii) any reference herein to any Person shall be construed to include such Person's successors and assigns, (iii) the words "herein," "hereof" and "hereunder," and words of similar import when used in any Loan Document, shall be construed to refer to such Loan Document in its entirety and not to any particular provision thereof, (iv) all references in a Loan Document to Articles, Sections, Preliminary Statements, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Preliminary Statements, Exhibits and Schedules to, the Loan Document in which such references appear, (v) any reference to any law shall include all statutory and regulatory provisions consolidating, amending, replacing or interpreting such law and any reference to any law or regulation shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time, (vi) the words "asset" and "property" shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights, (vii) except as otherwise provided for herein, all of any Lender's, Administrative Agent's or Required Lenders' approvals, opinions, elections, determinations, selections, exercise of rights, reservation of rights, judgments, considerations, decisions or other similar acts shall be in (and shall be read to be in) the sole and absolute discretion of such Lender, Administrative Agent and Required Lenders, respectively, and (viii), the delivery of any item by a Loan Party to a "Lender" or "Required Lenders" shall be deemed to be satisfied by the delivery of such item to Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the computation of periods of time from a specified date to a later specified date, the word "<u>from</u>" means "<u>from and including</u>;" the words "<u>to</u>" and "<u>until</u>" each mean "<u>to but excluding</u>;" and the word "<u>through</u>" means "<u>to and including</u>."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Section headings herein and in the other Loan Documents are included for convenience of reference only and shall not affect the interpretation of this Agreement or any other Loan Document.

**Page 28**

Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 <u>Accounting Terms</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Generally</u>. All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with, GAAP applied on a consistent basis, as in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Changes in GAAP</u>. If at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in any Loan Document, and either Borrowers or Required Lenders shall so request, Administrative Agent, Lenders and Borrowers shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (subject to the approval of Required Lenders); <u>provided</u> that, until so amended, (i) such ratio or requirement shall continue to be computed in accordance with GAAP as in effect prior to such change therein and (ii) Borrowers shall provide to Administrative Agent and Lenders financial statements and other documents required under this Agreement setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP. If GAAP is generally supplanted by the adoption of International Financial Reporting Standards, and such adoption would alter the application of any provision of this Agreement, then such adoption shall be treated as a "change in GAAP" for purposes of the foregoing sentence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 <u>Times of Day</u>. Unless otherwise specified, all references herein to times of day shall be references to Central time (daylight or standard, as applicable).

# Article II<br>THE LOAN
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01 <u>The Loans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the terms and conditions set forth in the Existing Credit Agreement, including, without limitation, the satisfaction (or waiver) of the conditions set forth in <u>Section 4.01</u>, Initial Lender advanced the Existing Loan to Existing Borrowers on the Closing Date in the amount of $360,000,000.00, with all fees payable under the Existing Fee Letter, including, without limitation, the Existing Loan Structuring Fee and the first year of the Administrative Agent Fee referred to in such Fee Letter, as well as any reimbursements to Administrative Agent and Initial Lender due or payable on or about the Closing Date being net funded from such advance and paid to and retained by the parties to whom such fees and reimbursements were payable. Each of Borrowers, Guarantors, Lenders and Administrative Agent acknowledges and agrees that, as of the end of business on the Business Day immediately preceding the Restatement Closing Date, the outstanding principal amount of the Existing Loan is $332,955,659 and the amount of the accrued and unpaid interest on the Existing Loan is $2,152,893.12, all of which outstanding principal amount and accrued and unpaid interest shall be deemed outstanding under this Agreement as of the Restatement Closing Date and due and payable in accordance with this Agreement, the Note evidencing the Existing Loan and the other Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the terms and conditions set forth herein, including, without limitation, the satisfaction of the conditions set forth in <u>Section 4.02</u>, each of Borrowers hereby irrevocably requests, and Initial Lender agrees to advance, the New Loan to Borrowers on the Restatement Closing Date in the amount of $110,000,000.00, with all fees payable under the New Fee Letter, including, without limitation, the New Loan Structuring Fee and the first year of the Administrative

**Page 29**

Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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Agent Fee referred to in such Fee Letter (which Administrative Agent Fee payable from time to time under the New Fee Letter shall be in lieu of any future Administrative Agent Fee otherwise payable under the Existing Fee Letter), as well as any reimbursements to Administrative Agent and Initial Lender due or payable on or about the Restatement Closing Date being paid to and retained by the parties to whom such fees and reimbursements are payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All amounts borrowed under this <u>Section 2.01</u> and repaid or prepaid may not be reborrowed. Time is of the essence with respect to each and every promise, covenant or obligation of Borrowers specified in the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02 <u>Use of Proceeds</u>. (a) Existing Borrowers used the proceeds of the Existing Loan solely to: (i) pay expenses, costs and fees due from Existing Borrowers and incurred through the Closing Date in connection with the transactions contemplated by the Loan Documents as evidenced by a "sources and uses" summary or closing statement executed by Existing Borrowers and approved by Administrative Agent; (ii) make a loan to Sole Member in the amount of the advances under the Existing Loan received by Existing Borrowers under the Existing Loan Agreement, which loan is evidenced by the Sole Member Promissory Note, which loan proceeds were disbursed to Parent and used to pay in full all outstanding amounts under or in respect of the Existing Financing, and (iii) pay the other amounts set forth on <u>Schedule 2.02</u> to the Existing Credit Agreement, including (on or about the Closing Date) depositing funds into the Real Estate Tax Account in the amount of $1,775,567.67 relating to Tax Funds, and (b) Borrowers will use the proceeds of the New Loan solely to pay a portion of the purchase price payable under the New Projects Acquisition Agreement and expenses, costs and fees due from Borrowers and incurred through the Restatement Closing Date in connection with the transactions contemplated by the Loan Documents, in each case as evidenced by a "sources and uses" summary or closing statement executed by Borrowers and approved by Administrative Agent, including (on or about the Restatement Closing Date) depositing funds into the Real Estate Tax Account in the amount of $1,345,516.45 relating to Tax Funds. In no event shall any proceeds of the Loans be used directly or indirectly by any Person (A) for any personal, family, household or agricultural purposes, or (B) for the purpose, whether immediate, incidental or ultimate, of purchasing, acquiring or carrying any "margin stock" (as such term is defined in Regulation U promulgated by the FRB (or any successor)) or to extend credit to others directly or indirectly for the purpose of purchasing or carrying any such margin stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03 <u>Prepayments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Voluntary Prepayments</u>. Borrowers may, at their option (subject to the applicable requirements of this <u>Section 2.03</u>), prepay the outstanding principal balance of the Loans (or either of the Loans), in whole or in part, on the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such prepayment must occur on a Business Day and must be in a minimum amount of the lesser of (i) $1,000,000 and (ii) the outstanding principal balance of the applicable Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such prepayment shall be accompanied by (A) all interest accrued to the date of such prepayment on the portion of the principal amount being prepaid, (B) if such prepayment occurs on or prior to a Yield Maintenance Termination Date, the applicable Yield Maintenance Amount, if any, with respect to such principal amount being prepaid, and (C) any other amounts then due and payable under this Agreement with respect to the applicable Loan, including any amounts payable pursuant to <u>Article III</u> and <u>Section 10.04</u>; and

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Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Borrowers shall deliver to Administrative Agent a written notice not less than five (5) Business Days and not more than forty-five (45) days prior to the date proposed for such prepayment. Each such notice shall specify (A) the Business Day on which such prepayment will be made and (B) if such prepayment is not made with respect to a Disposition or a New Project Refinancing, whether it is a prepayment of the Existing Loan or the New Loan, and (C) the aggregate unpaid principal balance of the applicable Loan to be prepaid. Following its receipt of such notice, Administrative Agent will calculate all interest that will be accrued through the date of such prepayment and the Yield Maintenance Amount, if any, to be paid on the date of such prepayment, and any other out-of-pocket fees and expenses incurred by Administrative Agent in connection with such prepayment and will notify Borrowers of such amounts. Upon the giving of such notice by Borrowers, the principal to be prepaid as described therein shall become due and payable, along with the applicable interest, Yield Maintenance Amount, if any, and the other amounts due in connection therewith to the extent specified in the preceding sentence, on the date for such prepayment specified in such notice. Each such prepayment of any Loan and other amounts payable in connection with such prepayment shall be allocated among all Lenders in proportion to the applicable Obligations owing to them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Mandatory Prepayments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any Disposition of all or any part of a Project or other Collateral that is not permitted by this Agreement and does not result in Payment in Full of all Obligations shall be in accordance with <u>Section 2.17</u> hereof and shall require (A) the prior written consent of Required Lenders, such consent to be in their sole and absolute discretion, and (B) Borrowers to prepay the applicable Loan upon the consummation of such Disposition in an aggregate principal amount equal to the Release Price of the Proposed Released Collateral, together with all accrued and unpaid interest thereon and the applicable Yield Maintenance Amount, if any, due and payable in respect thereof (such prepayments to be applied as set forth in <u>clause (iii)</u> below). Each such prepayment shall be paid to Administrative Agent, on behalf of Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Borrowers shall prepay the applicable Loan in an amount equal to 100% of the Loss Proceeds Prepayment Amount (but without any Yield Maintenance Amount or similar prepayment charge being due and owing). Each such prepayment shall be paid to Administrative Agent, on behalf of enders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Each prepayment of the applicable Loan pursuant to the provisions of this <u>Section 2.03(b)</u> and <u>Section 7.17(c)(ii)</u> shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) occur on a Business Day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) be accompanied by (1) all interest accrued to the date of such prepayment on the portion of the principal amount being prepaid, (2) solely with respect to <u>clause (b)(i)</u>, if such prepayment occurs on or prior to a Yield Maintenance Termination Date, the applicable Yield Maintenance Amount, if any, with respect to such principal amount being prepaid, and (3) any other amounts then due and payable under this Agreement with respect to the applicable Loan, including any amounts payable pursuant to <u>Article III</u> and <u>Section 10.04</u>; and

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Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Borrowers shall deliver to Administrative Agent a written notice as many days prior to the date proposed for such prepayment as possible (but, in each case other than a mandatory prepayment as provided for in <u>Section</u> <u>2.03(b)(ii)</u> hereof, with no less than five (5) Business Days' notice). Each such notice shall specify (1) the Business Day on which such prepayment will be made and (2) the aggregate unpaid principal amount of the applicable Loan to be prepaid. Following its receipt of such notice, Administrative Agent will calculate all interest at the then current Applicable Rate that will be accrued through the date of such prepayment and the Yield Maintenance Amount, if any, to be paid on the date of such prepayment, and any other out-of-pocket third-party fees and expenses incurred by Administrative Agent in connection with such prepayment and will notify Borrowers of such amounts. Each such prepayment of any Loan and other amounts payable in connection with such prepayment shall be allocated among all Lenders in proportion to the applicable Obligations owing to them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Lenders may elect, in their sole and absolute discretion, not to accept any prepayment required under <u>clauses (b)(i)</u> or <u>(b)(ii)</u> of this Section (or any portion thereof) by providing notice to Administrative Agent who shall then promptly provide notice to Borrowers, in which case, such prepayment (or any portion thereof) shall not be required under <u>clauses (b)(i)</u> or <u>(b)(ii)</u> of this Section; <u>provided</u> that such election by Lenders shall only apply to such instance of prepayment (or any portion thereof) and not for future prepayments under <u>clauses (b)(i)</u> or <u>(b)(ii)</u> of this Section thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Application of Prepayments</u>. Unless otherwise agreed by Administrative Agent, all prepayments of the Loans (i) made at any time shall be applied first to the Floating Rate Portion of the Loans until such portion is paid in full and thereafter shall be applied to the Fixed Rate Portion of the Loans and (ii) (A) in the case of voluntary prepayments, shall be applied to the outstanding principal amount of the Existing Loan or the outstanding principal amount of the New Loan as Borrowers' Representative shall request, (B) in the case of a Disposition of any Project or portion thereof or any required prepayment of a Loss Proceeds Prepayment Amount, shall be applied to the Existing Loan if and to the extent that the same relates to an Existing Project or any part thereof and shall be applied to the New Loan if and to the extent that the same relates to a New Project or any part thereof, (C) in the case of a New Project Refinancing, shall be applied to the New Loan, (D) in the case of a prepayment relating to Excess Cash Flow under <u>clause (ii)</u> of <u>Section</u> <u>7.17</u>, shall be applied to the Existing Loan or the New Loan as specified in such clause, and (E) in all other cases, shall be applied pro rata to the outstanding principal amount of the Existing Loan and the outstanding principal amount of the New Loan (based upon the relative outstanding principal amounts of each such Loan).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04 <u>Repayment of Loans</u>. The outstanding principal balance of each of the Loans, all accrued and unpaid interest thereon and all other Obligations not previously paid shall be due and payable in full, and shall be repaid in full, on the Maturity Date (or such earlier date on which the Loans or portion of the Loans becomes due and payable as provided in the Loan Documents). If any Loan becomes due and payable on or prior to a Yield Maintenance Termination Date, whether on the Maturity Date, upon acceleration (whether by election or automatically), or on such other earlier date on which such Loan or portion of such Loan becomes due and payable as provided in the Loan Documents (including, without limitation, upon the occurrence of an actual or deemed entry of an order for relief with respect to any Loan Party under any Debtor Relief Law, including, upon the occurrence of an Event of Default pursuant to <u>Section 8.01(f)</u>), the applicable Yield Maintenance Amount shall be due and payable on such repayment

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Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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## date. EACH LOAN PARTY EXPRESSLY WAIVES (TO THE FULLEST EXTENT IT MAY LAWFULLY DO SO) THE PROVISIONS OF ANY PRESENT OR FUTURE STATUTE OR LAW THAT PROHIBITS OR MAY PROHIBIT THE COLLECTION OF THE YIELD MAINTENANCE AMOUNT. Each Loan Party expressly agrees (to the fullest extent that it may lawfully do so) that: (a) the Yield Maintenance Amount is reasonable and is the product of an arm's length transaction between sophisticated business people, ably represented by counsel; (b) THE YIELD MAINTENANCE AMOUNT DOES NOT CONSTITUTE, AND SHALL NOT BE DEEMED OR CONSIDERED TO BE, UNMATURED INTEREST ON ANY LOAN OR OTHER AMOUNT AND NO LOAN PARTY SHALL ARGUE UNDER ANY CIRCUMSTANCE THAT THE YIELD MAINTENANCE AMOUNT CONSTITUTES UNMATURED INTEREST ON ANY LOAN; (c) the Yield Maintenance Amount shall be payable notwithstanding the then prevailing market rates at the time payment is made; (d) there has been a course of conduct between Lenders and Loan Parties giving specific consideration in this transaction for such agreement to pay the Yield Maintenance Amount; (e) each Loan Party shall be estopped hereafter from claiming differently than as agreed to in this paragraph; and (f) in view of the impracticability and extreme difficulty of ascertaining actual damages, the parties mutually agree that the Yield Maintenance Amount is a reasonable calculation of Lenders' lost profits as a result of any such prepayments and is not a penalty.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05 <u>Interest</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Applicable Interest Rate</u>. Subject to the provisions of <u>Section 2.05(b)</u>, each Loan shall bear interest on the outstanding principal amount thereof for each Interest Period at a rate per annum equal to the Applicable Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Default Rate</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If any amount payable by Borrowers under any Loan Document is not paid when due (or by the end of any applicable grace period following such due date), whether at stated maturity, by acceleration or otherwise, such amount shall thereafter bear interest at the interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) While any Event of Default exists, interest will accrue on the outstanding principal amount of the Loans and, to the extent permitted by applicable Law, all past due Obligations (other than the principal amount of the Loans), including past due interest accrued on the Loans, at an interest rate per annum equal to the Default Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Accrued and unpaid interest on past due amounts (including interest on past due interest) shall be due and payable upon demand, but not less frequently than each Interest Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Payment</u>. Interest on the Loans shall be due and payable in arrears on each Interest Payment Date and on the Maturity Date. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the commencement of any proceeding under any Debtor Relief Law.

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Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06 <u>Fees</u>. Borrowers shall pay to Administrative Agent (for the account of Administrative Agent, any Affiliate of Administrative Agent and/or Lenders as they may determine) (a) the New Loan Structuring Fee on the Restatement Closing Date and (b) all other fees and other amounts due under any Fee Letter in the amounts, to the payees and at the times specified in such Fee Letter. Borrowers shall pay to Lenders and Administrative Agent such fees as shall have been separately agreed upon in writing, if any, in the amounts and at the times so specified. The foregoing fees shall be fully earned when due and payable and when paid shall not be refundable for any reason whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07 <u>Computation of Interest and Fees; Retroactive Adjustments of Applicable Rate</u>. All computations of fees and interest shall be made on the basis, as applicable, of a 365-day year and actual days elapsed on or with regard to the Loans. Interest shall accrue on the Loans for the day on which such Loan is made, and shall not accrue on any Loan, or any portion thereof, for the day on which such Loan or such portion is paid so long as such payment is received by Administrative Agent on or before 4:00 p.m., Central time, on such day of payment. Each determination by Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08 <u>Evidence of Debt</u>. The portion of each Loan made by each Lender shall be evidenced by one or more accounts or records maintained by such Lender and by Administrative Agent in the ordinary course of business. The accounts or records maintained by Administrative Agent and each Lender shall be conclusive absent manifest error of the amount of each Loan made by Lenders to the applicable Borrowers and the interest and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of Borrowers hereunder to pay any amount owing with respect to the Obligations. In the event of any conflict between the accounts and records maintained by any Lender and the accounts and records of Administrative Agent in respect of such matters, the accounts and records of Administrative Agent shall control in the absence of manifest error. Upon the request of any Lender made through Administrative Agent, Borrowers shall execute and deliver to such Lender (through Administrative Agent) a Note, which shall evidence such Lender's portion of each Loan as provided herein in addition to such accounts or records. Each Lender may attach schedules to its Note evidencing its portion of each Loan and endorse thereon the date, amount and maturity of such Loan and payments with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.09 <u>Payments Generally; Administrative Agent's Clawback</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General</u>. All payments to be made by Borrowers shall be made without condition or deduction for any counterclaim, defense, recoupment or setoff. Borrowers shall make or cause to be made all payments of principal of each Loan and all payments of interest, fees and other Obligations with respect to each Loan to Administrative Agent, for the account of the applicable Secured Parties, by wire transfer or ACH in Dollars and in immediately available funds, to such account as to which Administrative Agent may from time to time notify Borrowers' Representative in writing. Administrative Agent will promptly distribute to each Lender its Applicable Percentage in respect of each Loan (or other applicable share as provided herein) of such payment in like funds as received by wire transfer to such Lender. All payments received by Administrative Agent after 4:00 p.m., Central time, on any day shall be deemed received on the next succeeding Business Day and any applicable interest or fee shall continue to accrue. Except as provided in the definition of Maturity Date, if any payment to be made by Borrowers shall come due on a day other than a Business Day, payment shall be made on the next preceding Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Payments by Borrowers; Presumptions by Administrative Agent</u>. Unless Administrative Agent shall have received notice from Borrowers prior to the time at which any payment is due to Administrative Agent for the account of Lenders hereunder that Borrowers will

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Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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not make such payment, Administrative Agent may assume that Borrowers have made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to Lenders the amount due. In such event, if Borrowers have not in fact made such payment, then each of Lenders severally agrees to repay to Administrative Agent forthwith on demand the amount so distributed to such Lender, in immediately available funds with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by Administrative Agent in accordance with banking industry rules on interbank compensation. A notice given by Administrative Agent to any Lender or to Borrowers' Representative with respect to any amount owing under this <u>subsection (b)</u> shall be conclusive, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Failure to Satisfy Conditions Precedent</u>. If any Lender makes available to Administrative Agent funds in Dollars for any Loan to be made by such Lender as provided in the foregoing provisions of this <u>Article II</u>, and such funds are not made available to Borrowers by Administrative Agent because the conditions to the applicable Loan set forth in <u>Article IV</u> are not satisfied or waived in accordance with the terms hereof, then Administrative Agent shall return such funds (in like funds as received from such Lender) to such Lender, without interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Obligations of Lenders Several</u>. The obligation of each Lender hereunder to make any Loan and to make payments pursuant to <u>Section 10.04(d)</u> are several and not joint. The failure of any Lender to make any portion of the Loan, to fund any such participation or to make any payment under <u>Section 10.04(d)</u> on any date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for the failure of any other Lender to so make its portion of any Loan, to purchase its participation or to make its payment under <u>Section 10.04(d)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Funding Source</u>. Nothing herein shall be deemed to obligate any Lender to obtain the funds for its portion of any Loan in any particular place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any portion of any Loan in any particular place or manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Insufficient Funds</u>. If at any time insufficient funds are received by and available to Administrative Agent to pay fully all amounts of principal, interest and fees then due hereunder, such funds shall be applied (i) <u>first</u>, toward payment of interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and fees then due to such parties, and (ii) <u>second</u>, toward payment of principal then due hereunder in accordance with each Lender's Applicable Percentage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 <u>Sharing of Payments by Lenders</u>. If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of (a) Obligations in respect of any Loan due and payable to such Lender hereunder and under the other Loan Documents at such time in excess of its Applicable Percentage or (b) Obligations in respect of any Loan owing (but not due and payable) to such Lender hereunder and under the other Loan Documents at such time in excess of its Applicable Percentage, then the Lender receiving such greater proportion shall (i) notify Administrative Agent of such fact, and (ii) purchase (for cash at face value) participations in the applicable Loan of the other Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by all Lenders ratably in accordance with the aggregate amount of Obligations in respect of each applicable Loan then due and payable to Lenders or owing (but not due and payable) to Lenders, as the case may be, <u>provided</u> that:

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Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if any such participations or subparticipations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations or subparticipations shall be rescinded and the purchase price restored to the extent of such recovery, without interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the provisions of this <u>Section 2.10</u> shall not be construed to apply to (1) any payment made by Borrowers pursuant to and in accordance with the express terms of this Agreement or (2) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans to any assignee or participant, other than to Borrowers thereof (as to which the provisions of this <u>Section 2.10</u> shall apply).

Each Loan Party consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against such Loan Party rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of such Loan Party in the amount of such participation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 <u>Release of Funds from the Loss Proceeds Account</u>. The Loss Proceeds Account shall be under the sole and exclusive control of Administrative Agent pursuant to the terms of an Account Control Agreement. Provided the conditions applicable to the use of Extraordinary Receipts to pay for the repair and restoration of a Project following a casualty or condemnation set forth in <u>Section 6.24</u> or <u>Section 6.25</u>, as applicable, are satisfied, funds in the Loss Proceeds Account may be used to pay costs of repair/restoration as described in <u>Section 6.24</u> or <u>Section 6.25</u>, as applicable, and as approved by Administrative Agent, or shall otherwise be paid, prepaid or distributed as provided for in <u>Section 6.24</u> or <u>Section 6.25</u> hereof, as applicable. No funds may be released or transferred from the Loss Proceeds Account unless approved by Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 <u>Real Estate Tax Account</u>. The Real Estate Tax Account shall be under the sole and exclusive control of Administrative Agent pursuant to the terms of an Account Control Agreement. Tax Funds shall be deposited by Borrowers into the Real Estate Tax Account in accordance with the provisions of <u>Section 6.23</u> of this Agreement. Other than the Minimum Real Estate Tax Account Funding, and for so long as no Default or Event of Default shall have occurred and be continuing and Borrowers have otherwise complied with the provisions of this <u>Section 2.12</u>, Administrative Agent shall release any or all Tax Funds to the applicable Borrowers for the payment on behalf of such Borrowers of Property Taxes for the Open-Air Projects and the New Projects; provided that evidence of payment in full in Dollars of each of the relevant Property Taxes with such Tax Funds shall be provided by the applicable Borrowers to the Administrative Agent within five (5) Business Days after each date on which such Tax Funds are so released (but only to the extent such evidence has not been previously so provided to the Administrative Agent). If the balance of the Real Estate Tax Account shall at any time be less than the Minimum Real Estate Tax Account Funding amount, Borrowers shall, within five (5) Business Days after notice thereof (or, if earlier, Borrowers' knowledge thereof), pay to the Administrative Agent in Dollars by wire transfer of immediately available funds an amount at least equal to the amount of such balance. Borrowers shall furnish the Administrative Agent with all bills, statements and estimates for Property Taxes received by or available to a Borrowers at least thirty (30) days prior to the date on which such Property Taxes first become payable. If the amount of the Tax Funds shall exceed the amounts due for Property Taxes, the Administrative Agent, in its sole discretion, may either return any excess to the Real Estate Tax Account or credit such excess against future payments to be made with the Tax Funds. The amounts in respect of Property Taxes in respect of each Open-Air Project and each New Project that are deposited into the Real Estate Tax Account on the Closing Date shall be sufficient (when combined with the monthly deposits for Property Taxes) to fund the Real Estate Tax Account in order to pay the Property Taxes as they become due and payable. Any Tax Funds remaining after Payment in Full shall be returned to Borrowers. All out-of-pocket costs and

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Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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## expenses incurred by the Administrative Agent in connection with holding and disbursing the Tax Funds (including, without limitation, the costs and expenses of the inspections, if any, required hereunder) shall be paid by Borrowers on demand by the Administrative Agent.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 <u>Revenue Accounts</u>. All revenues and other cash received in respect of the operation of the Projects, other than the proceeds of any Loan, proceeds from a Disposition and amounts to be deposited in the Loss Proceeds Account or the Real Estate Tax Account, shall be deposited into one or more Revenue Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 <u>Repair Reserve Account</u>. The Repair Reserve Account shall be under the sole and exclusive control of Administrative Agent pursuant to the terms of an Account Control Agreement. Provided that Administrative Agent is provided with such supporting documents and other information as Administrative Agent may reasonably request, Administrative Agent shall disburse funds from the Repair Reserve Account to make the repairs set forth on <u>Schedule 2.14</u> hereof in an amount equal to the amount requested by Borrowers' Representative, provided that: (a) Borrowers' Representative submits a funds disbursement request to Administrative Agent, which request shall set forth a general description of the use of the Repair Reserve Account for which such disbursement is requested, together with copies of all supporting invoices; (b) such request is delivered at least five (5) Business Days prior to the date on which Borrowers' Representative requests such disbursement be made, provided that, with respect to the New Projects, Administrative Agent shall not require such five (5) Business Day prior notice as it relates to immediate repairs determined necessary by a third-party property condition assessment satisfactory to Administrative Agent; (c) [reserved]; (d) Administrative Agent shall have the right to confirm (by an inspection conducted at Borrowers' expense if any repair work for a Project exceeds $500,000.00) performance of the work associated with such use of the Repair Reserve Account; (e) on the date such request is received by Administrative Agent and on the date such disbursement is to be made, no Default or Event of Default shall exist or be continuing; and (f) the request for disbursement is accompanied by a Responsible Officer's certificate certifying that (i) such funds will be used to reimburse the applicable Borrower for, or to pay directly to the contractor for, the subject repairs, (ii) the subject repairs have not been the subject of a previous disbursement, (iii) any construction work associated with the related use of the Repair Reserve Account has been completed (or will be completed to the extent of the requested disbursement) in a good and workmanlike manner and in accordance with all applicable Laws and (iv) after completion of the subject repairs, the applicable Project shall be free and clear of all Liens, other than Liens permitted hereunder. Once all required work has been completed for a Project in accordance with the preceding requirements, any funds that remain in the Repair Reserve Account allocated for such Project shall be disbursed to Borrowers. Administrative Agent shall not be required to disburse funds from the Repair Reserve Account more frequently than twice each calendar month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 <u>Cash Accounts upon an Event of Default</u>. Upon the occurrence and during the continuance of an Event of Default, amounts provided for in <u>Sections 2.12</u>, <u>2.13</u> or <u>2.14</u> may be withheld or applied by Administrative Agent in any manner Administrative Agent so elects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 <u>Intentionally Omitted</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17 <u>Disposition(s), Release(s) of Collateral</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as provided in a Disposition or a New Project Refinancing that results in Payment in Full of all Obligations or a Disposition or New Project Refinancing otherwise permitted by this Agreement, Borrowers may not make any Disposition of any Collateral (including any Existing Project or New Project or any part thereof) or consummate any New Project Refinancing, and Administrative Agent shall be under no obligation to release from its Liens any such Collateral,

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Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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<u>provided</u>, that a Disposition of a Project or a New Project Refinancing of a New Project shall be permitted hereunder if, and only if, (1) no Default has then occurred and is continuing, (2) a Default would not result therefrom, and (3) all of the following applicable conditions are satisfied or waived by Lenders (or, if applicable, the requisite percentage of Lenders):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Administrative Agent shall have received from Borrowers and the other Loan Parties a written notice of such proposed Disposition or New Project Refinancing which (A) properly identifies the affected Collateral (such collateral, the "<u>Proposed Released Collateral</u>"), (B) certifies as to compliance with all conditions contained in this Agreement or any other Loan Document to such Disposition or New Project Refinancing (including a certification that no Default has then occurred and is continuing or would result therefrom) and (C) requests a release of the Proposed Released Collateral from the Liens of the Loan Documents thereon (the "<u>Release Request</u>"); provided that, in the case of any New Project Refinancing, Borrowers' Representative shall have given Administrative Agent at least 30 days prior written notice before consummation of such New Project Refinancing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) With respect to any proposed Disposition of an Existing Project (for the avoidance of doubt, this <u>clause (ii)</u> shall not apply to a proposed Disposition of a New Project) or part thereof, Lenders (or, if applicable, the requisite percentage of Lenders) shall have consented in writing to such Disposition in their reasonable discretion, with any approval or disapproval being provided to Borrowers' Representative by Administrative Agent within fifteen (15) days of receipt by Administrative Agent of the Release Request (provided that any failure of Administrative Agent to timely communicate any such approval or disapproval shall be deemed to constitute a disapproval of such Release Request);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Except in the case of a Disposition of one or more of the New Projects or part thereof which results in the payment to Administrative Agent of $110,000,000 plus all accrued and unpaid interest on the New Loan plus any Yield Maintenance Amount payable on the Fixed Rate Portion of the New Loan, the Disposition of the Proposed Released Collateral is made to (A) an unrelated third party, on an arm's length basis and 100% for cash in Dollars, or (B) to a joint venture that is an Affiliate of a Borrower (a "<u>JV</u>", in which Sponsor's indirect ownership interest cannot be greater than 50%), provided that (1) Borrowers' Representative has delivered evidence that the Project will be redeveloped by the JV and (2) the JV shall pay cash in Dollars for the Release Price pursuant to <u>Section 2.17 (a)(iv)</u> below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The "<u>Release Price</u>" is equal to: (A) in the case of any Disposition of Proposed Released Collateral that involves an Existing Project or part thereof, the greater of (1) 120% of the then allocated Loan amount of such Collateral based upon a fraction, the numerator of which is the then current value of the Proposed Released Collateral (as determined by Administrative Agent in its sole and absolute discretion based on third party reports, appraisals and/or internal valuations) and the denominator of which is the then current total value of all Collateral (as determined by Administrative Agent in its sole and absolute discretion based on third party reports, appraisals and/or internal valuations), which fraction shall be multiplied by the then current outstanding principal amount of the Loans, and (2) 100% of the Net Cash Proceeds from such Disposition (for purposes of this clause (A), the allocated Loan amount of any Collateral shall be determined at any time and from time to time by Administrative Agent in good faith); (B) in the case of any

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Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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Disposition of Proposed Released Collateral that involves a New Project or part thereof, the greater of (1) 110% of the applicable New Project Allocated Loan Amount for such New Project during the period from the Restatement Closing Date to the first anniversary of the Restatement Closing Date and 115% of the applicable New Project Allocated Loan Amount for such New Project thereafter, and (2) 100% of the Net Cash Proceeds from such Disposition, plus any Yield Maintenance Amount payable on the Fixed Rate Portion of the New Loan; and (C) in the case of any New Project Refinancing, an amount equal to 110% of the applicable New Project Allocated Loan Amount for such New Project during the period from the Restatement Closing Date to the first anniversary of the Restatement Closing Date and 115% of the applicable New Project Allocated Loan Amount for such New Project thereafter, plus any Yield Maintenance Amount payable on the Fixed Rate Portion of the New Loan; <u>provided</u>, <u>however</u>, that the aggregate amount of the Release Prices required to be paid in connection with a Disposition of all New Projects or in connection with the consummation of a New Project Refinancing of all New Projects in the aggregate shall not exceed the sum of $110,000,000.00, plus all accrued and unpaid interest on the New Loan plus any Yield Maintenance Amount payable on the Fixed Rate Portion of the New Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The applicable Borrowers shall have prepaid the Loans in accordance with <u>Section 2.03(b)(i)</u> in an aggregate amount equal to the Release Price, which prepayment shall include in all cases the applicable Yield Maintenance Amount, if any, in respect of such prepayment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Borrowers shall have paid to Administrative Agent, for the benefit of Lenders, the Collateral Release Fee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Borrowers shall have paid all out-of-pocket expenses incurred by Administrative Agent and/or Lenders (including the reasonable fees, charges and disbursements of counsel to Administrative Agent and Lenders, and of special local counsel to Administrative Agent and Lenders), in connection with the preparation, negotiation, execution and delivery of such release or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding <u>Section 2.17(a)</u> above, Administrative Agent and Lenders acknowledge that, with respect to a 0.056 acre tract of land more particularly shown and described on <u>Schedule 2.17(b)</u> hereto (the "<u>Special Release Parcel</u>") and located on the property owned by CBL Hamilton Place Sears OP PropCo, LLC ("<u>Hamilton PropCo Borrower</u>"), that at such time as the owner of Hamilton Place Mall has elected to widen the ring road that serves Hamilton Place Mall, upon thirty (30) days' advance written notice to Administrative Agent, Hamilton PropCo Borrower shall be permitted to transfer the Special Release Parcel to an affiliate of Sponsor that is not a Borrower under this Loan, and Administrative Agent shall release its lien with respect to the Special Release Parcel. The transfer of the Special Release Parcel shall only be made for the sole purpose of widening the ring road that serves Hamilton Place Mall. As a condition to such release, Borrowers shall have paid all out-of-pocket expenses incurred by Administrative Agent and/or Lenders (including the reasonable fees, charges and disbursements of counsel to Administrative Agent and Lenders, and of special local counsel to Administrative Agent and Lenders), in connection with the preparation, negotiation, execution and delivery of such release (whether or not the transaction contemplated hereby shall be consummated). Borrowers shall promptly

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Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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provide, upon request of Administrative Agent, evidence reasonably satisfactory to Administrative Agent of the construction and, when completed, completion of such ring road.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 <u>Substitution of Collateral/Borrower</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Request for Substitution of Collateral</u>. The applicable Borrowers may, by written notice to Administrative Agent (who shall promptly notify Lenders), request that Administrative Agent substitute certain Property comprising Collateral hereunder (the "<u>Substituted Property</u>") with other Property (the "<u>Replacement Property</u>") owned by such applicable Borrowers or a substitute entity or entities (the "<u>Substitute Borrowers</u>" and each a "<u>Substitute Borrower</u>") approved by Administrative Agent in its sole and absolute discretion. Any such substitution made pursuant to this <u>Section 2.18</u> may only be exercised only one (1) time per calendar quarter during the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Within thirty (30) days of Administrative Agent's receipt of such written notice from Borrowers (a "<u>Substitution of Collateral Request</u>"), Administrative Agent shall notify such Borrowers of the decision of Administrative Agent to approve or not approve such substitution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Conditions to Substitution of Collateral</u>. Neither Administrative Agent nor any Lender shall have any duty to approve any Substitution of Collateral Request; <u>provided</u>, that Administrative Agent will consider a Substitution of Collateral Request subject to the following conditions being satisfied and/or waived by Administrative Agent, and if so approved then, promptly upon the fulfillment of such conditions, Administrative Agent shall cause the Substituted Property to be released as Collateral hereunder and the Replacement Property and/or Substitute Borrower(s) to be added as Collateral and/or Loan Parties hereunder (as applicable):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the value of such Replacement Property (as determined in Administrative Agent's sole and absolute discretion) is equal to or exceeds the value of the Substituted Property (as determined in Administrative Agent's sole and absolute discretion based upon third party reports, appraisals and/or internal valuations);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the nature of such Replacement Property (as determined in Administrative Agent's sole and absolute discretion) is substantially similar to the nature of the Substituted Property (as determined in Administrative Agent's sole and absolute discretion);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) such Borrowers (or any Substitute Borrowers) have good record and marketable title in fee simple to, or valid leasehold interests in, the Replacement Property, subject only to Permitted Encumbrances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the relevant Borrowers (or the relevant Substitute Borrowers) shall grant, within ten (10) days following Administrative Agent's approval of the Substitution of Collateral Request, to Administrative Agent, as security for the Obligations, a first-priority Lien (except for Permitted Encumbrances) on the Replacement Property not already subject to a Lien of the Collateral Documents. All such Liens will be created and perfected by and in accordance with the provisions of deeds of trust, mortgages, security agreements and financing statements or other Collateral Documents, all in form and substance satisfactory to Administrative Agent in its sole and absolute discretion and in sufficient executed (and acknowledged where necessary or appropriate) counterparts for recording purposes;

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Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Borrowers shall have paid to Administrative Agent, for the benefit of Lenders, the Substitution Fee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Borrowers shall have paid all out-of-pocket expenses incurred by Administrative Agent and Lenders (including the reasonable fees, charges and disbursements of counsel to Administrative Agent and Lenders, and of special local counsel to Administrative Agent and Lenders), in connection with the preparation, negotiation, execution and delivery of such substitution or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Any Substitute Borrowers permitted hereunder shall execute a joinder to the Loan Documents in form and substance acceptable to Administrative Agent, in its sole and absolute discretion, and deliver to Administrative Agent such other agreements, instruments and other documents as may be required by Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19 <u>Intentionally Omitted</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20 <u>Extension of Maturity Date</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Request for Extension</u>. Borrowers may, by notice to Administrative Agent (who shall promptly notify Lenders) not earlier than 90 days and not later than 30 days prior to the Maturity Date then in effect hereunder (the "<u>Existing Maturity Date</u>"), request that each Lender extend the Maturity Date for an additional two (2) years from the Existing Maturity Date. Any such extension made pursuant to this <u>Section 2.20</u> may only be exercised one (1) time during the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Conditions to Effectiveness of Extensions</u>. The extension of the Maturity Date pursuant to this Section shall automatically become effective upon the satisfaction and/or waiver by each Lender of each of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no Default shall have occurred and be continuing on the Existing Maturity Date or after giving effect to the extension of the Maturity Date on such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all representations and warranties contained in this Agreement are true and correct on and as of the date of such extension and after giving effect thereto, as though made on and as of such date (or, if any such representation or warranty is expressly stated to have been made as of a specific date, as of such specific date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Debt Yield on Existing Projects, determined as of the Existing Maturity Date (or determined as of such earlier date as may be determined by each Lender in its sole discretion, but which earlier date shall not be more than 90 days prior to the Existing Maturity Date) and based upon the financial information then available, is not less than 10.00%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Debt Yield on New Projects, determined as of the Existing Maturity Date (or determined as of such earlier date as may be determined by each Lender in its sole discretion, but which earlier date shall not be more than 90 days prior to the Existing Maturity Date) and based upon the financial information then available, is not less than 18.00%;

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Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the DSCR for Existing Projects, as determined as of September 30, 2030, is greater than or equal to 1.50 to 1.00;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Loan to Value Ratio, determined as of the Existing Maturity Date (or determined as of such earlier date as may be determined by each Lender in its sole discretion, but which earlier date shall not be more than 90 days prior to the Existing Maturity Date) and based upon the financial information then available, does not exceed seventy percent (70.0%);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Borrowers shall have paid to Administrative Agent, for the benefit of Lenders, the Extension Fee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Borrowers shall have paid all out-of-pocket expenses incurred by Administrative Agent and Lenders (including the reasonable fees, charges and disbursements of counsel to Administrative Agent and the Lenders, and of special local counsel to Administrative Agent and Lenders), in connection with the preparation, negotiation, execution and delivery of such extension or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) there shall not have occurred, as determined by each Lender in its reasonable discretion, any material adverse change in the financial condition or results of operations of Sponsor when comparing the most recently available financial statements of Sponsor against those provided as of (or delivered on or about) the Restatement Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Amendment</u>. In connection with any extension of the Maturity Date, Borrowers, Guarantors, Administrative Agent and Lenders may make such amendments to this Agreement and the other Loan Documents as Administrative Agent in its sole and absolute discretion determines to be necessary or desirable in connection with, or to evidence, the extension.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21 <u>Additional Matters Relating to Term SOFR</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Index</u>. Each Borrower acknowledges and agrees that the Term SOFR Rate is an index used by Administrative Agent and Lenders for the determination of a rate of interest on loans and the Term SOFR Rate is not necessarily the lowest rate charged by Administrative Agent or any Lender on other loans to its customers. Each Borrower acknowledges and agrees that Administrative Agent and Lenders may make loans to other customers based upon other rates of interest. Administrative Agent will inform Borrowers of the then current Term SOFR Rate from time to time upon request by Borrowers.

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Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Determination of Term SOFR Rate</u>. Administrative Agent shall determine the Term SOFR Rate from time to time in accordance with this Agreement, and such determination shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Conforming Changes Adjustment</u>. In connection with the use or administration of Term SOFR and the Term SOFR Rate, Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary contained in this Agreement or any other Loan Documents, any amendments implementing such Conforming Changes will become effective without any further action or consent of any Borrower or any Lender or any other party to this Agreement. Administrative Agent will notify Borrowers and Lenders from time to time of the effectiveness of any Conforming Changes in connection with the use or administration of Term SOFR or the Term SOFR Rate. The term "Conforming Changes" means, with respect to either the use or administration of Term SOFR or the Term SOFR Rate or the use, administration, adoption or implementation of any Benchmark Transition Event, any technical, administrative or operational changes (including changes to the definition of "Business Day", timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, the applicability and length of lookback periods, and other technical, administrative or operational matters) that Administrative Agent decides may be appropriate to reflect the adoption and implementation of any such rate or to permit the use and administration thereof by Administrative Agent in a manner substantially consistent with market practice (or, if Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if Administrative Agent determines that no market practice for the administration of any such rate exists, in such other manner of administration as Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Unavailability of Term SOFR Rate</u>. If, in connection with the implementation and use of the Term SOFR Rate: (i) Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that the "Term SOFR Rate" cannot be determined pursuant to the definition thereof, (ii) Administrative Agent determines that the Term SOFR Rate does not adequately and fairly reflect the cost to Lenders of making, maintaining or funding the Loans, or (iii) Administrative Agent determines that any applicable law has made it unlawful, or that any governmental authority has asserted that it is unlawful, for any Lender or its applicable lending office to make, maintain or fund loans or advances whose interest is determined by reference to SOFR, Term SOFR or the Term SOFR Rate, or to determine or charge interest rates based upon SOFR, Term SOFR or the Term SOFR Rate; then, upon notice of any such occurrence or determination by Administrative Agent to Borrowers, any obligation of Lenders to make available the Term SOFR Rate, and any right of Borrowers to use the Term SOFR Rate, shall be suspended unless and until Administrative Agent revokes such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Notices; Standards for Decisions and Determinations</u>. Administrative Agent will notify Borrowers of (i) the occurrence of any Benchmark Transition Event or the implementation of any change to the Benchmark Rate resulting from any term or provision of this <u>Section 2.21</u> and (ii) the effectiveness of any Conforming Changes implemented in accordance with <u>Section 2.21(c)</u>. Any determination, decision or election that may be made by Administrative Agent pursuant to this <u>Section 2.21</u>, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made by Administrative Agent in its sole and absolute discretion and without consent from

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Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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any Borrower or any Lender or other party to this Agreement or any other Loan Documents, except, in each case, as may be expressly required pursuant to this <u>Section 2.21</u>.

# Article III<br>TAXES, YIELD PROTECTION AND ILLEGALITY
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.01 <u>Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Payments Free of Taxes; Obligation to Withhold; Payments on Account of Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any and all payments by or on account of any obligation of Borrowers hereunder or under any other Loan Document shall to the extent permitted by applicable Laws be made free and clear of and without reduction or withholding for any Taxes. If, however, applicable Laws require Borrowers or Administrative Agent to withhold or deduct any Tax, such Tax shall be withheld or deducted in accordance with such Laws as determined by Borrowers or Administrative Agent, as the case may be, upon the basis of the information and documentation to be delivered pursuant to subsection (e) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If Borrowers or Administrative Agent shall be required by the Code to withhold or deduct any Taxes, including both United States Federal backup withholding and withholding taxes, from any payment, then (A) Administrative Agent shall withhold or make such deductions as are determined by Administrative Agent to be required based upon the information and documentation it has received pursuant to subsection (e) below, (B) Administrative Agent shall timely pay the full amount withheld or deducted to the relevant Governmental Authority in accordance with the Code, and (C) to the extent that the withholding or deduction is made on account of Indemnified Taxes or Other Taxes, the sum payable by Borrowers shall be increased as necessary so that after any required withholding or the making of all required deductions (including deductions applicable to additional sums payable under this Section) Administrative Agent or Lenders, as the case may be, receives or receive an amount equal to the sum it or they would have received had no such withholding or deduction been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Payment of Other Taxes by Borrowers.</u> Without limiting the provisions of subsection (a) above, Borrowers shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Indemnifications</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Without limiting the provisions of subsection (a) or (b) above, Borrowers shall, and do hereby agree to, indemnify each of Administrative Agent and Lenders, and shall make payment in respect thereof within 30 days after demand therefor, for the full amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section) paid by Administrative Agent or such Lender, and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority; <u>provided</u>, <u>however</u>, that Borrowers shall have no liability hereunder in respect of penalties, interest and other liabilities attributable to any Indemnified Taxes or Other Taxes if such penalties, interest or other liabilities are attributable to the gross negligence or willful misconduct of Administrative Agent or such Lender, respectively. A certificate

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Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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as to the amount of any such payment or liability delivered to Borrowers by a Lender (with a copy to Administrative Agent), or by Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Without limiting the provisions of subsection (a) or (b) above, each Lender shall, and does hereby, indemnify Borrowers and Administrative Agent, and shall make payment in respect thereof within 30 days after demand therefor, against any and all Taxes and any and all related losses, claims, liabilities, penalties, interest and expenses (including the fees, charges and disbursements of any counsel for Borrowers or Administrative Agent) incurred by or asserted against Borrowers or Administrative Agent by any Governmental Authority as a result of the failure by such Lender to deliver, or as a result of the inaccuracy, inadequacy or deficiency of, any documentation required to be delivered by such Lender, to Borrowers or Administrative Agent pursuant to subsection (e). Each Lender hereby authorizes Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under this Agreement or any other Loan Document against any amount due to Administrative Agent under this clause (ii). The agreements in this clause (ii) shall survive the resignation and/or replacement of Administrative Agent, any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all other Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Evidence of Payments</u>. Upon request by Borrowers or Administrative Agent, as the case may be, after any payment of Taxes by Borrowers or Administrative Agent to a Governmental Authority as provided in this <u>Section 3.01</u>, Borrowers shall deliver to Administrative Agent, or Administrative Agent shall deliver to Borrowers, the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of any return required by applicable Laws to report such payment or other evidence of such payment reasonably satisfactory to Borrowers or Administrative Agent, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Status of Lenders; Tax Documentation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Lender shall deliver to Borrowers and to Administrative Agent, at the time or times prescribed by applicable Laws or when reasonably requested by Borrowers or Administrative Agent, such properly completed and executed documentation prescribed by applicable Laws or by the taxing authorities of any jurisdiction and such other reasonably requested information as will permit Borrowers or Administrative Agent, as the case may be, to determine (A) whether or not payments made hereunder or under any other Loan Document are subject to Taxes, (B) if applicable, the required rate of withholding or deduction, and (C) such Lender's entitlement to any available exemption from, or reduction of, applicable Taxes in respect of all payments to be made to such Lender by Borrowers, pursuant to this Agreement or otherwise to establish such Lender's status for withholding tax purposes in the applicable jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Without limiting the generality of the foregoing, if Borrowers are residents for tax purposes in the United States,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any Lender that is a "United States person" within the meaning of Section 7701(a)(30) of the Code shall deliver to Borrowers and Administrative Agent executed originals of Internal Revenue Service Form W-9 or such other documentation or information prescribed by applicable Laws or reasonably requested by Borrowers or Administrative Agent as will enable Borrowers or

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Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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Administrative Agent, as the case may be, to determine whether or not such Lender is subject to backup withholding or information reporting requirements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) each Foreign Lender that is entitled under the Code or any applicable treaty to an exemption from or reduction of withholding tax with respect to payments hereunder or under any other Loan Document shall deliver to Borrowers and Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the request of Borrowers or Administrative Agent, but only if such Foreign Lender is legally entitled to do so), whichever of the following is applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) executed originals of Internal Revenue Service Form W-8BEN claiming eligibility for benefits of an income tax treaty to which the United States is a party,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) executed originals of Internal Revenue Service Form W-8ECI,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) executed originals of Internal Revenue Service Form W-8IMY and all required supporting documentation,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under section 881(c) of the Code, (x) a certificate to the effect that such Foreign Lender is not (a) a "bank" within the meaning of section 881(c)(3)(a) of the Code, (b) a "10 percent shareholder" of Borrowers within the meaning of section 881(c)(3)(b) of the Code, or (c) a "controlled foreign corporation" described in section 881(c)(3)(c) of the Code and (y) executed originals of Internal Revenue Service Form W-8BEN, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) executed originals of any other form prescribed by applicable Laws as a basis for claiming exemption from or a reduction in United States Federal withholding tax together with such supplementary documentation as may be prescribed by applicable Laws to permit Borrowers or Administrative Agent to determine the withholding or deduction required to be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Each Lender shall promptly (A) notify Borrowers and Administrative Agent of any change in circumstances which would modify or render invalid any claimed exemption or reduction, and (B) take such steps as shall not be materially disadvantageous to it, in the reasonable judgment of such Lender, and as may be reasonably necessary (including the re-designation of its Lending Office) to avoid any requirement of applicable Laws of any jurisdiction that Borrowers or Administrative Agent make any withholding or deduction for taxes from amounts payable to such Lender.

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Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Treatment of Certain Refunds</u>. Unless required by applicable Laws, at no time shall Administrative Agent have any obligation to file for or otherwise pursue on behalf of a Lender, or have any obligation to pay to any Lender, any refund of Taxes withheld or deducted from funds paid for the account of such Lender. If Administrative Agent or any Lender determines, in its sole discretion, that it has received a refund of any Taxes or Other Taxes as to which it has been indemnified by Borrowers, or with respect to which Borrowers have paid additional amounts pursuant to this Section, it shall pay to Borrowers an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by Borrowers under this Section with respect to the Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses incurred by Administrative Agent or such Lender, as the case may be, and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund), <u>provided</u> that Borrowers, upon the request of Administrative Agent or such Lender, agree to repay the amount paid over to Borrowers (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to Administrative Agent or such Lender in the event Administrative Agent or such Lender is required to repay such refund to such Governmental Authority. This subsection shall not be construed to require Administrative Agent or any Lender to make available its tax returns (or any other information relating to its taxes that it deems confidential) to Borrowers or any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.02 <u>Increased Costs</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Increased Costs Generally</u>. If any Change in Law shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) subject any Lender to any tax of any kind whatsoever with respect to this Agreement or any Loan made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Indemnified Taxes or Other Taxes covered by <u>Section 3.01</u> and the imposition of, or any change in the rate of, any Excluded Tax payable by such Lender); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) impose on any Lender any other condition, cost or expense affecting this Agreement or any Loan made by such Lender;

and the result of any of the foregoing shall be to increase the cost to such Lender of making or maintaining any such Loan, or to increase the cost to such Lender, or to reduce the amount of any sum received or receivable by such Lender (whether of principal, interest or any other amount) of making or maintaining any such Loan, then, upon the written request of such Lender made in accordance with subsection (c) below, Borrowers will pay to such Lender, such additional amount or amounts as will compensate such Lender for such additional costs incurred or reduction suffered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Capital Requirements</u>. If any Lender determines that any Change in Law affecting such Lender or the applicable Lending Office of such Lender or Lender's holding company, if any, regarding capital requirements has or would have the effect of reducing the rate of return on such Lender's capital or on the capital of such Lender's holding company, if any, as a consequence of this Agreement, the Commitments of such Lender or any Loan made by such Lender, to a level below that which such Lender or such Lender's holding company could have achieved but for such Change in Law (taking into consideration such Lender's policies and the policies of Lender's

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Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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holding company with respect to capital adequacy), by an amount which such Lender deems to be material, then from time to time, following written request by such Lender in accordance with subsection (c) below, Borrowers will pay to such Lender such additional amount or amounts as will compensate such Lender or such Lender's holding company for such reduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Certificates for Reimbursement</u>. A certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender or its holding company, as the case may be, as specified in subsection (a) or (b) of this Section, stating in reasonable detail the basis for such compensation and the method of computation, and delivered to Borrowers is required in order for such Lender to be compensated under such subsection and shall be presumed correct absent manifest error. Borrowers shall pay such Lender the amount shown as due on any such certificate within 30 days after receipt thereof, absent manifest error or a good faith dispute. Notwithstanding any other provisions of this <u>Section 3.02</u>, no Lender shall demand compensation for any increased cost, charge or reduction under <u>Section 3.02(b)</u> if it shall not at the time be the general policy of such Lender to demand such compensation in similar circumstances under comparable provisions of its other lending agreements generally, and each Lender shall in good faith endeavor to allocate increased costs or reductions fairly among all of its affected commitments and credit extensions (whether or not it seeks compensation from Borrowers).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Delay in Requests</u>. Failure or delay on the part of any Lender to demand compensation pursuant to the foregoing provisions of this Section shall not constitute a waiver of such Lender's right to demand such compensation, <u>provided</u> that Borrowers shall not be required to compensate a Lender pursuant to the foregoing provisions of this Section for any increased costs incurred or reductions suffered more than 90 days prior to the date that such Lender notifies Borrowers of the Change in Law giving rise to such increased costs or reductions and of such Lender's intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 90-day period referred to above shall be extended to include the period of retroactive effect thereof, not to exceed six months).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.03 <u>Mitigation Obligations</u>; <u>Designation of a Different Lending Office</u>. If any Lender requests compensation under <u>Section 3.02</u>, or Borrowers are required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to <u>Section 3.01</u>, or if any Lender gives a notice pursuant to <u>Section 3.02</u>, then such Lender shall, as applicable, use reasonable efforts to designate a different Lending Office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the reasonable judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to <u>Section 3.01</u> or <u>3.02</u>, as the case may be, in the future, or eliminate the need for the notice pursuant to <u>Section 3.02</u>, as applicable, and (ii) in each case, would not subject such Lender to any unreimbursed cost or expense and would not otherwise be materially disadvantageous to such Lender. Borrowers hereby agree to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignments (excluding any costs related to a physical relocation of a Lending Office).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.04 <u>Survival</u>. All of Borrowers' obligations under this <u>Article III</u> shall survive repayment of all Obligations hereunder and any resignation of Administrative Agent.

# Article IV<br>CONDITIONS PRECEDENT TO INITIAL BORROWING
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Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.01 <u>Conditions of Borrowing of the Existing Loan</u>. The obligation of Initial Lender to make and advance the proceeds of the Existing Loan under the Existing Credit Agreement on the Closing Date was subject to satisfaction and/or waiver by Initial Lender of each of the conditions precedent set forth in Section 4.01 of the Existing Credit Agreement, and Borrowers and Guarantors acknowledge and agree that such conditions precedent were either satisfied or waived and that the Existing Loan was advanced and remains outstanding as and to the extent set forth in <u>Section 2.01(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.02 <u>Conditions of Borrowing of the New Loan</u>. The obligation of Initial Lender to make and advance the proceeds of the New Loan under this Agreement on the Restatement Closing Date is subject to the satisfaction and/or waiver by Initial Lender of each of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Administrative Agent's receipt of the following, each of which shall be originals unless otherwise specified, each properly executed by a Responsible Officer of the signing Loan Party, each dated the Restatement Closing Date (or, in the case of certificates of governmental officials, a recent date before the Restatement Closing Date acceptable to Administrative Agent) and each in form and substance satisfactory to Administrative Agent and Initial Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) executed counterparts of this Agreement, sufficient in number for distribution to Administrative Agent, each Lender and one (1) set for Borrowers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a Note with respect to the New Loan executed by each Borrower in favor of Initial Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a pledge agreement (a "<u>Pledge Agreement</u>" and collectively, the "<u>Pledge Agreements</u>") duly executed by (x) Sole Member which pledges its Equity Interests in each Borrower in substantially the form of <u>Exhibit H-1</u> hereto, together with an uncertificated control agreement executed by Sole Member, each Borrower as issuer of its Equity Interests pledged by Sole Member and Administrative Agent and (y) Parent which pledges its Equity Interests in Sole Member in substantially the form of <u>Exhibit H-2</u> hereto, in each case together with all certificates evidencing all of the issued and outstanding Equity Interests of each Borrower and Sole Member (if and to the extent that such Equity Interests are certificated); and a security agreement, in substantially the form of <u>Exhibit F</u> duly executed by each Borrower (together with the Pledge Agreements and each other pledge and/or security agreement or supplement to any of the foregoing at any time delivered pursuant to <u>Section 6.12,</u> individually a "<u>Security Agreement</u>" collectively the "<u>Security Agreements</u>"), together with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any instruments evidencing Pledged Equity in Sole Member, which shall be certificated, endorsed in blank and delivered with an undated power of attorney;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any instruments evidencing Pledged Debt endorsed in blank, including, without limitation, the Sole Member Promissory Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Financing Statements, in form appropriate for filing under the UCC of all jurisdictions that Administrative Agent deems necessary or desirable in order to perfect the Liens on the Collateral created under the Pledge Agreements, the Security Agreements, the Mortgages and the other Collateral Documents, it being understood and agreed that Borrowers and Sole Member authorize the filing

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Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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of "all asset" UCC filings with regard to each such Loan Party, as applicable (but no UCC filing shall be required with respect to Sponsor, and the filing, on behalf of Parent shall not be an "all asset" UCC filing, but shall be limited to Parent's ownership of its interest in Sole Member);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) completed requests for information, dated on or before the Restatement Closing Date, listing all effective financing statements filed in the jurisdictions referred to in clause (B) above that name any Loan Party as debtor, together with copies of such other financing statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) evidence of the completion of all other actions, consents, recordings and filings of or with respect to the Pledge Agreements, the Security Agreement and Collateral Documents that Administrative Agent may deem necessary or desirable in order to create or perfect the Liens created thereby; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) evidence that all other action that Administrative Agent may reasonably deem necessary or desirable in order to perfect the Liens created under the Pledge Agreements and the Security Agreements has been taken (including, if and to the extent necessary, receipt of duly executed payoff letters, UCC-3 termination statements and landlords' and bailees' waiver and consent agreements);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) each Mortgage, including, as Administrative Agent may require, (A) (1) amendments and restatements, or amendments or modifications, of the Existing Mortgages executed by Existing Borrowers which secure both the Existing Loan and the New Loan and refer to the extended Maturity Date and/or (2) additional Mortgages (in addition to the Existing Mortgages) with respect to the Existing Mortgaged Properties which grants Liens thereon to secure the New Loan and (B) the New Mortgages executed by New Borrowers which secure the Existing Loan and the New Loan, in each case duly executed by the applicable Borrowers, together with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) evidence that counterparts of the Mortgages have been duly executed, acknowledged and delivered and are in form suitable for filing or recording in all filing or recording offices that Administrative Agent may deem necessary or desirable in order to create a valid first priority and subsisting Lien on the real property and other Collateral described therein in favor of Administrative Agent for the benefit of Secured Parties and that all filing, documentary, stamp, intangible and recording taxes and fees have been paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) an irrevocable commitment to issue an American Land Title Association Lender's Extended Coverage title insurance policy (or comparable, in respect of each Project located in Texas) (collectively, the "<u>First Lien Policies</u>", and, each, a "<u>First Lien Policy</u>"), for each of the Projects with all such endorsements (including "tie-in" endorsements for all properties whether interstate or intra-state as permitted) and in amounts acceptable to Administrative Agent in its sole and absolute discretion and with costs of such policy to be paid by Borrowers, issued and providing for coinsurance by title insurer(s) as is/are acceptable to Administrative Agent and Borrowers, insuring each Mortgage to be valid first priority and subsisting Liens on the real property described therein, free

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Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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and clear of all defects (including, but not limited to, mechanics' and materialmen's Liens) and encumbrances, excepting only Permitted Encumbrances, and providing for such other affirmative insurance (including endorsements for mechanics' and materialmen's Liens and for zoning of the applicable property) and such coinsurance as Administrative Agent may deem necessary or desirable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) An American Land Title Association/National Society of Professional Surveyors form survey of each of the New Projects, for which all necessary fees (where applicable) have been paid, and dated no more than 60 days before the Restatement Closing Date (but only in in the case of surveys relating to the New Projects), certified to Administrative Agent and the issuer of the applicable First Lien Policy in a manner satisfactory to Administrative Agent by a land surveyor duly registered and licensed in and acceptable to Administrative Agent, showing all buildings and other improvements, any off-site improvements, the location of any easements, parking spaces, rights of way, building set-back lines and other dimensional regulations and the absence of encroachments, either by such improvements or on to such property, and other defects, other than encroachments and other defects acceptable to Administrative Agent (the "<u>Surveys</u>", and, each, a "<u>Survey</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) evidence of the insurance required by the terms of each Mortgage and this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) an appraisal of each Project for which an appraisal has been ordered by Administrative Agent complying with the requirements of the Federal Financial Institutions Reform, Recovery and Enforcement Act of 1989, as amended from time to time, and the regulations promulgated thereunder from time to time, which appraisal shall be in form and substance satisfactory to Administrative Agent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) evidence that all other action that Administrative Agent may deem necessary or desirable in order to create valid first priority and subsisting Liens on the property described in each Mortgage has been taken;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of each Loan Party as Administrative Agent may require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which such Loan Party is a party or is to be a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) such documents and certifications as Administrative Agent may reasonably require to evidence that each Loan Party is duly organized or formed, and that such Loan Party is validly existing, in good standing and qualified to engage in business in each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) copies of all Leases and Material Contracts relating to the New Mortgaged Properties, together with, in the case of the New Projects, (A) estoppel certificates as

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Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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required by the terms and provisions of the New Projects Acquisition Agreement and in respect of each Tenant leasing 20,000 square feet or more of space and in the aggregate from Tenants representing at least 75% of the actual aggregate leased square footage of all of the New Projects representing 75% of the gross rented square footage and (B) subordination, non-disturbance and attornment agreements executed and delivered by each applicable Tenant (or, if and to the extent contractually permitted under the applicable Lease, by a Person who has a power of attorney to execute the same on behalf of such Tenant) as may be required by the terms and provisions of the New Projects Acquisition Agreement and (subject to the proviso below) by any Tenant who has a recorded lease or memorandum of lease or is leasing 20,000 square feet or more of space, including the estoppel certificates and subordination, non-disturbance and attornment agreements for the Leases specified on <u>Schedule 4.02(a)(vii</u>) which, to Borrowers' knowledge, constitute all of the Leases referred to in this clause (vii) above, provided that Borrowers shall be deemed to have satisfied the condition precedent set forth in this <u>clause (B</u>) if they shall have used their commercially reasonable efforts to obtain such subordination, non-disturbance and attornment agreements and provided documented evidence (in reasonable detail) of such efforts to Administrative Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) copies of all Ground Leases (if any) relating to the New Mortgaged Properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Amended and Restated Subordination of Management Agreements and Management Fees executed by Borrowers and Property Manager;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) a Ground Lessor Recognition Agreement from each (if any) applicable ground lessor with respect to the New Mortgaged Properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) the Amended and Restated Environmental Indemnity duly executed by Borrowers and Guarantors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) each Guaranty in the form attached hereto as <u>Exhibit E-1,</u> <u>Exhibit E-2</u> and <u>Exhibit E-3</u>, respectively, duly executed by the applicable Guarantor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) the Amended and Restated Assignment of Other Material Contracts executed by Borrowers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) a favorable legal opinion with respect to each Project and certain other matters with respect to the Loans, including a non-consolidation opinion from Husch Blackwell, addressed to Administrative Agent and each Lender, with reliance by their respective successors and permitted assignees as provided therein, as to matters reasonably required by Administrative Agent relating to the Loan Documents and the transactions contemplated thereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) a certificate signed by a Responsible Officer of each Borrower (A) that the conditions specified in this <u>Section 4.02</u> have been satisfied, (B) that there has been no event or circumstance in respect of each such Borrower that has had or would reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect; and (C) the absence of any action, suit, investigation or proceeding pending, or to such Borrower's knowledge, threatened in any court or before any arbitrator or Governmental Authority in respect of such Borrower, except as otherwise disclosed on <u>Schedule 5.05</u>;

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Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) the Loan Parties shall have provided Initial Lender and Administrative Agent all documentation and other information requested by or on behalf of Initial Lender and Administrative Agent as required by Initial Lender's policy and bank regulatory authorities under applicable "know-your-customer" and anti-money laundering rules and regulations, including the U.S. Patriot Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) certificates attesting to the Solvency of Loan Parties as a whole after giving effect to the borrowing of the Loans, the granting of the Liens to secure the Obligations and the other transactions contemplated hereunder to occur on or before the Restatement Closing Date, as executed by a Responsible Officer of Loan Parties acceptable to Administrative Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) evidence satisfactory to Administrative Agent that the Insurance Requirements, as described on <u>Schedule 4.02(a)(xviii)</u>, have been obtained and are in effect, together with the certificates of insurance, naming Administrative Agent, on behalf of Lenders, as mortgagee, additional insured and/or sole loss payee, as Administrative Agent may require, under all insurance policies maintained with respect to the assets and properties of Loan Parties that constitute Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) each Account Control Agreement for each Account duly executed by the applicable Borrower, the applicable Depositary Bank or Acceptable Financial Institution, and Administrative Agent, including the Restatement Closing Date Required Account Control Agreements specified on <u>Schedule 4.02(a)(xix)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) (A) an initial Operating Budget of each New Borrower for the period beginning with the Restatement Closing Date and ending December 31, 2025 (the "<u>Initial Operating Budget</u>") and (B) an initial Capital Budget of each New Borrower for the period beginning with the Restatement Closing Date and ending December 31, 2025 (the "<u>Initial Capital Budget</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) evidence, in form and substance acceptable to Administrative Agent, in its sole and absolute discretion, (A) of the pay-off in full of all existing debt financing secured by each of the New Projects, or subject to a negative pledge by such Borrower, Sole Member or Parent as applicable (the "<u>Existing Financing</u>"), (B) of the termination of existing UCC financing statements and of the release of all mortgages and deeds of trust and related documents, in each case, relating to the Existing Financing and (C) no default has occurred or has been threatened (whether orally or in writing) under any Existing Financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) each other Collateral Document duly executed and delivered by each applicable Loan Party and each other party thereto, including a collateral assignment of the New Projects Acquisition Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) flood plain searches with respect to each Project indicating that each Project is not located in a "flood zone", except for the properties located at 1024 24<sup>th</sup> Street SW, Minot, North Dakota and 500 and 550 Winchester Avenue and 400 Armco Road, Ashland, Kentucky for which flood insurance has been obtained and continues in effect or will be obtained on or before the Restatement Closing Date and continue in effect;

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Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) UCC lien and litigation searches for each Loan Party have been completed and delivered to the satisfaction of Administrative Agent and Initial Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv) true, correct and complete copies of the Southgate Mall Merchants Association Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi) evidence that the ownership of all Equity Interests in each of Layton Hills and MNVL has been transferred by Sole Member to Parent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Administrative Agent and Initial Lender shall have received such inspection and other reports and appraisals relating to the Improvements of each Project (each acceptable to Administrative Agent and Initial Lender in their sole and absolute discretion) and Administrative Agent and Initial Lender shall be satisfied, in their sole and absolute discretion, with the condition of such Improvements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Administrative Agent and Initial Lender shall have received and approved, in their sole discretion, (i) an ASTM E1527-13 compliant Phase I Environmental Site Assessment for each New Project, from a consultant approved by Administrative Agent, and (ii) an insurance report for each New Project from a consultant approved by Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All fees required to be paid to Administrative Agent and Lenders on or before the Restatement Closing Date, including without limitation, the New Loan Structuring Fee, shall have been paid, as evidenced by a "sources and uses" summary or closing statement executed by Borrowers and approved by Administrative Agent, which "sources and uses" summary or closing statement shall provide for funding of, among other items, the Real Estate Tax Account in the amount of the Real Estate Tax Account Closing Date Funding Amount and the Repair Reserve Account in the amount set forth in the "sources and uses" summary or closing statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Unless not required by Administrative Agent, Borrowers shall have paid all fees, charges and disbursements of counsel to Administrative Agent (directly to such counsel if requested by Administrative Agent) to the extent previously agreed in writing and to the extent invoiced prior to or on the Restatement Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (<u>provided</u> that such estimate shall not thereafter preclude a final settling of accounts between Borrowers and Administrative Agent).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The representations and warranties of Borrowers and each other Loan Party contained in <u>Article V</u> or elsewhere in this Agreement (including any Schedule hereto) or contained in any other Loan Document, or which are contained in any agreement, instrument or other document furnished at any time under or in connection herewith or therewith, shall be true and correct on and as of the Restatement Closing Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct as of such earlier date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) No Default shall exist, or would result from the advancing of the New Loan or from the application of the proceeds thereof.

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Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Initial Lender shall have obtained its Executive Loan Committee approval to provide the New Loan as provided for in this Agreement and enter into this Agreement and the other Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Initial Lender and Administrative Agent shall have received (i) a consolidated and consolidating balance sheet of Borrowers dated March 31, 2025 (or more recently), and the related consolidated and consolidating income statement and cash flows, all in reasonable detail, certified by a Senior Officer of Borrowers as fairly presenting the financial condition, results of operations, and cash flows of Borrowers in accordance with GAAP (but the cash flow statements shall only be on a consolidated basis) and (ii) a pro forma balance sheet of Borrowers dated as of the Restatement Closing Date which gives pro forma effect to the incurrence of the New Loan, the New Projects Acquisition and the other transactions contemplated hereby to occur on or about the Restatement Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The outstanding principal amount of the Loans will not exceed seventy eight percent (78%) of the sum of the value of the Collateral as determined by Required Lenders as of the Restatement Closing Date in their reasonable discretion (based upon appraisals, broker's opinion of values and/or internal valuations) plus the amount of the New Structuring Fee and Initial Lender's approved closing costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Administrative Agent's receipt of a true, correct and complete copy of the New Projects Acquisition Agreement and all amendments thereto and an assignment thereof from the buyer thereunder to New Borrowers, all of which shall be in form and substance satisfactory to Administrative Agent and Initial Lender, and the New Projects Acquisition shall have been consummated in all respects in accordance with the terms and provisions of the New Projects Acquisition Agreement (and without any waiver, amendment or other modification of any term or provision thereof except as may have been approved in writing by Administrative Agent) and New Borrowers shall have become the fee owners of the New Projects free and clear of all Liens other than Permitted Encumbrances.

# Article V<br>REPRESENTATIONS AND WARRANTIES
Borrowers represent and warrant to Administrative Agent and Lenders that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.01 <u>Existence, Qualification and Power</u>. Each Loan Party and each of its Subsidiaries (a) if an entity, is duly organized or formed, validly existing and, as applicable, in good standing under the Laws of the jurisdiction of its incorporation or organization, (b) has all requisite power and authority and all requisite governmental licenses, authorizations, consents and approvals to (i) own or lease its assets and carry on its business and (ii) execute, deliver and perform its obligations under any Loan Documents to which it is a party, and (c) if an entity, is duly qualified and is licensed and, as applicable, in good standing under the Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification or license.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02 <u>Authorization; No Contravention</u>. The execution, delivery and performance by each Loan Party that is an entity of each Loan Document to which such Loan Party is a party have been duly authorized by all necessary corporate or other organizational action, and do not and will not (a) if an entity, contravene the terms of any of such Person's Organization Documents; (b) conflict with or result in any breach or contravention of, or the creation of any Lien under, or require any payment to be made under (i) any Contractual Obligation to which such Person is a party or affecting such Person or the properties of such

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Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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## Person or any of its Subsidiaries or (ii) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Person or its property is subject; or (c) violate any Law.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.03 <u>Governmental Authorization; Other Consents</u>. No approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person (other than as expressly contemplated by the Loan Documents) is necessary or required in connection with (a) the execution, delivery or performance of obligations by any Loan Party of the Loan Documents, or the validity or enforceability thereof, (b) the grant by any Loan Party of the Liens granted by it pursuant to the Collateral Documents, or (c) the perfection or maintenance of the Liens created under the Collateral Documents (including the first priority nature thereof), except the filing of financing statements in appropriate form in the appropriate filing offices and the recording of the Mortgages and any related fixture filing in the appropriate form in the appropriate recording offices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.04 <u>Binding Effect</u>. This Agreement has been, and each other Loan Document, when delivered hereunder, will have been, duly executed and delivered by each Loan Party that is party hereto and thereto. This Agreement constitutes, and each other Loan Document when so delivered will constitute, a legal, valid and binding obligation of each Loan Party, enforceable against such Loan Party that is party hereto and thereto in accordance with its terms (subject, in each case, to bankruptcy, insolvency, reorganization, moratorium and similar laws relating to or affecting creditors' rights generally and general principles of equity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05 <u>Litigation</u>. There are no actions, suits, proceedings, claims or disputes pending or threatened, at law, in equity, in arbitration or before any Governmental Authority, by or against any Borrower or against any of their properties or revenues, except as set forth on <u>Schedule 5.05</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.06 <u>No Default</u>. Neither any Loan Party nor any Subsidiary thereof is in default under or with respect to, or a party to, any Contractual Obligation that could, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. No Default has occurred and is continuing or would result from the consummation of the transactions contemplated by this Agreement or any other Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.07 <u>Ownership of Property; Leases</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Ownership</u>. Each Borrower has good record and marketable title in fee simple to, or valid leasehold interests in, its applicable Project, subject only to Permitted Encumbrances, as set forth on <u>Schedule 5.07(a)</u> and each Loan Party has good and marketable title to its other Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Leases</u>. <u>Schedule 5.07(b)</u> sets forth a complete and accurate list of all leases (including ground leases or other agreements permitting occupancy by a Person other than the owner of the portion of the Project in question) of space in any portion of the Projects (each a "<u>Lease</u>" and collectively, the "<u>Leases</u>"). Each Lease is a legal, valid and binding obligation of the lessee thereof, enforceable in accordance with its terms (subject, in each case, to bankruptcy, insolvency, reorganization, moratorium and similar laws relating to or affecting creditors' rights generally and general principles of equity). Borrowers have provided to Administrative Agent a true, correct and complete copy of each Lease.

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Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.08 <u>Environmental Compliance</u>. Each Borrower is in compliance in all material respects with all Environmental Laws and there have been no claims alleging potential liability or responsibility for violation of any Environmental Law on the businesses, operations and properties of such Borrower which could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.09 <u>Insurance</u>. Each Project and the other Property of each Borrower is insured in accordance with the Insurance Requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10 <u>Taxes</u>. Each Borrower has filed all Federal, state and other material tax returns and reports required to be filed as of the Restatement Closing Date (or has filed extension requests within the permitted time frames), and has paid all Federal, state and other taxes, assessments, fees and other governmental charges levied or imposed upon it, its Project or its properties, income or assets otherwise due and payable, except those which are being contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves have been provided in accordance with GAAP. There is no proposed tax assessment against any Borrower or any Project that would, if made, have a Material Adverse Effect. Neither any Loan Party nor any Subsidiary thereof is party to any tax sharing agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11 <u>ERISA Compliance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No liability under Section 4062, 4063, 4064 or 4069 of ERISA has been or is expected to be incurred by any Loan Party or any ERISA Affiliate thereof with respect to any Plan in an amount that would reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Plan had an accumulated funding deficiency, whether or not waived, as of the last day of the most recent fiscal year of such Plan for which such an audit and report is available to any Borrower and no Plan which is subject to Section 412 of the Code failed to meet the requirements of Section 436 of the Code as of such last day except as set forth on <u>Schedule</u> <u>5.11</u> hereof. Neither any Loan Party nor any ERISA Affiliate thereof is subject to a Lien in favor of a Plan as described in Section 430(k) of the Code or Section 303(k) of ERISA, except as would not reasonably be expected to result in a Material Adverse Effect. No Loan Party or related Pension Plan has any Unfunded Pension Liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Plan of any Borrower and each ERISA Affiliate thereof is in compliance in all material respects with the applicable provisions of ERISA and the Code, except where the failure to comply would not reasonably be expected to result in any Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Neither any Borrower nor any of its ERISA Affiliates has incurred or reasonably expects to incur any withdrawal liability under Section 4201 of ERISA as a result of a complete or partial withdrawal from a Multiemployer Plan in an amount that would reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No Borrower is an employee benefit plan as defined in Section 3(3) of Title I of ERISA, or a plan described in Section 4975(e)(1) of the Code, and transactions by or with such Borrower are not subject to any state or local statute regulating investments of, or fiduciary obligations with respect to, governmental plans within the meaning of Section 3(32) of ERISA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12 <u>Subsidiaries; Equity Interests; Loan Parties</u>. No Borrower has any Subsidiaries (although it is acknowledged that CBL Southgate Mall, LLC has or will become the associate member of that certain non-profit corporation known as Southgate Mall Merchants Association pursuant to the Southgate Mall Merchants Association Documents). All of the issued and outstanding Equity Interests in each Borrower have been duly and validly issued and are owned by Sole Member. Sole Member has no Subsidiaries other

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Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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## than Borrowers. All of the outstanding Equity Interests in Sole Member have been duly and validly issued and are owned by Parent. All Equity Interests in the direct or indirect owners of the Equity Interests in each Borrower have been duly and validly issued and are owned by the Persons described in the organizational chart included on <u>Schedule 5.12A</u>, free and clear of all Liens, and in the percentages set forth in such organizational chart. Set forth on <u>Schedule 5.12B</u> is a complete and accurate list of all Loan Parties, showing as of the Restatement Closing Date (as to each Loan Party) the jurisdiction of its incorporation or formation (if an entity), the address of its principal place of business and its U.S. taxpayer identification number (if any). The copy of the Organization Documents of each Loan Party and each amendment thereto provided pursuant to <u>Sections 4.02(a)(v) and (vi)</u> is a true and correct copy of each such document, each of which is valid and in full force and effect.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13 <u>Margin Regulations; Investment Company Act</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Loan Party is engaged, or will engage, principally or as one of its important activities, in the business of purchasing or carrying margin stock (within the meaning of Regulation U issued by the FRB), or extending credit for the purpose of purchasing or carrying margin stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither any Borrower, any Person Controlling such Borrower, nor any other Affiliate of any Borrower is or is required to be registered as an "investment company" under the Investment Company Act of 1940.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14 <u>Disclosure</u>. Each Borrower has disclosed to Administrative Agent and Lenders all material agreements, instruments and other documents and corporate or other restrictions to which it or any other Loan Party is subject, and all other material matters known to it. No report, financial statement, certificate or other information furnished by or on behalf of any Loan Party to Administrative Agent or any Lender in connection with the transactions contemplated by the Existing Credit Agreement or by this Agreement hereby or the negotiation of the Existing Credit Agreement or this Agreement or delivered under the Existing Credit Agreement or this Agreement or under any other Loan Document (in each case as modified or supplemented by other information so furnished) contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15 <u>Compliance with Laws; Permits</u>. Each Loan Party and each Subsidiary thereof is in compliance in all material respects with the requirements of all Laws, orders, writs, injunctions and decrees applicable to it or to its properties. Each Borrower holds all Permits, licenses and franchises that are reasonably necessary for the operation of its businesses and the applicable Project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.16 <u>Intellectual Property; Licenses, Etc</u>. Each Borrower owns, or possesses the right to use, all of the material trademarks, service marks, trade names, copyrights, patents, patent rights, franchises, licenses and other intellectual property rights (collectively, "<u>IP Rights</u>") that are reasonably necessary for the operation of the applicable Project, without conflict with the rights of any other Person, and <u>Schedule 5.16</u> sets forth a complete and accurate list of all such IP Rights (except to the extent covered by reasonably adequate licensing arrangements). To the best knowledge of each Borrower, other than to the extent of IP Rights licensed to or for the benefit of such Borrower, no slogan or other advertising device, product, process, method, substance, part or other material now employed, or now contemplated to be employed, by such Borrower that is material to the business of such Borrower infringes upon any rights held by any other Person. No claim or litigation regarding any of the foregoing is pending or, to the best knowledge of such Borrower, threatened, which, either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.

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Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.17 <u>Solvency</u>. Borrowers, taken as a whole, and Loan Parties, taken as a whole, have (both immediately prior to the Restatement Closing Date and immediately after giving effect to the advancing of the Loans, the execution and delivery of the Loan Documents and the granting of Liens thereunder and the consummation of all other transactions contemplated under the Loan Documents to occur on or before the Restatement Closing Date), on a consolidated basis, Solvency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.18 <u>Casualty, Etc</u>. Neither the businesses nor the properties of any Borrower are affected by any fire, explosion, accident, strike, lockout or other labor dispute, drought, storm, hail, earthquake, embargo, act of God or of the public enemy or other casualty (whether or not covered by insurance).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.19 <u>Labor Matters</u>. Except as set forth on <u>Schedule 5.19</u>, there are no collective bargaining agreements or Multiemployer Plans covering the employees of any Borrower or any Affiliate of such Borrower as of the Restatement Closing Date and neither such Borrower nor any of its Affiliate has suffered any strikes, walkouts, work stoppages or other material labor difficulty within the last five (5) years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20 <u>Collateral Documents</u>. The provisions of the Collateral Documents are effective to create, in favor of Administrative Agent (for the benefit of Secured Parties), valid and perfected first priority Liens on all of the Collateral. All governmental and other third party approvals necessary or desirable to perfect and protect, and establish and maintain the priority of, such Liens have been duly effected or taken.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.21 <u>Compliance with OFAC and the U.S. Patriot Act</u>. Neither any Loan Party nor Sponsor and, to the knowledge of any Borrower, no director, officer, agent, employee or Affiliate of any Loan Party (a) has been or is currently subject to any Sanctions; (b) has been or is a Sanctioned Person; (c) has failed to be (or have been) in full compliance with the requirements of the U.S. Patriot Act, any Anti-Terrorism Law, Anti-Corruption Law or other applicable anti-money laundering laws and regulations, laws and regulations related to terrorism, or Sanctions; (d) has been previously indicted for, convicted of, or is currently under investigation by any Governmental Authority for a U.S. Patriot Act Offense; (e) is a Restricted Party; or (f) has engaged in dealings or transactions with any Restricted Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.22 <u>Conduct of Business</u>. The only business conducted by each Borrower is the business of acquiring, developing, owning, holding, selling, leasing, transferring, exchanging, managing, financing, refinancing, disposing of and operating the applicable Project; entering into this Agreement and the other Loan Documents with Administrative Agent and Lenders and transacting lawful business that is incident, necessary and appropriate to accomplish the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.23 <u>Operating Budget; Capital Budget</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Borrowers have prepared the Initial Operating Budget for the period ending December 31, 2025 based on reasonable assumptions (including as to all legal and factual matters material to the estimates set forth therein) and consistent in all material respects with the provisions of the Material Contracts in effect as of the Restatement Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Borrowers have prepared the Initial Capital Budget for the period ending December 31, 2025 based on reasonable assumptions (including as to all legal and factual matters material to the estimates set forth therein) and consistent in all material respects with the provisions of the Material Contracts in effect as of the Restatement Closing Date.

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Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.24 <u>Material Contracts</u>. All Material Contracts that are currently in effect are listed on <u>Schedule 5.24</u> attached hereto. The services to be performed and other rights granted pursuant to the Material Contracts comprise all of the material services, materials and property interests required to operate the applicable Project in accordance with the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25 <u>Utility Services</u>. All utility services necessary or reasonably required for the operation of each Project for its intended purposes, including, without limitation, natural gas (except with regard to Projects identified on <u>Schedule 5.25</u>), electricity, water supply, sanitary sewer, internet and waste water discharge, are available at each Project, are fully connected and operational and are currently providing services to each Project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.26 <u>Permits</u>. All Permits required for the operation of each Project by the applicable Borrower have been issued to such Borrower and are in full force and effect, or the applicable Tenant is required to have such Permits under the relevant Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.27 <u>Easements and Public Access</u>. (a) All easements, cross easements, licenses, air rights and rights of way or other similar property interests, if any, necessary or reasonably required for the full utilization of each Project and the existing Improvements for their intended purposes have been obtained, are described in the First Lien Policies and are in full force and effect, (b) each Project has rights of access to public roads and (c) all roads necessary for the use of each Project for its intended purposes have been completed and dedicated to public use and accepted by all applicable Governmental Authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.28 <u>Flood Zone</u>. Except as disclosed on <u>Schedule 5.28</u>, none of the Projects is located in an area identified by the Federal Emergency Management Agency as a special flood hazard area. Flood insurance approved by Administrative Agent has been obtained by the applicable Borrower and remains in effect as of the Restatement Closing Date for each of the Projects disclosed on <u>Schedule 5.28</u>, provided that a portion of the Ashland Mall identified as being located at 550 Winchester Avenue, Ashland, Kentucky is leased by J.C. Penney, Inc. pursuant to a ground lease which provides that the tenant is wholly responsible to maintain insurance on its building and therefore no flood insurance is maintained by any Borrower for such portion of such Project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.29 <u>Physical Condition</u>. Each Project, including all buildings, Improvements, parking facilities, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, fire protection systems, electrical systems, equipment, elevators, exterior sidings and doors, landscaping, irrigation systems and all structural components, to the extent they exist on such Project (provided, that, with respect to each Project that is leased to a third party or is ground leased by a Borrower as ground lessor, each such Project, to each such relevant Borrower's knowledge), in each case, are in good condition, order and repair in all material respects except as set forth in any property condition report previously delivered to Administrative Agent and for those required repairs identified on <u>Schedule 2.14</u> attached hereto which will be completed in accordance with the timeframe set forth on <u>Schedule 6.27</u>. Except as set forth in any property condition report previously delivered to Administrative Agent, there exists no geotechnical, structural or other material defects or damages in any of the Projects, whether latent or otherwise, and, neither any Borrower or any other Loan Party has received notice from any insurance company, bonding company or any other Person of any defects or inadequacies in any of the Projects, or any part thereof, which would adversely affect the insurability of the same or cause the imposition of extraordinary premiums or charges thereon or of any termination or threatened termination of any policy of insurance or bond.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30 <u>Boundaries</u>. All of the existing Improvements lie wholly within the boundaries and building restriction lines of each Project, no improvements on adjoining properties encroach upon any of the Projects, and no easements or other encumbrances affecting any of the Projects encroach upon any of

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Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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## the existing Improvements, in each case so as to affect in any materially adverse respect the value or marketability of any of the Projects except those which constitute Permitted Encumbrances, are set forth on the Surveys and are insured against by the First Lien Policies.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.31 <u>FIRPTA</u>. No Loan Party is a "foreign person" within the meaning of Sections 1445 or 7701 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.32 <u>Certain Fees</u>. Except for any fee which may be due by Borrowers to the Exclusive Placement Agent, no broker's or finder's fee or commission will be payable with respect to the transactions contemplated by the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.33 <u>Financial Information</u>. All financial data, including, without limitation, the balance sheets, statements of cash flow, statements of income and Operating Expenses and rent rolls, that have been delivered to Administrative Agent or any Lender in respect of Borrowers, Loan Parties and/or the Projects (a) are true, complete and correct in all material respects, (b) accurately represent the financial condition of Borrowers, the other Loan Parties or the Projects, as applicable, as of the date of such reports, and (c) have been prepared in accordance with GAAP (except for the Excluded Items) throughout the periods covered, except as disclosed therein. In accordance with reporting prescribed by GAAP, neither any Borrower nor any other Loan Party has any material contingent liabilities, liabilities for taxes, unusual forward or long-term commitments or unrealized or anticipated losses from any unfavorable commitments, except as reflected in said financial statements, except for the Permitted Encumbrances or as otherwise may have been disclosed to Administrative Agent in writing. Since the date of the latest such financial statements, except as may have been otherwise disclosed in writing to Administrative Agent, there has been no material adverse change in the financial condition, results of operations or business of any Borrower or other Loan Party from that set forth in said financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.34 <u>Payment of Tenant Improvement Costs and Leasing Commissions</u>. To the extent cash flow is or is forecasted to be insufficient therefor, Borrowers have made arrangements for obtaining equity funds sufficient to pay all costs of tenant improvements and leasing commissions with regard to (a) existing Leases, to the extent such costs have not previously been paid, and (b) all Leases entered into subsequent to the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35 <u>Ground Leases</u>. <u>Schedule 5.35</u> sets forth a complete and accurate list of all Ground Leases. Each Ground Lease is in full force and effect in accordance with its terms. The applicable Borrower has not waived, canceled or surrendered any of its rights under any such Ground Lease. The applicable Borrower is the sole owner of, and has good and marketable title to, the relevant Leasehold Estate. Except as set forth on <u>Schedule 5.35</u>, the applicable Leased Premises are free and clear of all Liens, encumbrances and other matters affecting title, other than the Lien of the Mortgage thereon. There is no existing Ground Lessee Default under any Ground Lease and no event has occurred or circumstance exists which, with the passage of time or the giving of notice, or both, would constitute a Ground Lessee Default under any Ground Lease. There is no existing Ground Lessor Default under any Ground Lease and no event has occurred or circumstance exits which, with the passage of time or the giving of notice, or both, would constitute a Ground Lessor Default under any Ground Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.36 <u>Purchase of New Projects</u>. (a) CBL & Associates Management, Inc., as buyer under the New Projects Acquisition Agreement, has previously assigned all of its rights under such agreement to New Borrowers (except for the right to purchase the Dillard's Men's and Children's Store at Southgate Mall), (b) New Borrowers are, concurrently herewith, purchasing the New Projects for the consideration set forth in, and otherwise in accordance with all of the terms and provisions of, the New Projects Acquisition Agreement and without any waiver of any such terms and provisions except as may have been approved in

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## writing by Administrative Agent, and (c) accordingly, New Borrowers are, as of the Restatement Closing Date, the fee owners of the New Projects free and clear of any Liens other than Permitted Encumbrances.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.37 <u>Special Purpose Entities</u>. Each Borrower is a special purpose entity that (a) was created in connection with the transactions contemplated by the Loan Documents, (b) did not engage in any business prior to its acquisition of the Mortgaged Property owned by it, (c) does not and will not engage in any business other than its ownership and operation of the Mortgaged Property owned by it consistent with this Agreement and the other Loan Documents and (d) does not and will not have, incur or permit to exist any Indebtedness or Liens affecting its Property except as permitted by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38 <u>Status of Leases</u>. (a) Neither any Borrower nor any other Loan Party has any knowledge of any default on the part of any Tenant or landlord under, or any other party to, any Lease, except as set forth on <u>Schedule 5.38</u> hereto, and (b) each Lease is bona fide and contains therein all of the agreements, understandings, representations, warranties and other terms and provisions applicable to such Lease and is in full force and effect in accordance with its terms

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.39 <u>Layton Hills and MNVL</u>. Neither Layton Hills nor MNVL engages in any business or owns or leases any Property (other than de minimis Property typically owned or leased by a non-active entity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40 <u>Representations and Warranties in Schedules</u>. Each representation and warranty contained in any Schedule to this Agreement is incorporated into this <u>Section 5.40</u> by reference and made a part hereof as if set forth directly in this <u>Section 5.40</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.41 <u>Reliance on Representations and Warranties</u>. Borrowers acknowledge that they make the representations and warranties set forth in this <u>Article V</u> to induce Lenders and Administrative Agent to enter into this Agreement and the other Loan Documents and that Lenders and Administrative Agent have entered into this Agreement and the other Loan Documents, and Initial Lender has or is making the Loans and other financial accommodations to Borrowers as provided herein and therein, on the basis of and in reliance on, each such representation and warranty.

# Article VI<br>AFFIRMATIVE COVENANTS
So long as any Lender shall have any Commitment hereunder, or any of the Loans or other Obligations hereunder shall remain unpaid or unsatisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.01 <u>Financial Statements</u>. Borrowers shall deliver to Administrative Agent and each Lender, in form and detail satisfactory to Administrative Agent and Required Lenders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as soon as available, but in any event within 120 days after the end of each fiscal year of Borrowers (commencing with the fiscal year ended December 31, 2025), a consolidated balance sheet of Borrowers as at the end of such fiscal year, and the related consolidated income statement and cash flows for such fiscal year, setting forth in each case in comparative form the figures for the previous fiscal year (except that no comparative form shall be required with respect to the first reporting year), all in reasonable detail and prepared in accordance with GAAP, and consolidating balance sheets and income statements (except for the Excluded Items), which financial statements and reports shall be certified to by the Chief Financial Officer or Senior Vice President of Accounting of CBL Holdings I, Inc., as the general partner of the sole member of Parent;

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Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as soon as available, but in any event within 60 days after the end of each Fiscal Quarter of each fiscal year of Borrowers (commencing with the Fiscal Quarter ended June 30, 2025), a consolidated balance sheet of Borrowers as at the end of such Fiscal Quarter, and the related consolidated income statement and cash flows for such Fiscal Quarter and for the portion of Borrowers' fiscal year then ended, setting forth in each case in comparative form the figures for the corresponding Fiscal Quarter of the previous fiscal year and the corresponding portion of the previous fiscal year, all in reasonable detail, certified by a Senior Officer of Borrowers as fairly presenting the financial condition, results of operations, shareholders' equity and cash flows of Borrowers in accordance with GAAP, and consolidating balance sheets and income statements, subject only to (excepting out the Excluded Items) normal year-end adjustments and the absence of footnotes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [intentionally omitted]; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) as soon as available, but in any event before the end of each fiscal year of Borrowers, and, unless already included in the Operating Budget, projections for each Borrower, including forecasts prepared by management of Borrowers, in the form of the projections provided to Administrative Agent as of the Restatement Closing Date or otherwise in form satisfactory to Administrative Agent and Required Lenders of income statements and cash flows of each Borrower on a quarterly (Fiscal Quarter) consolidated basis for the first immediately following fiscal year and on an annual (fiscal year) basis for each fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.02 <u>Certificates; Other Information</u>. Borrowers shall deliver to Administrative Agent and each Lender, in form and detail satisfactory to Administrative Agent and Required Lenders, for Borrowers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) concurrently with the delivery of the financial statements referred to in <u>Sections 6.01(a)</u> and <u>(b)</u>, a duly completed and true and accurate Compliance Certificate and Excess Cash Flow Certificate signed by a Senior Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) promptly after any request by Administrative Agent or any Lender, copies of any detailed audit reports, management letters or recommendations submitted to the board of directors (or the audit committee of the board of directors) of Borrowers or Sole Member by independent accountants in connection with the accounts or books of Borrowers, or any audit of them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) as soon as available, but in any event within 35 days after the end of each fiscal year of Borrowers, a report summarizing the insurance coverage (specifying type, amount and carrier) in effect for each Borrower and containing such additional information as Administrative Agent, or any Lender through Administrative Agent, may reasonably specify (it being agreed that a report substantially similar in form and substance to the insurance broker's report provided to Administrative Agent in connection with the execution of this Agreement shall be deemed satisfactory);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) promptly after the assertion or occurrence thereof, notice of any action or proceeding against, or of any noncompliance by, any Borrower with any Environmental Law or Environmental Permit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) promptly, such additional information regarding the business, financial, legal or corporate (including limited liability company) affairs of any Borrower or Sole Member, or compliance with the terms of the Loan Documents, as Administrative Agent may from time to time reasonably request;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) within 60 days after the end of each Fiscal Quarter, rent rolls in respect of each Project indicating (i) total occupancy of such Project by square foot, (ii) a list of any Project Tenants who are in default under any relevant Lease, (iii) a list of any Project Tenants who have surrendered any Leased Premises in such Project (including, without limitation, Tenant-owned improvements), (iv) a list of any new Tenants under non-Material Leases, (v) a list of scheduled termination or expiration dates in respect of each Lease pertaining to such Project and (vi) a list of upcoming proposed amendments to each Material Lease in respect of such Project; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) copies of all income or franchise tax returns filed by each Borrower and Sole Member within forty-five (45) days of such returns being filed, if any.

Documents required to be delivered pursuant to <u>Section 6.01(a)</u> or <u>(b)</u> may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which Borrowers post such documents or provides a link thereto on Borrowers' website on the Internet at the website address previously given to Administrative Agent; or (ii) on which such documents are posted on Borrowers' behalf on an Internet or intranet website, if any, to which each Lender and Administrative Agent have access (whether a commercial, third-party website or whether sponsored by Administrative Agent); <u>provided</u> that Borrowers shall notify Administrative Agent and each Lender (by telecopier or electronic mail) of the posting of any such documents and provide to Administrative Agent by electronic mail electronic versions (<u>i.e.</u>, soft copies) of such documents. Except for such Compliance Certificates, Administrative Agent shall have no obligation to request the delivery or to maintain copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance by Borrowers with any such request for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.03 <u>Notices</u>. Borrowers shall notify Administrative Agent and each Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) within five (5) Business Days of the occurrence of any Default or any breach by a Loan Party or material default (which includes any default for which a notice is delivered or received) under any other Material Contract or any notice received regarding Hazardous Materials or breach of Environmental Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) within five (5) Business Days of any (i) breach or non-performance of, or any default under, a material Contractual Obligation of any Borrower; (ii) any dispute, litigation, investigation, proceeding or suspension between any Borrower and any Governmental Authority; or (iii) the commencement of, or any material development in, any litigation or proceeding affecting any Borrower, including pursuant to any applicable Environmental Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to the extent not addressed by <u>clause (b)</u> above, within five (5) Business Days of any other event that results in or could reasonably be anticipated to result in a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) within ten (10) Business Days of the occurrence of any ERISA Event;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) within ten (10) Business Days of any material change in accounting policies or financial reporting practices by, or in respect of, any Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) within three (3) days of the (i) occurrence of any Disposition of property or assets for which a Borrower is required to make a mandatory prepayment pursuant to <u>Section 2.03(b)(i)</u>, and (ii) receipt of any Extraordinary Receipt for which a Borrower is required to make a mandatory prepayment pursuant to <u>Section 2.03(b)(ii)</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) within ten (10) days of any change in any Loan Party's name, legal structure (if an entity), jurisdiction of organization (if an entity), tax identification number or place of business.

Each notice pursuant to <u>Section 6.03</u> (other than <u>Section 6.03(e)</u>) shall be accompanied by a statement of a Responsible Officer of Borrowers setting forth details of the occurrence referred to therein and stating what action Borrowers have taken and propose to take with respect thereto. Each notice pursuant to <u>Section 6.03(a)</u> shall describe with particularity any and all provisions of this Agreement and any other Loan Document that have been breached.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.04 <u>Payment of Obligations</u>. Each Borrower shall pay and discharge, as the same shall become due and payable, all its obligations and liabilities, including (a) all tax liabilities, assessments and governmental charges or levies upon it or its properties or assets, unless the same are being contested in good faith by appropriate actions diligently conducted and adequate reserves in accordance with GAAP are being maintained by Borrowers; (b) all lawful claims which, if unpaid, would by law become a Lien upon its property unless such claims are being contested in good faith by appropriate actions with adequate reserves established in accordance with GAAP or otherwise bonded against; and (c) all Indebtedness, as and when due and payable, but subject to any subordination and loan forgiveness provisions contained in any agreement, instrument or other document evidencing such Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05 <u>Preservation of Existence, Etc</u>. Each Borrower shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Preserve, renew and maintain in full force and effect its legal existence and good standing under the Laws of the jurisdiction of its organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) take all reasonable action to maintain all rights, privileges, permits, licenses and franchises necessary or desirable in the normal conduct of its business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) preserve or renew all of its registered patents, trademarks, trade names and service marks, the non-preservation of which could reasonably be expected to have a Material Adverse Effect, and take all reasonable action to obtain and/or maintain the trademark and trade name licenses described on <u>Schedule 5.16</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.06 <u>Maintenance of Properties</u>. Each Borrower shall (a) maintain, preserve and protect all of its material properties and equipment necessary in the operation of its business in good working order and condition, ordinary wear and tear excepted and in accordance with any material requirements of the Material Contracts; (b) make all necessary repairs thereto and renewals and replacements thereof; and (c) use the standard of care typical in the industry in the operation and maintenance of its facilities. Each Borrower shall operate its Project in a manner consistent with prudent business practices of comparable facilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.07 <u>Maintenance of Insurance</u>. Each Borrower shall maintain insurance with respect to its Project and its respective businesses as required by the Insurance Requirements. Within thirty (30) days

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## following the due date for each applicable policy of insurance, each Borrower shall provide copies of paid receipts to Administrative Agent in connection therewith.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.08 <u>Compliance with Laws</u>. Each of Borrowers and Sole Member shall comply in all material respects with the requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its respective businesses and properties, except in such instances in which such requirement of Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently conducted and provided further, that such contest would not give rise to a Lien or other charge against its Project and such Borrower or Sole Member (as applicable) has provided for an adequate reserve therefor in accordance with GAAP. Each of Borrowers (and Sole Member if applicable) shall maintain all permits and licenses to operate its Project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.09 <u>Books and Records</u>. Each Borrower shall (a) maintain proper books of record and account, in which full, true and correct entries in conformity with GAAP (except for the Excluded Items) consistently applied shall be made of all financial transactions and matters involving the assets and businesses of such Borrower; and (b) maintain such books of record and account in material conformity with all applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10 <u>Inspection Rights</u>. Each Borrower shall permit representatives and independent contractors of Administrative Agent and Lenders collectively and on a coordinated basis to visit and inspect any of its property, to examine its corporate, financial and operating records, and make copies thereof or abstracts therefrom, and to discuss its affairs, finances and accounts with the Senior Officers or any other executive officer of any Borrower or other Loan Party, at their own expense and at such reasonable times during normal business hours and as often as may be reasonably desired upon reasonable advance notice to such Borrower; <u>provided</u>, <u>however</u>, that if and when an Event of Default exists, Administrative Agent or any Lender (or any of their respective representatives or independent contractors) may do any of the foregoing at the expense of Borrowers at any time during normal business hours and without notice, provided if reasonable advance notice is not provided, such Borrower and its representatives shall not necessarily be available unless prior arrangements are made, but nonetheless, Administrative Agent and Lenders shall have the access required hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11 <u>Use of Proceeds</u>. Borrowers shall use the proceeds of the Loans as provided in <u>Section 2.02</u> above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12 <u>Covenant to Give Security</u>. At any time upon request of Administrative Agent (subject to applicable Laws), each Loan Party shall promptly execute and deliver any and all further agreement, instruments and other documents, and take all such other actions, as Administrative Agent may reasonably deem necessary or desirable in obtaining the full benefits of, or (as applicable) in perfecting and preserving the Liens of, any guaranties, deeds of trust, trust deeds, deeds to secure debt, mortgages, leasehold mortgages, leasehold deeds of trust, security agreement supplements and other security and pledge agreements without increasing the obligations of any Loan Party in any manner not provided for or anticipated in the Loan Documents to carry out the intents and purposes of the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13 <u>Compliance with Environmental Laws</u>. Each Borrower shall comply, and cause all Tenants and other Persons operating or occupying any part of the applicable Project to comply, in all material respects, with all applicable Environmental Laws and Environmental Permits; obtain and renew all Environmental Permits necessary for its operations and properties; and conduct any investigation, study, sampling and testing, and undertake any cleanup, removal, remedial or other action necessary to remove and clean up all Hazardous Materials from any of their properties, in accordance with the requirements of all Environmental Laws; <u>provided</u>, <u>however</u>, that no Borrower shall be required to undertake any such

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## cleanup, removal, remedial or other action to the extent that its obligation to do so is being contested in good faith and by proper proceedings and appropriate reserves are being maintained with respect to such circumstances in accordance with GAAP.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.14 <u>Preparation of Environmental Reports</u>. At the request of Required Lenders from time to time, provide to Required Lenders, within 60 days after such request, at the expense of Borrowers (but if there is no reasonable basis to conclude that the relevant environmental reports delivered by the relevant Borrowers pursuant to <u>Section 4.02(c)(i)</u> above are no longer accurate, at the expense of Administrative Agent), a new environmental site assessment report for all or any part of the Projects, prepared by an environmental consulting firm acceptable to Administrative Agent, indicating the presence or absence of Hazardous Materials and the estimated cost of any compliance, removal or remedial action in connection with any Hazardous Materials on such properties; without limiting the generality of the foregoing, if Administrative Agent reasonably determines at any time that a material risk exists that any such report will not be provided within the time referred to above, Administrative Agent may retain an environmental consulting firm to prepare such report at the expense of Borrowers, and each Borrower hereby grants to Administrative Agent, Lenders, such firm and any agents or representatives thereof an irrevocable non-exclusive license, subject to the rights of Tenants, to enter onto its respective properties to undertake such an assessment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.15 <u>Further Assurances</u>. Promptly upon request by Administrative Agent, or any Lender through Administrative Agent, each Loan Party shall (a) correct any material defect or error that may be discovered in any Loan Document or in the execution, acknowledgment, filing or recordation thereof, which defect or error Administrative Agent in its reasonable judgment deems material, and (b) do, execute, acknowledge, deliver, record, re-record, file, re-file, register and re-register any and all such further acts, deeds, certificates, assurances and other instruments as Administrative Agent, or any Lender through Administrative Agent, may reasonably require from time to time in order to (i) carry out the purposes of the Loan Documents, (ii) to the fullest extent permitted by Laws, subject any Loan Party's or any of its Subsidiaries' properties, assets, rights or interests to the Liens now or hereafter intended to be covered by any of the Collateral Documents, (iii) perfect and maintain the validity, effectiveness and priority of any of the Collateral Documents and any of the Liens intended to be created thereunder and (iv) assure, convey, grant, assign, transfer, preserve, protect and confirm more effectively unto Secured Parties the rights granted or now or hereafter intended to be granted to Secured Parties under any Loan Document or under any other agreement, instrument or other document executed in connection with any Loan Document to which any Loan Party is or is to be a party, and cause each of its Subsidiaries which is or is to be a party to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.16 [Intentionally Omitted].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.17 [Intentionally Omitted].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.18 <u>Material Contracts; Leases</u>. Each Borrower shall perform and observe in all material respects all the terms and provisions of each Material Contract (including the Property Management Agreements set forth on <u>Schedule 6.18</u>) to be performed or observed by it, maintain each such Material Contract in full force and effect, and enforce each such Material Contract in accordance with its terms. No Material Contract (including any Material Lease or Existing Lease that, if so amended or modified would constitute a Material Lease if such Lease were a new Lease), may be amended, restated, amended and restated, or otherwise modified, or entered into, or terminated, unless the consent of Administrative Agent in its sole and absolute discretion thereto is given and, in connection with the assumption of an existing Material Lease, the relevant Borrower shall provide to Administrative Agent financial statements of the proposed new Tenant that would assume such Material Lease. All Leases in respect of each Project shall

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## be subject and subordinate to the Loan Documents and the Liens granted pursuant to the Collateral Documents (pursuant to the terms of the Lease or a subordination, non-disturbance and attornment agreement entered into by the applicable Tenant, Borrowers and Administrative Agent or a collateral assignment of such agreement for the benefit of Administrative Agent). No Borrower shall collect any rent from any Tenant more than one month in advance or, without limitation of the foregoing, hold any security or other deposit under a Lease, except in accordance with Laws, the applicable Lease and customary deposits for use of such Project. No Borrower shall permit any Tenant under any Lease to, and each Borrower shall cause each Tenant under each Lease not to, have any Lien or other security interest placed on or in respect of any Project (including in respect of any Project where the relevant Borrower is a Ground Lessor to such Tenant-Ground Lessee), other than the Liens of the Loan Documents thereon or Permitted Encumbrances and any leasehold financing of such Tenant-Ground Lessee that is subordinated to the Liens of the Loan Documents.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.19 <u>Designation as Senior Debt</u>. Each of Borrowers and Sole Member shall designate all Obligations as "Designated Senior Indebtedness" or such other applicable designation under, and defined in, any documentation in respect of any subordinated Indebtedness of such Loan Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20 <u>Separateness</u>. Each of Borrowers and Sole Member shall maintain its existence separate and distinct from any other Person. Without limiting the generality of the foregoing, except as expressly permitted pursuant to this Agreement, each of Borrowers and Sole Member shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) pay its debts and liabilities (including overhead expenses) from its own assets (to the extent available therefor) as the same shall become due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) comply with its Organization Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) conduct its business in its own name and strictly comply with all organizational formalities to maintain its separate existence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) maintain its own separate books, records, and bank accounts, except as expressly otherwise allowed or required by the Loan Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) maintain separate financial books and records, and to the extent delivered for a single Project, financial statements; <u>provided</u>, <u>however</u>, that any Borrower's or Sole Member's assets may be included in a consolidated financial statement of its Affiliates provided that appropriate notation shall be made on such consolidated financial statements to indicate the separateness of the applicable entity and such Affiliates and to indicate that such Borrower's and Sole Member's assets and credit are not available to satisfy the debts and other obligations of such Affiliates or any other Person except for the Loans and other Obligations and except as expressly permitted by the Loan Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) file its own tax returns (except to the extent consolidation is required under relevant tax law), and pay any taxes so required to be paid under applicable law and not permit any Borrower or Sole Member to be treated as a division for tax purposes of another taxpayer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) at all times hold itself out to the public and all other Persons as a legal entity separate and distinct from any other entity, correct any known misunderstanding regarding such status, pay the salaries of its own employees, if any, when due and payable; although, from a marketing standpoint, a Project may be disclosed as being associated with CBL & Associates Properties, Inc., and CBL & Associates Management, Inc. may promote its services related to a

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Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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Project using service marks that it uses to promote its services at other shopping centers owned through affiliates of CBL & Associates Properties, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) maintain an arm's length relationship with its Affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) maintain its assets in such a manner that it will not be costly or difficult to segregate, ascertain or identify its individual assets from those of any of its Affiliates or any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) maintain adequate capital for the normal obligations reasonably foreseeable in a business of its size and character and in light of its contemplated business operations; provided that the foregoing shall not require any direct or indirect member, partner or shareholder of a Borrower or Sole Member to make any additional capital contributions to a Borrower or Sole Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) be an entity disregarded as a separate entity or treated as a partnership for federal income tax purposes and not make any election under Section 301.7701-3(a) of the regulations promulgated pursuant to the Code to be treated as an association taxable as a corporation for federal income tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) engage only in the business and for the purposes set forth in <u>Section 5.22</u> of this Agreement (in the case of each Borrower) or <u>Section 7.18</u> of this Agreement (in the case of Sole Member);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) not guarantee or become obligated for the obligations of any other entity or hold out its credit as being available to satisfy the obligations of others, except for the Loans and except as expressly permitted by the Loan Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) use separate stationary, invoices and checks, or with respect to any communication on behalf of a Borrower or Sole Member by its property manager, CBL & Associates Management, Inc., be specifically identified therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) not acquire obligations or securities of its members or other Equity Interest holders, except as permitted by the Loan Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) not pledge its assets for the benefit of any other Person or make any loans or advances to any other Person, except for the loan evidenced by the Sole Member Promissory Note and except as created under or permitted by the Loan Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) with respect to Sole Member (but not any Borrower), it shall at all times have a duly appointed Independent Manager pursuant to its Organization Documents, and such Organization Documents shall at all times include a requirement that the approval or consent of its Independent Manager shall be required to authorize Sole Member or any of its subsidiary Borrowers to: (i) file or consent to the filing of any bankruptcy, insolvency or reorganization petition or proceeding with respect to it, or otherwise institute any proceeding or seek any relief under the Bankruptcy Code or any other Debtor Relief Law with respect to it; (ii) seek or consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator, custodian or any similar official for itself or a substantial portion of its Property; (iii) make any assignment for the benefit of creditors with respect to itself or a substantial portion of its Property; (iv) admit in writing its inability to pay its debts generally as they become due, provided, that the delivery of the budgets provided for in <u>Section 6.22</u> shall not in itself constitute an admission of inability to pay its debts;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) be dissolved or liquidated; (vi) sell all or substantially all of its Property or any Project; or (vii) take any limited liability company, trust or other entity action in furtherance of any such action described in <u>clauses (i)</u> through <u>(vi)</u> above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) with respect to each Borrower, it shall at all times include a requirement in its applicable Organization Documents that the approval or consent of its Sole Member (including the approval of the Independent Manager of its Sole Member) shall be required to authorize such Borrower to: (i) file or consent to the filing of any bankruptcy, insolvency or reorganization petition or proceeding with respect to it, or otherwise institute any proceeding or seek any relief under the Bankruptcy Code or any other Debtor Relief Law with respect to it; (ii) seek or consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator, custodian or any similar official for itself or a substantial portion of its Property; (iii) make any assignment for the benefit of creditors with respect to itself or a substantial portion of its Property; (iv) admit in writing its inability to pay its debts generally as they become due, provided, that the delivery of the budgets provided for in <u>Section 6.22</u> shall not in itself constitute an admission of inability to pay its debts; (v) be dissolved or liquidated; (vi) sell all or substantially all of its Property or any Project; or (vii) take any limited liability company, trust or other entity action in furtherance of any such action described in <u>clauses (i)</u> through <u>(vi)</u> above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.21 <u>Deposit Accounts</u>. Borrowers shall maintain all Blocked Accounts with the Depository Bank, and Borrowers shall maintain all Accounts (other than the Blocked Accounts) with an Acceptable Financial Institution or the Depository Bank, subject, in each case, to each such Account being subject to an Account Control Agreement. Each of the Depository Bank and each Acceptable Financial Institution must have acknowledged and agreed to the assignment of each such Account to the Administrative Agent, and the grant of control over such Accounts to the Administrative Agent, for the benefit of the Secured Parties, pursuant to the terms of an Account Control Agreement entered into by the parties thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.22 <u>Budgets</u>. On or before the beginning of each calendar year, beginning with calendar year 2026, each Borrower shall deliver to Administrative Agent (i) a budget for the operations of such Borrower for the ensuing calendar year as approved by Administrative Agent in its reasonable but good faith discretion (an "<u>Operating Budget</u>"), and (ii) a budget for the capital expenditures of such Borrower for the ensuing calendar year as approved by Administrative Agent in its sole and absolute but good faith discretion (the "<u>Capital Budget</u>"). Each Operating Budget shall detail and include, by month-by-month projections, scheduled debt service, proposed Operating Revenue, and proposed Operating Expenses, for such Borrower in respect of its Project for the ensuing calendar year. Each Capital Budget shall detail and include all proposed Capital Expenditures of such Borrower in respect of its Project for the ensuing calendar year. Any revisions to the Operating Budget or the Capital Budget of any Borrower shall be promptly reported to Administrative Agent. Delivery of an Operating Budget that shows a negative cash flow for a Project shall not be considered an admission of inability to pay debts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.23 <u>Real Estate Tax Account</u>. (a) On or before the Restatement Closing Date, Borrowers shall have deposited into the Real Estate Tax Account $1,345,516.45 (i.e., the amount set forth in the definition of such term), and the amount at all times maintained in the Real Estate Tax Account shall not be less than $500,000.00 (the "<u>Minimum Real Estate Tax Account Funding</u>"), and (b) on each Interest Payment Date thereafter, Borrowers shall cause to be deposited into the Real Estate Tax Account an amount equal to one-twelfth (1/12) of the Property Taxes for each Open-Air Project and each New Project that Administrative Agent reasonably estimates will be payable during the next ensuing twelve (12) months in order to accumulate sufficient funds to pay all such Property Taxes at least thirty (30) days prior to their respective due dates Amounts deposited pursuant to this <u>Section 6.23</u> are referred to herein as the "<u>Tax Funds</u>". If, at any time, Administrative Agent reasonably determines that the Tax Funds will not be sufficient to pay the

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Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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## Property Taxes for any Open-Air Project or any New Project at least thirty (30) days prior to the respective due dates, Administrative Agent shall notify the applicable Borrower of such determination and the monthly deposits for Property Taxes shall be increased by the amount that Administrative Agent estimates is sufficient to make up the deficiency at least thirty (30) days prior to the respective due dates for such Property Taxes; <u>provided</u> that if any such Borrower receives notice of any such deficiency after the date that is thirty (30) days prior to the date that Property Taxes are due or thirty (30) days prior to the expiration of the insurance policies, such Borrower will cause such deposit to be made within five (5) Business Days after its receipt of such notice.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.24 <u>Restoration Following Casualty</u>. If any act or occurrence of any kind or nature (including any casualty for which insurance was not obtained or obtainable) shall result in damage to or destruction of a Project (such event being called a "<u>Casualty Loss</u>") and the cost to repair such Casualty Loss is reasonably expected to exceed $500,000, Borrowers will give prompt written notice thereof to Administrative Agent. All Extraordinary Receipts paid or payable in connection with such Casualty Loss for any single Open-Air Project or any single New Project in excess of $1,500,000, or any single Outparcel Project in excess of $750,000, shall be paid to Administrative Agent; <u>provided</u> that Extraordinary Receipts of less than $1,500,000 for any single Open-Air Project or any single New Project, or less than $750,000 for any single Outparcel Project, during any 12 month period received on behalf of any individual Borrower in connection with a Casualty Loss may be retained by (or paid by the Insurer to) the applicable Borrower and held in an Account of such Borrower subject to an Account Control Agreement. Such Extraordinary Receipts retained by (or paid to) such Borrower shall be used by such Borrower to repair or restore the applicable Project, with all remaining proceeds being (a) used to make a mandatory prepayment of the Loans in accordance with <u>Section 2.03(b)(ii)</u> hereof or (b) with the prior written consent of Administrative Agent, retained by such Borrower. Administrative Agent shall have the right to either (i) place all Extraordinary Receipts received in connection with such Casualty Loss for any single Open-Air Project or single New Project in excess of $1,500,000, or any single Outparcel Project in excess of $750,000, during any 12 month period received in connection with a Casualty Loss in the Loss Proceeds Account for the benefit of Administrative Agent and applicable Borrower to be used to restore, repair or replace and rebuild the applicable Project as nearly as possible to its value, condition and character immediately prior to such Casualty Loss or (ii) in the case of a Casualty Loss resulting in the complete destruction of the Improvements on a Project, apply all proceeds in connection with such Casualty Loss to the payment of the Obligations in such order as Administrative Agent may elect. The applicable Borrower shall use the amounts in the Loss Proceeds Account in respect of such Casualty Loss to restore, repair, replace and rebuild the applicable Project as nearly as possible to its value, condition and character immediately prior to such Casualty Loss within three hundred sixty (360) days after receipt of applicable Permits for such restoration (with such work to commence within ninety (90) days after receipt of applicable Permits) (as such period may be extended by Administrative Agent in its sole and absolute discretion) from the date of such Casualty Loss, and any withdrawals from such Loss Proceeds Account shall be subject to the satisfaction of all conditions imposed by Administrative Agent using Administrative Agent's standard construction loan advance procedures, including, without limitation, the requirement that any shortfall shall first be funded by the applicable Borrower. Subject to the availability of sufficient funds as above provided, each applicable Borrower hereby covenants to diligently prosecute all such restoration, repairs or replacement of the applicable Project, and agrees that all such work shall be conducted pursuant to written contracts (which contracts, if the work in question will cost in excess of $1,000,000, must be approved by Administrative Agent in writing) and free and clear of all mechanic's or materialmen's or other Liens or Lien claims arising from such work (unless the same are satisfied or bonded in a manner satisfactory to Administrative Agent). Any amount remaining in the Loss Proceeds Account in respect of the subject Casualty Loss that is not so used to restore, repair, replace or rebuild the applicable Project within such three hundred sixty (360) day time period (as such period may be extended by Administrative Agent in its sole and absolute discretion) shall

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Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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## be (A) used to make a mandatory prepayment of the Loans in accordance with <u>Section 2.03(b)(ii)</u> of this Agreement or (B) with the prior written consent of Administrative Agent, retained by such Borrower. Notwithstanding anything to the contrary in this <u>Section 6.24</u> or in any other Loan Document, upon the occurrence and during the continuance of an Event of Default, all Extraordinary Receipts will be paid to Administrative Agent (to the extent not on deposit in the Loss Proceeds Accounts), and all Extraordinary Receipts (including all amounts on deposit in the Loss Proceeds Accounts) may be withheld or applied by Administrative Agent in any manner Administrative Agent so elects.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25 <u>Condemnation</u>. Promptly upon any Loan Party obtaining knowledge of the institution or the threatened institution of any proceeding for the condemnation of a Project or any part thereof, Borrowers shall notify Administrative Agent of such fact. The applicable Borrower shall then file or defend its rights thereunder and prosecute the same with due diligence to its final disposition and shall cause any awards or settlements to be paid over to Administrative Agent for disposition pursuant to the terms of this <u>Section 6.25</u>. The applicable Borrower may be the nominal party in such proceeding, but Administrative Agent shall be entitled to participate in and be represented therein by counsel of its choice, at such Borrower's cost, and such Borrower will deliver, or cause to be delivered, to Administrative Agent such instruments as may be requested by it from time to time to permit such participation. If a Project or any part thereof is taken or diminished in value, or if a consent settlement is entered, by or under threat of such proceeding, the award or settlement payable to the applicable Borrower by virtue of its interest in such Project shall be and hereby is assigned, transferred and set over unto Administrative Agent to be held by it, in trust, subject to the lien and security interest of the applicable Mortgage. If a Project, or any part thereof, shall be condemned or otherwise taken for public or quasi-public use under the power of eminent domain, or be transferred in lieu thereof (each, a "<u>Condemnation Event</u>"), all damages or other amounts awarded for the taking of, or injury to, such Project shall be paid to Administrative Agent for deposit into the Loss Proceeds Account, provided that Extraordinary Receipts of less than $750,000 in the aggregate during any 12 month period received in connection with a Condemnation Event shall be paid to and held in an Account of such Borrower subject to an Account Control Agreement. Such proceeds paid to any Borrower shall be used by such Borrower to repair or restore the applicable Project, with all remaining proceeds being (a) used to make a mandatory prepayment of the Loans in accordance with <u>Section 2.03(b)(ii)</u> hereof (after payment of the costs and expenses of Administrative Agent, including attorneys' fees incurred in connection with collection of such amounts) or (b) with the prior written consent of Administrative Agent, retained by such Borrower. Administrative Agent shall have the right to either (i) place all Extraordinary Receipts received in connection with such Condemnation Event in excess of $750,000 in the aggregate during any 12 month period received in connection with a Condemnation Event in the Loss Proceeds Account for the benefit of Administrative Agent and such Borrower to be used to restore, repair or replace and rebuild the applicable Project as nearly as possible to its value, condition and character immediately prior to such Condemnation Event or (ii) in the case of a Condemnation Event of the entirety of a Project, apply all proceeds in connection with such Condemnation Event to the payment of the Obligations in such order as Administrative Agent may elect (after payment of the costs and expenses of Administrative Agent, including attorneys' fees incurred in connection with collection of such amounts). The applicable Borrower shall use the Extraordinary Receipts in the Loss Proceeds Accounts in respect of the subject Condemnation Event to restore, repair, replace and rebuild the applicable Project as nearly as possible to its value, condition and character immediately prior to such taking within three hundred sixty (360) days after receipt of applicable Permits for such restoration (with such work to commence within ninety (90) days after receipt of applicable Permits) (as such period may be extended by Administrative Agent in its sole and absolute discretion), and any withdrawals from the Loss Proceeds Account shall be subject to the satisfaction of all conditions imposed by Administrative Agent using Administrative Agent's standard construction loan advance procedures. Subject to the availability of sufficient funds as above provided, the applicable Borrower hereby covenants to diligently prosecute all such restoration, repairs or replacement of the

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## applicable Project, and agrees that all such work shall be conducted pursuant to written contracts (which contracts, if the work in question will cost in excess of $1,000,000.00, must be approved by Administrative Agent in writing) and free and clear of all mechanic's or materialmen's or other Liens or Lien claims arising from such work (unless the same are satisfied or bonded in a manner satisfactory to Administrative Agent). Any amount remaining in the Loss Proceeds Account in respect of the subject condemnation event that is not so used to restore, repair, replace or rebuild the applicable Project within such three hundred sixty (360) day time period (as such period may be extended by Administrative Agent in its sole and absolute discretion) shall be (A) used to make a mandatory prepayment of the s in accordance with <u>Section 2.03(b)(ii)</u> hereof (after payment of the costs and expenses of Administrative Agent, including attorneys' fees incurred in connection with collection of such amounts) or (B) with the prior written consent of Administrative Agent, retained by the applicable Borrower. Notwithstanding anything to the contrary in this <u>Section 6.25</u> or in any other Loan Document, upon the occurrence and during the continuance of an Event of Default, all Extraordinary Receipts will be paid to Administrative Agent (to the extent not on deposit in the Loss Proceeds Accounts), and all Extraordinary Receipts (including all amounts on deposit in the Loss Proceeds Account) may be withheld or applied by Administrative Agent in any manner Administrative Agent so elects.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.26 <u>Ground Leases</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Borrower who is a Ground Lessee will deliver to Administrative Agent, within five days after such Borrower's receipt, a true and correct copy of each notice, demand, complaint or request from the applicable Ground Lessor under, or with respect to, the applicable Ground Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Borrower who is a Ground Lessee will pay the Ground Rent and all other sums of money due and payable at any time under the Ground Lease as and when such sums become due and payable, but in any event before the expiration of any grace period provided in the Ground Lease for the payment of any such sum. Such Borrower will deliver evidence of any such payments to Administrative Agent within five days after receipt of a written request for evidence of such payments. Each Borrower who is a Ground Lessee will at all times perform, observe and comply in all material respects with all other terms, covenants and conditions of the applicable Ground Lease to be performed, observed or complied with by such Borrower as Ground Lessee under such Ground Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) At any time after Administrative Agent receives notice of a Ground Lessee Default, Administrative Agent may (but will not be obligated to), make any payment, perform any obligation, and take any other action the applicable Borrower would have the obligation to pay, perform, or take under the relevant Ground Lease that Administrative Agent deems necessary or desirable to cure or otherwise in respect of such Ground Lessee Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For purposes of exercising its rights under this Section, Administrative Agent will not be liable to the applicable Borrower or any other Person for any action taken or omitted to be taken by Administrative Agent based on any written notice from Ground Lessor stating that a Ground Lessee Default has occurred and is continuing even though such Borrower may question or deny the existence or nature of such Ground Lessee Default.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) All expenditures made on behalf of Lenders pursuant to this <u>Section 6.26</u> to cure, or otherwise in respect of, a Ground Lessee Default will become an additional part of the Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Any Borrower who is a Ground Lessee will not, without the written consent of Administrative Agent (which consent may be given or withheld by Administrative Agent in its absolute and sole discretion), take any of the following actions in respect of each Ground Lease to which it is a party: (i) surrender the Leasehold Estate to Ground Lessor or terminate or cancel or otherwise waive any Ground Lessor Default in respect of such Ground Lease; (ii) amend, modify or change such Ground Lease, either orally or in writing, or waive any of any Borrower's rights under such Ground Lease; (iii) subordinate such Ground Lease or the Leasehold Estate to any mortgage, deed of trust or other Lien on or in respect of Ground Lessor's Fee Estate; and (iv) reject or assume such Ground Lease or assign, transfer or otherwise dispose of the Leasehold Estate, including without limitation pursuant to Section 365(h) of the Bankruptcy Code, except any such Disposition as is permitted under the express terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.27 <u>Post-Closing Covenants</u>. Each applicable Borrower shall deliver to Administrative Agent the items set forth on <u>Schedule 6.27</u> attached hereto, within the time periods set forth therein (or such longer time as Administrative Agent may allow in its reasonable discretion).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.28 <u>[Reserved]</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.29 <u>Reaffirmation of Existing Collateral and Collateral Documents</u>. Each Loan Party (a) agrees that the execution, delivery and performance of this Agreement by each Loan Party shall not limit, restrict or otherwise adversely affect in any way any of the Collateral Documents executed by such Loan Party or any Guaranty or Lien (as applicable) provided or granted pursuant thereto, (b) agrees that, both before and after giving effect to this Agreement, each of the Collateral Documents executed by such Loan Party, and each Guaranty and/or Lien (as applicable) provided or granted pursuant to such Collateral Document or such Guaranty, has been and continues to be provided or granted to and in favor of Administrative Agent for the benefit of Secured Parties and is and continues to be in full force and effect and guarantees and/or secures (as applicable) the payment and performance of all of the Obligations and (c) reaffirms, acknowledges, ratifies and confirms all of its indebtedness, liabilities and obligations under each of such Collateral Documents or Guaranty executed by such Loan Party.

# Article VII<br>NEGATIVE COVENANTS
So long as any of the Loans or other Obligations hereunder shall remain unpaid or unsatisfied, no Borrower shall (and with respect to <u>Section 7.07</u> and <u>Section 7.18</u> below, neither Parent nor Sole Member shall):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.01 <u>Liens</u>. Create, incur, assume or suffer to exist any Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired, other than Liens granted to Administrative Agent for the benefit of Secured Parties pursuant to any Collateral Document and Permitted Encumbrances; <u>provided</u>, <u>however</u>, nothing herein shall be deemed to prohibit such Borrower's right to contest any tax imposition or a materialmen's or mechanics Lien if (but only if) (a) no Default shall have occurred and be continuing, (b) such proceeding shall be permitted under and be conducted in accordance with the provisions of any other agreement, instrument or document to which such Borrower or the applicable Project is subject and shall not constitute a default thereunder and such proceeding shall be conducted in accordance with all applicable Laws, (c) neither the Project nor any part thereof or interest therein will be in danger of being sold, forfeited, terminated, canceled or lost, (d) such Borrower shall promptly, upon final determination thereof, pay the

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## amount of any such tax or materials or mechanics lien, together with all costs, interest and penalties which may be payable in connection therewith, (e) unless already paid, such proceeding shall suspend the collection of such tax and/or materials or mechanics Lien (as applicable); and (f) such Borrower shall deposit with Administrative Agent, for the benefit of Lenders, cash or other security as may be required in the proceedings, or as may otherwise be requested by Administrative Agent, to ensure the payment of any such tax and/or materials or mechanics Lien, together with all interest and penalties thereon. Administrative Agent and/or Lenders may pay over any such cash or other security held by it or them to the claimant entitled thereto at any time when, in its or their judgment, the entitlement of such claimant is established.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.02 <u>Indebtedness</u>. Create, incur, assume or suffer to exist any Indebtedness, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Indebtedness for real estate and other taxes owed to any Governmental Authority; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) unsecured trade payables incurred in the ordinary course of business relating to the ownership and operation of the Projects, which in the case of such unsecured trade payables (i) are not evidenced by a note, (ii) do not exceed, at any time, a maximum amount of three percent (3%) of the specified value for each Borrower as set forth on <u>Schedule 7.02(c</u>) hereof, and (iii) are paid within ninety (90) days of the date incurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.03 <u>Investments</u>. Make or hold any Investments, other than the Investments evidenced by the Sole Member Promissory Note pledged to Administrative Agent under the Security Agreement executed by Borrowers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.04 <u>Fundamental Changes</u>. Merge, dissolve, liquidate, or consolidate with or into another Person or change its name or principal place of business or make or enter into a division or plan of division under applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.05 <u>Dispositions</u>. Make any Disposition or consummate any New Project Refinancing, or enter into any agreement to make any Disposition, other than (a) an Immaterial Transfer; (b) an Existing Lease; (c) a non-Material Lease; (d) with the prior written consent of Administrative Agent in its reasonable discretion, a Material Lease; (e) Dispositions of inventory and consumables in the ordinary course of business, and (f) the Disposition or New Project Refinancing of Proposed Released Collateral in accordance with <u>Section 2.17</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.06 <u>Formation of Subsidiaries and Employees</u>. Create or own any Subsidiary, or have any employees; provided, however, that CBL Southgate Mall, LLC shall be permitted to become an associate member of that certain non-profit corporation known as Southgate Mall Merchants Association in accordance with the Southgate Mall Merchants Association Documents as in effect on the Restatement Closing Date (which Southgate Mall Merchants Association Documents shall not be amended without the prior written consent of Administrative Agent) so long as its responsibilities thereunder remain unchanged from those set forth in the Southgate Mall Merchants Association Documents as in effect on the Restatement Closing Date and it shall not assume or incur any obligations or liabilities as a result thereof in an aggregate amount or value exceeding $50,000 during any twelve-month period.

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Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.07 <u>Transactions with Affiliates</u>. Enter into any transaction of any kind with any Affiliate of any Borrower, including without limitation the payment of (or agreement to pay) management fees or expenses whether or not in the ordinary course of business, other than (a) for fair market value and on fair and reasonable terms substantially as favorable to the applicable Borrower as would be obtainable by the applicable Borrower at the time in a comparable arm's length transaction with a Person other than an Affiliate of the applicable Borrower (and Administrative Agent and Lenders acknowledge that the Property Management Agreements entered into with CBL & Associates Management, Inc. (copies of which have been delivered to Administrative Agent) meet the required standard for such fair and reasonable terms), (B) Investments permitted pursuant to <u>Section 7.03</u> hereof and (c) Restricted Payments permitted pursuant to <u>Section 7.17</u> hereof. In addition to and without limiting the generality of the foregoing, neither Borrower nor Sole Member will engage in any transaction with Layton Hills or MNVL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.08 <u>Use of Proceeds</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Use any of the proceeds of any Loan, whether directly or indirectly, and whether immediately, incidentally or ultimately, to purchase or carry margin stock (within the meaning of Regulation U of the FRB) or to extend credit to others for the purpose of purchasing or carrying margin stock or to refund indebtedness originally incurred for such purpose or for any other purpose that would result in a violation of Regulation T, U or X of the FRB.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Directly or indirectly, use any proceeds of any Loan, or lend, contribute, or otherwise make available such proceeds to any other Person, (i) to fund any activities of or business of or with any Person, or in any country or territory, that, at the time of such funding, is, or whose government is, the subject of Sanctions, (ii) in any other manner that would result in a violation of Sanctions by any Person (including any Person participating in any Loan, whether as underwriter, advisor, investor, or otherwise), (iii) for the purpose of violating any applicable Laws, rule or regulation regarding Sanctions or money laundering, or any Anti-Terrorism Law or Anti-Corruption Law, (iv) for the benefit of, or that is, a Restricted Party or (v) for the benefit of, or that has engaged in dealings or transactions with, any Restricted Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.09 [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10 <u>Amendments of Organization Documents</u>. Amend any of its Organization Documents or change its name, jurisdiction of organization, tax identification number or place of business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.11 <u>Accounting Changes</u>. Make any change in (a) accounting policies or reporting practices, except as required by GAAP, or (b) its fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12 <u>ERISA</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Be a party or otherwise subject to, or cause or permit any other Loan Party to be a party or otherwise subject to, an employee benefit plan as defined in Section 3(3) of Title I of ERISA, or a plan described in Section 4975(e)(1) of the Code, nor shall any of the assets of any Borrower or any other Loan Party constitute "plan assets" within the meaning of 29 CFR §2510.3-101, as modified by Section 3(42) of ERISA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Assuming no source of funds used to make any Loan constitute "plan assets" within the meaning of 29 CFR §2510.3-101, as modified by Section 3(42) of ERISA, cause any proceeds of any Loan to constitute or to give rise to a nonexempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code.

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Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13 <u>Assignment</u>. Assign, or cause or permit any other Loan Party to assign, its obligations under any of the Loan Documents to any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.14 <u>Deposit Accounts and Securities Accounts</u>. Maintain, establish or use any deposit account or securities account (including any Account) other than the deposit accounts (including the Blocked Accounts) which are identified on <u>Schedule 7.14</u> or otherwise approved by Administrative Agent in writing and which are included as part of the Collateral and subject to an Account Control Agreement, or hold any cash (or cause or permit any revenue or other proceeds from any Project to be held) other than in an Account of a Borrower that is subject to an Account Control Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.15 <u>Hazardous Materials</u>. Handle, transport, or release Hazardous Materials into the environment other than in accordance with the Loan Documents and applicable Environmental Laws and Environmental Permits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.16 <u>Sale-Leaseback</u>. Enter into any agreement which creates an obligation of it or any of its Affiliates to purchase or acquire property or any lease of or other interest in property arising out of or in connection with the sale of the same property by any Borrower or any of its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.17 <u>Restricted Payments</u>. Make any Restricted Payment, other than (a) the disbursement of the proceeds of the Sole Member Promissory Note relating to the proceeds of the Existing Loan from Sole Member to Parent as required in <u>Section 2.02</u> herein, (b) Restricted Payments made by Borrowers to Sole Member, and (c) so long as no Default then exists or would result therefrom, Borrowers and/or Sole Member may make Restricted Payments during a Fiscal Quarter in the form of one or more dividends or distributions to Parent that, in the aggregate amount for all Borrowers and Sole Member, does not exceed the Excess Cash Flow for the Fiscal Quarter then most recently ended, which dividends and distributions to Parent may be used only for one or more of the following purposes of Parent and shall not exceed in the aggregate the amount specified below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) for the purpose of allowing CBL & Associates Properties, Inc. and its direct and indirect Subsidiaries to comply with the minimum requirements for REITs under the Code as it relates to the direct or indirect ownership of the Collateral; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) for any other purpose, provided that (A) in the case of such dividends or distributions attributable to Excess Cash Flow from the Existing Projects, no dividends or distributions may be made based thereon unless (1) the DSCR for Existing Projects as of the end of the most recent Fiscal Quarter is greater than or equal to 1.20 to 1.00, (2) the Existing Loan to Value Ratio is seventy percent (70%) or less as of the end of the most recent Fiscal Quarter, and (3) Borrowers' Representative shall have, at least ten Business Days prior to the proposed date of the making of such dividends or distributions, delivered to Administrative Agent a certification that the matters referred to in clauses (1) and (2) preceding have been satisfied as of the last day of the most recent Fiscal Quarter for which financial statements required to be delivered pursuant to Section 6.01 have been delivered to Administrative Agent, and provided, further, that Lenders (in their sole discretion) will have the right, with respect to each such dividend or distribution proposed to be made pursuant to this <u>clause (ii)(A)</u>, to cause fifty percent (50%) of the aggregate amount thereof to be applied as a prepayment of the principal amount of the Existing Loans (without the payment of any Yield Maintenance Amount) and (B) in the case of such dividends and distributions attributable to Excess Cash Flow from the New Projects and if (but only if) at such time the Debt Yield on New Projects as determined by Administrative Agent is less than 18% per annum, Lenders (in their sole discretion) will have the right, with respect to

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Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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each such dividend or distribution proposed to be made pursuant to this <u>clause (ii)(B)</u>, to cause fifty percent (50%) of the aggregate amount thereof to be applied as a prepayment of the principal amount of the New Loans (without the payment of any Yield Maintenance Amount). Any portion of the remaining fifty percent (50%) of the Excess Cash Flow that is not applied to any such principal pay down of any of the Loans may be distributed by Borrowers and/or Sole Member to Parent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.19 <u>Partition</u>. Bring an action for partition with respect to a Borrower's ownership interest in its Project or compel any sale thereof, notwithstanding anything to the contrary contained herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.20 <u>Leases</u>. Without Administrative Agent's prior written consent (such consent not to be unreasonably withheld), enter into any lease for space in any Project if such lease is a Material Lease. All Leases for space at each Project (including Material Leases) shall be (a) on the applicable Borrower's standard form of lease, a copy of which is attached hereto as <u>Exhibit I</u>, with such non-material changes as shall be commercially reasonable effected as a result of negotiations with the applicable Tenant and (b) subject and subordinate to the Loan Documents and the Liens granted pursuant to the Collateral Documents (either pursuant to the terms of the Lease or a subordination, non-disturbance and attornment agreement entered into by the Tenant, the applicable Borrower and Administrative Agent, in each case in form and substance satisfactory to Administrative Agent). No Borrower will amend any Material Lease without the prior written consent of Administrative Agent, not to be unreasonably withheld, conditioned or delayed. No Borrower will amend any Lease in effect as of the Restatement Closing Date to extend the term to more than five (5) years from the date of such amendment or grant to the Tenant thereunder a renewal option or to expand the premises leased to such Tenant or any Affiliate of such Tenant (i) with respect to Existing Projects, to more than 7,500 square feet and (ii) with respect to New Projects, to more than 10,000 square feet, without the prior written consent of Administrative Agent, not to be unreasonably withheld, conditioned or delayed. No Borrower shall collect any Rent more than one (1) month in advance or, without limitation of the foregoing, amend or modify any Lease in any material respect or hold any security or other deposit under a Lease, except in accordance with applicable Law and the applicable Lease. With respect to any written request (including an e-mail request) by any Borrower to Administrative Agent for consent to a Material Lease (or any amendment or modification thereto), Administrative Agent shall either approve or deny such request within ten (10) Business Days following receipt of such request, and if Administrative Agent fails to respond to Borrower within such ten (10) day period, the request shall be deemed to have been denied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.21 <u>Intercompany Note</u>. Without the prior written consent of Administrative Agent, make any demand for payment on the Sole Member Promissory Note relating to the proceeds of the Existing Loan while any of the Obligations are outstanding.

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Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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# Article VIII<br>EVENTS OF DEFAULT AND REMEDIES
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.01 <u>Events of Default</u>. Any of the following shall constitute an "<u>Event of Default</u>":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Non-Payment</u>. Borrowers fail, or any other Loan Party fails, to (i) pay when and as required to be paid herein, any amount of principal of any Loan, (ii) pay, within five (5) days after the same becomes due, any interest on any Loan, or (iii) pay, within five (5) days after the same becomes due, any other Obligations (other than the Obligations referred to in clauses (i) or (ii) preceding) or other amount payable hereunder or under any other Loan Document (including without limitation the payment or deposit requirements in <u>Sections 6.23</u>, <u>6.24</u> and <u>6.25</u> hereof); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Specific Covenants</u>. (i) Any Borrower fails to perform or observe any term, covenant or agreement contained in any of <u>Section 6.02(c) (Certificates; Other Information)</u>, <u>6.03 (Notices)</u>, <u>6.05 (Preservation of Existence, Etc.)</u>, <u>6.07 (Maintenance of Insurance)</u>, <u>6.11 (Use of Proceeds)</u>, <u>6.12 (Covenant to Give Security)</u>, <u>6.15 (Further Assurances)</u>, <u>6.19 (Designation as Senior Debt)</u>, <u>6.20 (Separateness)</u>, <u>6.21 (Deposit Accounts)</u>, <u>6.27 (Post-Closing Covenants)</u> or <u>Article VII (Negative Covenants)</u>, (ii) any of the Loan Parties fails to perform or observe any term, covenant or agreement contained in <u>Section 2.7 (Postponement of Subrogation)</u>, <u>Section 4.2 (As to Investment Property; Deposit Accounts, etc.)</u>, <u>Section 4.3 (Change of Name, Etc.)</u> or <u>Section 4.5(e) (As to Grantor's Use of Collateral)</u> of the Security Agreement executed by Borrowers, (iii) Sole Member fails to perform or observe any term, covenant or agreement contained in <u>Section 3.1 (Perfection of Administrative Agent's Liens)</u>, <u>4.1 (Pledged Equity Interests)</u>, <u>4.3 (Security Certificates)</u>, <u>4.4 (Proceedings for Liquidation)</u>, <u>4.7 (No Disposition of Collateral)</u>, <u>4.8 (Change of Name and Organizational Information)</u>, <u>4.9 (Liens Exclusive to Administrative Agent)</u> or <u>4.10 (Deposit Accounts</u>) of the Security Agreement executed by Sole Member, (iv) Parent fails to perform or observe any term, covenant or agreement contained in <u>Section 3.1 (Perfection of Administrative Agent's Liens)</u>, <u>4.1 (Pledged Equity Interests)</u>, <u>4.2 Books and Records; Lien on Registered Interests)</u>, <u>4.3 (Security Certificates)</u>, <u>4.4 (Proceedings for Liquidation)</u>, <u>4.7 (No Disposition of Collateral)</u>, <u>4.8 (Change of Name and Organizational Information)</u> or <u>4.9 (Liens Exclusive to Administrative Agent)</u> or of the Security Agreement executed by Parent, or (v) any Borrower who is a Ground Lessee fails to perform or observe any term, covenant or agreement contained in <u>Section 6.26 (Ground Leases)</u>; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Other Defaults</u>. Any Loan Party fails to perform or observe any other covenant or agreement (not specified in <u>Section 8.01(a)</u> or <u>(b)</u> above) contained in any Loan Document on its part to be performed or observed and such failure continues for 30 days after the earlier of (i) any Borrower's knowledge, or such Loan Party's knowledge, of such failure or (ii) receipt of written notice thereof from Administrative Agent or any Lender, but if any such Default cannot be cured within such 30 day period but is capable of being cured, but Borrower has commenced to cure such default within such 30 day period and is diligently pursuing completion of such cure, Borrower shall have an additional 30 days to cure any such Default before such Default shall become an Event of Default hereunder if not so cured; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Representations and Warranties</u>. Any representation, warranty, certification or statement of fact made or deemed made by or on behalf of any Borrower or any other Loan Party herein, in any other Loan Document, or in any agreement, instrument or other document delivered in connection herewith or therewith shall be incorrect or misleading in any material respect (or in "all respects" if qualified by materiality, Material Adverse Effect or other similar qualifier) when made or deemed made; or

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Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Cross-Default</u>. Any Borrower (i) fails to make any payment when due after giving effect to all applicable notice and cure periods (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise) in respect of any Indebtedness (other than the Obligations hereunder) having an aggregate principal amount (including undrawn committed or available amounts and including amounts owing to all creditors under any combined or syndicated credit arrangement) of more than the Threshold Amount, or (ii) fails to observe or perform any agreement, instrument or other document or condition relating to any such Indebtedness in excess of the Threshold Amount or contained in any agreement, instrument or other document evidencing, securing or relating thereto, or any other event occurs or circumstances exist, the effect of which default or other event or circumstance is to cause, or to permit the holder or holders of such Indebtedness (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause, with the giving of notice if required, such Indebtedness to be demanded or to become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such Indebtedness to be made, prior to its stated maturity; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Insolvency Proceedings, Etc</u>. Any Loan Party (or any director, general partner, manager, managing member or other similar Person or group having similar authority, as applicable) institutes or consents to the institution of any proceeding in respect of such Person under any Debtor Relief Law, or applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or for all or any material part of its or his property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed without the application or consent of such Person and the appointment continues undischarged or unstayed for 60 calendar days; or any proceeding under any Debtor Relief Law relating to any such Person or to all or any material part of its or his property is instituted without the consent of such Person and continues undismissed or unstayed for 90 calendar days, or an order for relief is entered in any such proceeding; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Inability to Pay Debts; Attachment</u>. (i) Any Loan Party becomes unable or admits in writing its or his inability, or fails generally, to pay its or his debts as they become due, or (ii) any writ or warrant of attachment or execution or similar process is issued or levied against all or any material part of the property of any such Person and is not released, vacated or fully bonded within 60 days after its issue or levy; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Judgments</u>. There is entered against any Loan Party (i) one or more final judgments or orders for the payment of money in an aggregate unsatisfied amount (as to all such judgments and orders) exceeding the Threshold Amount (to the extent not covered by independent third-party insurance as to which the insurer has been notified of the potential claim and does not dispute coverage) which remain unpaid for a period of sixty (60) days, or (ii) any one or more non-monetary final judgments that have, or could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, and, in all such cases, (A) enforcement proceedings are commenced by any creditor upon such judgment or order, or (B) there is a period of 10 consecutive days during which a stay of enforcement of such judgment, by reason of a pending appeal or otherwise, is not in effect; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>ERISA</u>. (i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan which has resulted or could reasonably be expected to result in liability of any Borrower under Title IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC in an aggregate amount in excess of the Threshold Amount, or (ii) any Borrower or any ERISA Affiliate fails to pay when due, after the expiration of any applicable grace period, any installment payment

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Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan in an aggregate amount in excess of the Threshold Amount; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Invalidity of Loan Documents</u>. Any provision of any Loan Document, at any time after its execution and delivery and for any reason other than as expressly permitted hereunder or thereunder or satisfaction in full of all the Obligations, ceases to be in full force and effect; or any Loan Party contests (or threatens to contest) in any manner the validity or enforceability of any provision of any Loan Document; or any Loan Party denies that it is bound by any Loan Document which purports to bind such Loan Party other than in connection with a defense of Payment in Full, or purports to (or threatens to) revoke, terminate or rescind any provision of any Loan Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Change of Control</u>. There occurs any Change of Control; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Collateral Documents</u>. Any Collateral Document shall for any reason (other than pursuant to the terms thereof) cease to create a valid and perfected first priority (subject to Permitted Encumbrances and Liens being contested by the applicable Borrower pursuant to the terms hereof) Lien on the Collateral purported to be covered thereby; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Governmental Approvals</u>. (i) Any Loan Party shall fail to obtain, renew, maintain or comply with any governmental approval as shall be necessary (A) for the execution, delivery or performance by any Loan Party of its obligations (including, without limitation, the Obligations) under the Loan Documents, or for the validity or enforceability thereof, or (B) for the grant or the perfection of any Lien created under any Collateral Document or for the validity or enforceability thereof; or (ii) any such governmental approval shall be revoked, terminated, withdrawn, suspended, modified or withheld or shall cease to be effective; or (iii) any proceeding shall be commenced by or before any Governmental Authority for the purpose of revoking, terminating, withdrawing, suspending, modifying or withholding any such governmental approval and such proceeding is not dismissed within 30 days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Material Contracts</u>. Any Loan Party has breached or shall be in default under, or shall fail to comply with any of its obligations under, any Material Contract or agreement, instrument or other document executed in connection therewith, in each case, which breach, default or non-compliance is not cured within the applicable cure period (if any) provided under such Material Contract or such agreement, instrument or other document, unless such breach or default is waived by Administrative Agent in its sole and absolute discretion; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Damage, Abandonment, Failure to Obtain Permit</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any substantial portion of the Collateral is damaged, seized or appropriated and not timely repaired, replaced or restored in accordance with the requirements of the Loan Documents (but subject to any grace periods provided in the Loan Documents); or

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Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any material portion of any of the Projects shall be abandoned or construction or operation thereof shall be suspended for a period of more than sixty (60) consecutive days for any reason; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any Borrower shall fail to obtain any material Permit necessary or reasonably required for the construction, ownership, leasing, maintenance or operation of a Project or any Permit necessary or reasonably required for the construction, ownership, leasing, maintenance or operation of the affected portion of a Project shall be materially modified, revoked, canceled or not renewed by a Governmental Authority (or otherwise ceases to be in full force and effect), and such failure, modification, revocation, cancellation or non-renewal continues for a period of more than thirty (30) days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.02 <u>Remedies upon Event of Default</u>. If any Event of Default occurs and is continuing, Administrative Agent shall, at the request of, or may, with the consent of, Required Lenders, take any or all of the following actions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) immediately cancel any or all then outstanding Commitments of Lenders, which cancellation shall, in the event of an Event of Default under <u>Section 8.01(f)</u>, be automatic, without further act of Administrative Agent or any Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) declare the unpaid amount of any or all outstanding Loans (including the principal thereof), interest accrued thereon, Yield Maintenance Amounts (determined as of such date as if the Loans were being voluntarily prepaid or repaid as of such date) and other amounts owing or payable hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by Borrowers and each other Loan Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) exercise, on behalf of itself and Lenders, any or all rights and remedies available to it or Lenders under the Loan Documents or pursuant to applicable Law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) set off and apply all amounts in the Accounts to the Obligations (and/or direct each bank that is a party to an Account Control Agreement to transfer to Administrative Agent or its designee) all funds on deposit in or credited to any or all of the Accounts or being held for deposit to any or all of the Accounts, in each case without further notice to or consent of any Borrower or other Loan Party;

<u>provided</u>, <u>however</u>, that upon the occurrence of an actual or deemed entry of an order for relief with respect to any Loan Party under the Bankruptcy Code of the United States, or otherwise upon the occurrence of an Event of Default under <u>Section 8.01(f)</u>, all of the unpaid principal amount of the Loans, all accrued and unpaid interest on the Loans, all Yield Maintenance Amounts and all Obligations shall immediately and automatically become due and payable, without further act of Administrative Agent or any Lender or any other Person.

EACH LOAN PARTY EXPRESSLY WAIVES (TO THE FULLEST EXTENT IT MAY LAWFULLY DO SO) THE PROVISIONS OF ANY PRESENT OR FUTURE STATUTE OR LAW THAT PROHIBITS OR MAY PROHIBIT THE COLLECTION OF THE YIELD MAINTENANCE AMOUNT IN CONNECTION WITH ANY SUCH ACCELERATION OF THE MATURITY OF THE OBLIGATIONS OR ANY PORTION THEREOF. Each Loan Party expressly agrees (to the fullest extent that it may lawfully do so) that: (A) the Yield Maintenance Amount is reasonable and is the product of an arm's length transaction between sophisticated business people, ably represented by counsel; (B) THE YIELD

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Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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MAINTENANCE AMOUNT DOES NOT CONSTITUTE, AND SHALL NOT BE DEEMED OR CONSIDERED TO BE, UNMATURED INTEREST ON ANY LOAN OR OTHER AMOUNT OR OBLIGATIONS AND NO LOAN PARTY SHALL ARGUE, UNDER ANY CIRCUMSTANCE, THAT THE YIELD MAINTENANCE AMOUNT CONSTITUTES UNMATURED INTEREST ON ANY LOAN; (C) the Yield Maintenance Amount shall be payable notwithstanding the then prevailing market rates at the time payment is made; (D) there has been a course of conduct between and among Administrative Agent, Lenders, Borrowers and the other Loan Parties giving specific consideration in this transaction for such agreement to pay the Yield Maintenance Amount; (E) each Loan Party shall be estopped hereafter from claiming differently than as agreed to in this paragraph; and (F) in view of the impracticability and extreme difficulty of ascertaining actual damages, the parties hereto mutually agree that the Yield Maintenance Amount is a reasonable calculation of Lenders' lost profits as a result of any such acceleration and not a penalty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.03 <u>Appropriate Proceedings; Remedies Cumulative</u>. Administrative Agent, on behalf of itself and Secured Parties, may protect and enforce its and their respective rights under the Loan Documents by any appropriate proceedings, including proceedings for specific performance of any covenant or agreement contained in any Loan Document. All rights, remedies and powers conferred upon Administrative Agent or any of the other Secured Parties under the Loan Documents or by applicable Laws shall be cumulative and not exclusive of any other rights, remedies or powers available to such Person or any other Secured Party under the Loan Documents or pursuant to applicable Law. All notice and cure periods provided in this Agreement or in any other Loan Document shall run concurrently with any notice or cure periods provided by applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.04 <u>Application of Funds</u>. Subject to applicable Laws, after the exercise of any rights or remedies provided for in <u>Section 8.02</u> (or after the Loans have automatically become immediately due and payable pursuant to <u>Section 8.02</u>), any amounts received on account of the Obligations shall be applied by Administrative Agent in the following order:

<u>First</u>, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to Administrative Agent and amounts payable under <u>Article III</u>) payable to Administrative Agent in its capacity as such;

<u>Second</u>, to payment of that portion of the Obligations constituting fees, indemnities and other amounts (other than principal and interest) payable to Lenders (including fees, charges and disbursements of counsel to the respective Lenders) arising under the Loan Documents and amounts payable under <u>Article III</u>, ratably among them in proportion to the respective amounts described in this clause <u>Second</u> payable to them;

<u>Third</u>, to payment of that portion of the Obligations constituting accrued and unpaid interest, the Yield Maintenance Amount on the Loans and other Obligations, ratably among Lenders in proportion to the respective amounts described in this clause <u>Third</u> payable to them;

<u>Fourth</u>, to payment of that portion of the Obligations constituting the unpaid principal amount of the Loans and all other Obligations arising under the Loan Documents, ratably among Lenders in proportion to the respective amounts described in this clause <u>Fourth</u> payable to them; and

<u>Last</u>, the balance, if any, after Payment in Full, to Borrowers or as otherwise required by Laws.

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# Article IX<br>ADMINISTRATIVE AGENT
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.01 <u>Appointment and Authority</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of Lenders hereby irrevocably appoints CLMG Corp. to act on its behalf as Administrative Agent hereunder and under the other Loan Documents and authorizes Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to Administrative Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto. The provisions of this Article are solely for the benefit of Administrative Agent and Lenders, and neither any Borrower nor any other Loan Party shall have any rights as a third party beneficiary of any of such provisions, provided however, each of Borrowers and the other Loan Parties shall be entitled to rely on any document that is signed by Administrative Agent as authorized by all necessary actions on the part of Lenders and shall be conclusively presumed to be the act and deed of Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Administrative Agent shall also act as the "collateral agent" under the Loan Documents, and each of Lenders hereby irrevocably appoints and authorizes Administrative Agent to act as the agent of such Lender for purposes of acquiring, holding and enforcing any and all Liens on any Collateral granted by any Borrower or other Loan Party to secure any of the Obligations or any portion thereof, together with such powers and discretion as are reasonably incidental thereto. In this connection, Administrative Agent, as "collateral agent" and any co-agents, sub-agents and attorneys-in-fact appointed by Administrative Agent pursuant to <u>Section 9.05</u> for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted under the Collateral Documents, or for exercising any rights and remedies thereunder at the direction of Administrative Agent, shall be entitled to the benefits of all provisions of this <u>Article IX</u> and <u>Article X</u> (including <u>Section 10.04(c)</u>, as though such co-agents, sub-agents and attorneys-in-fact were the "collateral agent" under the Loan Documents) as if set forth in full herein with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.02 <u>Rights as a Lender</u>. The Person serving as Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not Administrative Agent, and the term "Lender" or "Lenders" shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with any Borrower, other Loan Party or any Subsidiary or other Affiliate thereof as if such Person were not Administrative Agent hereunder and without any duty to account therefor to Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.03 <u>Exculpatory Provisions</u>. Administrative Agent shall not have any duties or obligations except those expressly set forth herein and in the other Loan Documents. Without limiting the generality of the foregoing, Administrative Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that Administrative Agent is required to exercise as directed in writing by Required Lenders (or such other number or percentage of Lenders as shall be expressly provided

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Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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for herein or in the other Loan Documents), <u>provided</u> that Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose Administrative Agent to any liability or that is contrary to any Loan Document or applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) shall not, except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to any Borrower, other Loan Party or any Subsidiary or Affiliate thereof that is communicated to or obtained by the Person serving as Administrative Agent or any of its Affiliates in any capacity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) shall not be liable for any action taken or not taken by it (i) with the consent or at the request of Required Lenders (or such other number or percentage of Lenders as shall be necessary, or as Administrative Agent shall believe in good faith shall be necessary, under the circumstances as provided in <u>Sections 10.01</u> and <u>8.02</u>) or (ii) in the absence of its own gross negligence or willful misconduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) shall be deemed not to have knowledge of any Default unless and until notice describing such Default is given to Administrative Agent by a Borrower or a Lender; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.04 <u>Reliance by Administrative Agent</u>. Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan, that by its terms must be fulfilled to the satisfaction of a Lender, Administrative Agent may presume that such condition is satisfactory to such Lender unless Administrative Agent shall have received notice to the contrary from such Lender prior to the making of such Loan. Administrative Agent may consult with legal counsel (who may be counsel for Borrowers or the other Loan Parties), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.05 <u>Delegation of Duties</u>. Administrative Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by Administrative Agent. Administrative Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of

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Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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## Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facility provided for herein as well as activities as Administrative Agent.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.06 <u>Resignation of Administrative Agent</u>. Administrative Agent may at any time give notice of its resignation to Lenders and Borrowers. Upon receipt of any such notice of resignation, Required Lenders shall have the right, in consultation with Borrowers (provided no Default then exists), to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States. If no such successor shall have been so appointed by Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may, on behalf of Lenders, appoint a successor Administrative Agent meeting the qualifications set forth above; <u>provided</u> that if Administrative Agent shall notify Borrowers and Lenders that no qualifying Person has accepted such appointment, then such resignation shall nonetheless become effective in accordance with such notice and (a) the retiring Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that, in the case of any collateral security held by Administrative Agent on behalf of the Lenders under any of the Loan Documents, the retiring Administrative Agent shall continue to hold such collateral security until such time as a successor Administrative Agent is appointed) and (b) all payments, communications and determinations provided to be made by, to or through Administrative Agent shall instead be made by or to each Lender directly, until such time as Required Lenders appoint a successor Administrative Agent as provided for above in this Section. Upon the acceptance of a successor's appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or retired) Administrative Agent, and the retiring Administrative Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this Section). The fees payable by Borrowers to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between Borrowers and such successor. After the retiring Administrative Agent's resignation hereunder and under the other Loan Documents, the provisions of this Article and <u>Section 10.04</u> shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring Administrative Agent was acting as Administrative Agent. Until Borrowers receive written notice that Administrative Agent has been replaced, Borrowers may (without inquiry) rely on all actions taken or consents given by CLMG Corp. as "Administrative Agent" hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.07 <u>Non-Reliance on Administrative Agent and Other Lenders</u>. Each Lender acknowledges that it has, independently and without reliance upon Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement and to make the Loans hereunder. Each Lender also acknowledges that it will, independently and without reliance upon Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement, instrument or other document furnished hereunder or thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.08 <u>Administrative Agent May File Proofs of Claim</u>. In case of the pendency of any proceeding under any Debtor Relief Law or any other judicial proceeding relative to any Loan Party, Administrative Agent (irrespective of whether the principal of any Loan shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether Administrative Agent shall have made any demand on Borrowers) shall be entitled and empowered, by intervention in such proceeding or otherwise:

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Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of Lenders and Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of Lenders and Administrative Agent and their respective agents and counsel and all other amounts due Lenders and Administrative Agent under <u>Sections 2.09</u> and <u>10.04</u>) allowed in such judicial proceeding; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender to make such payments to Administrative Agent and, if Administrative Agent shall consent to the making of such payments directly to Lenders, to pay to Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of Administrative Agent and its agents and counsel, and any other amounts due Administrative Agent under <u>Sections 2.09</u> and <u>10.04</u>.

Nothing contained herein shall be deemed to authorize Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender to authorize Administrative Agent to vote in respect of the claim of any Lender or in any such proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.09 <u>Collateral Matters</u>. (a) Each of Lenders irrevocably authorize Administrative Agent, at its option and in its discretion, to release any Lien on any property granted to or held by Administrative Agent under any Loan Document (i) upon termination of the Commitments and Payment in Full of all Obligations, (ii) that is Disposed of or to be Disposed as part of or in connection with any Disposition permitted hereunder or under any other Loan Document, or (iii) if approved, authorized or ratified in writing in accordance with <u>Section 10.01</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon request by Administrative Agent at any time, Required Lenders will confirm in writing Administrative Agent's authority to release or subordinate its interest in particular types or items of property pursuant to this <u>Section 9.09</u>. In each case as specified in this <u>Section 9.09</u>, Administrative Agent will, at Borrowers' expense, execute and deliver to the applicable Loan Party such documents as such Loan Party may reasonably request to evidence the release of such item of Collateral from the Lien granted under the Collateral Documents, in each case in accordance with the terms of the Loan Documents and this <u>Section 9.09</u>.

# Article X<br>MISCELLANEOUS
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.01 <u>Amendments, Etc</u>. No amendment or waiver of any provision of this Agreement or any other Loan Document, and no consent to any departure by Borrowers or any other Loan Party therefrom, shall be effective unless in writing signed by Required Lenders and Borrowers or the applicable Loan Party, as the case may be, and acknowledged by Administrative Agent, and each such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; <u>provided</u>, <u>however</u>, that no such amendment, waiver or consent shall:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) waive any condition set forth in <u>Section 4.02</u> (other than <u>Section 4.02(d)</u> or <u>(e)</u>, which may be waived only with the written consent of each Person entitled to payment thereunder), without the written consent of each Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) postpone any date fixed by this Agreement or any other Loan Document for any payment (excluding mandatory prepayments) of principal, interest, fees or other amounts due to Lenders (or any of them) hereunder or under such other Loan Document without the written consent of each Lender entitled to such payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) reduce the principal of, or the rate of interest specified herein on, any Loan, or (subject to clause (ii) of the second proviso to this <u>Section 10.01</u>) any fees or other amounts payable hereunder or under any other Loan Document without the written consent of each Lender entitled to such amount; <u>provided</u>, <u>however</u>, that only the consent of Required Lenders shall be necessary to amend the definition of "Default Rate" or to waive any obligation of Borrowers to pay interest at the Default Rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) change <u>Section 8.04</u> in a manner that would alter the pro rata sharing of payments required thereby without the written consent of each Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) change any provision of this <u>Section 10.01,</u> or the definition of "Required Lenders" or any other provision hereof specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or make any determination or grant any consent hereunder, without the written consent of each Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) except as contemplated by <u>Section 9.09</u>, release all or a material part of the Collateral (as determined by Administrative Agent in its sole and absolute discretion) in any transaction or series of related transactions, without the written consent of each Lender; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) release any Guarantor from any of its obligations under the Loan Documents, without the written consent of each Lender;

and <u>provided</u>, <u>further</u>, that (i) no amendment, waiver or consent shall, unless in writing and signed by Administrative Agent in addition to the Lenders as required above, affect the rights or duties of Administrative Agent under this Agreement or any other Loan Document and (ii) the Fee Letter may be amended, or rights or privileges thereunder waived, in a writing executed only by the respective parties thereto. Notwithstanding anything to the contrary herein, no Impacted Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.02 <u>Notices; Effectiveness; Electronic Communications</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Notices Generally</u>. All notices, requests, consents, demands and other communications required or permitted under any Loan Document shall be in writing, unless otherwise specifically provided in such Loan Document (provided that Administrative Agent may give telephonic notices to the other Secured Parties), shall be deemed sufficiently given or furnished if delivered by personal delivery, by delivery service with proof of delivery or by registered or certified United States mail, postage prepaid, or by electronic mail, (a) if to Borrowers and the other Loan Parties, in accordance with the contact information of Borrowers specified below, (b) if to Administrative Agent, in accordance with the contact information of Administrative Agent specified below, and (c) if to a Lender, in accordance with the contact information for such Lender specified below or in the applicable Assignment and Assumption of such Lender (in each case as

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Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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such contact information may be changed by similar notice in writing given by the particular Person whose information is to be changed). Any such notice or communication shall be deemed to have been given upon receipt thereof by the Person to whom such notice or communication is addressed; <u>provided</u>, <u>however</u>, that, if a notice or communication is received by such Person on any day that is not a Business Day for such Person or after 5:00 p.m. on any Business Day of such Person, such communication will be deemed to have been received on the next following Business Day.

If to Borrowers (or any Borrower) or any other Loan Party:

c/o CBL & Associates Management, Inc.

CBL Center – Suite 500

2030 Hamilton Place Boulevard

Chattanooga, TN 37421

Attention: Benjamin W. Jaenicke

Telephone: (423) 490-8310

Email: Ben.Jaenicke@cblproperties.com

With a copy to:

c/o CBL & Associates Management, Inc.

CBL Center – Suite 500

2030 Hamilton Place Boulevard

Chattanooga, TN 37421

Attention: Jeffery V. Curry

Telephone: (423) 490-8642

Email: Jeff.Curry@cblproperties.com

If to Administrative Agent:

CLMG Corp., as Agent

7195 Dallas Parkway

Plano, Texas 75024

Attention: James Erwin

Telephone: (469) 467-5414

Email: jerwin@clmgcorp.com

If to the Initial Lender:

Beal Bank USA

c/o CLMG Corp.

7195 Dallas Parkway

Plano, Texas 75024

Attention: James Erwin

Telephone: (469) 467-5414

Email: jerwin@clmgcorp.com

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Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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With a copy to:

Beal Bank USA

c/o CSG Investments, Inc.

6000 Legacy Drive

Plano, Texas 75024

Attention: Damien Reynolds

Telephone: (469) 467-5618

Email: dreynolds@csginvestments.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Change of Address, Etc</u>. Borrowers and Administrative Agent may change their information for notices and other communications hereunder by notice to the other parties hereto. Each other Lender may change its information for notices and other communications hereunder by notice to Borrowers and Administrative Agent. In addition, each Lender agrees to notify Administrative Agent from time to time to ensure that Administrative Agent has on record (i) an effective address, contact name, telephone number, telecopier number and electronic mail address to which notices and other communications may be sent and (ii) accurate wire instructions for such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Reliance by Administrative Agent and Lenders</u>. Administrative Agent and Lenders shall be entitled to rely and act upon any notices purportedly given by or on behalf of Borrowers (whether by Borrowers' Representative or otherwise) even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. Borrowers shall indemnify Administrative Agent, each Lender and the Related Parties of each of them from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of Borrowers. All telephonic notices to and other telephonic communications with Administrative Agent may be recorded by Administrative Agent, and each of the parties hereto hereby consents to such recording.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.03 <u>No Waiver; Cumulative Remedies; Enforcement</u>. No failure by any Lender or Administrative Agent to exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder or under any other Loan Document shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided, and provided under each other Loan Document, are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law.

Notwithstanding anything to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies hereunder and under the other Loan Documents against Loan Parties or any of them shall be vested exclusively in, and all actions and proceedings at law in connection with such enforcement shall be instituted and maintained exclusively by, Administrative Agent in accordance with <u>Section 8.02</u> for the benefit of all Lenders; <u>provided</u>, <u>however</u>, that the foregoing shall not prohibit (a) Administrative Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as Administrative Agent) hereunder and under the other Loan Documents, (b) any Lender from exercising setoff rights in accordance with <u>Section 10.08</u> (subject to the terms of <u>Section 2.10</u>), or (c) any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding relative to any Loan Party under any Debtor Relief Law; and <u>provided</u>, <u>further</u>, that if at any time there is no Person acting as Administrative Agent hereunder and under the other Loan Documents, then (i) Required Lenders shall have the rights otherwise ascribed to

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Administrative Agent pursuant to <u>Section 8.02</u> and (ii) in addition to the matters set forth in clauses (b) and (c) of the preceding proviso and subject to <u>Section 2.10</u>, any Lender may, with the consent of Required Lenders, enforce any rights and remedies available to it and as authorized by Required Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.04 <u>Expenses; Indemnity; Damage Waiver</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Costs and Expenses</u>. Borrowers shall pay (i) all reasonable out-of-pocket expenses incurred by Administrative Agent (including the reasonable fees, charges and disbursements of Dorsey & Whitney LLP, counsel to Administrative Agent and Initial Lender, and of special local counsel to Administrative Agent and Lenders), in connection with the preparation, negotiation, execution and delivery of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), and (ii) all out-of-pocket expenses incurred by Administrative Agent or any Lender (including the fees, charges and disbursements of any counsel (other than internal counsel) for Administrative Agent or any Lender), in connection with (A) the protection of its rights following a Default under this Agreement and the other Loan Documents, including its rights under this Section, or (B) the enforcement of its rights in connection with the Loans made hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of any Loan. In addition to and without limiting the generality of the foregoing, Borrowers shall pay (and/or reimburse Administrative Agent and/or Lenders for their payment of), on demand, all costs and expenses incurred by Administrative Agent and/or any Lender which are payable (or reimbursable) by any Borrower under any Mortgage (including Section 1.3 and/or Section 7.3 of any Mortgage), which payment (and reimbursement) obligations shall bear interest as provided in the Mortgages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Indemnification by Borrowers</u>. Borrowers shall indemnify Administrative Agent (and any sub-agent thereof), each Lender and each Related Party of any of the foregoing Persons and each of their respective successors and assigns (each such Person being called an "<u>Indemnitee</u>") against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses (including the reasonable fees, charges and disbursements of any counsel for any Indemnitees), incurred by any Indemnitee or asserted against any Indemnitee by any third party or by Borrowers or any other Loan Party, or any other Person, arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement, instrument or other document contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby or thereby, or the administration of this Agreement and the other Loan Documents, (ii) the Loans or the use or proposed use of the proceeds therefrom, and/or (iii) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by Borrowers or any other Loan Party or any of Borrowers' or such Loan Party's directors, shareholders, managers, members, owners or creditors or similar Persons, and regardless of whether any Indemnitee is a party thereto, IN ALL CASES, WHETHER OR NOT CAUSED BY OR ARISING, IN WHOLE OR IN PART, OUT OF THE COMPARATIVE, CONTRIBUTORY OR SOLE NEGLIGENCE OF THE INDEMNITEE; <u>provided</u> that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction by final and non-appealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee.

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Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Third Party Administrative Agent</u>. Each Indemnitee is an express third party beneficiary under this Agreement and is entitled to enforce the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Reimbursement by Lenders</u>. To the extent that Borrowers for any reason fail to pay any amount required under subsection (a) or (b) of this Section to be paid by them to Administrative Agent (or any sub-agent thereof), or any Related Party of any of the foregoing, each Lender severally agrees to pay to Administrative Agent (or any such sub-agent), or such Related Party, as the case may be, such Lender's Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount, <u>provided</u> that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against Administrative Agent (or any such sub-agent), or against any Related Party of any of the foregoing acting for Administrative Agent (or any such sub-agent). The obligations of Lenders under this subsection (d) are subject to the provisions of <u>Section 2.09(d</u>)<u>)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Waiver of Consequential Damages, Etc</u>. To the fullest extent permitted by applicable law, Borrowers shall not (and shall cause each Loan Party not to) assert, and hereby waive (on behalf of itself and each Loan Party), any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement, instrument or other document contemplated hereby, the transactions contemplated hereby or thereby, the Loans or the use of the proceeds thereof. No Indemnitee referred to in subsection (b) above shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed to such unintended recipients by such Indemnitee through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby other than for direct or actual damages resulting from the gross negligence or willful misconduct of such Indemnitee as determined by a final and nonappealable judgment of a court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Payments</u>. All amounts due under this Section shall be payable not later than ten (10) Business Days after written demand therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Survival</u>. The agreements in this Section shall survive the resignation of Administrative Agent, the replacement of any Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all of the Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.05 <u>Payments Set Aside</u>. To the extent that any payment by or on behalf of Borrowers is made to Administrative Agent or any Lender, or Administrative Agent or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by Administrative Agent or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, whether in connection with any proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred, and (b) each Lender severally agrees to pay to Administrative Agent, upon demand, such Lender's Applicable Percentage (without duplication) of any amount so recovered from or repaid by Administrative Agent, <u>plus</u> interest thereon from the date of such demand to the date such payment is made at a rate per annum equal to the Federal Funds Rate from time to time in effect. The obligations of Lenders under clause

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Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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(b) of the preceding sentence shall survive the Payment in Full of the Obligations and the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.06 <u>Successors and Assigns</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Successors and Assigns Generally</u>. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that neither any Borrower nor any other Loan Party may assign, delegate or otherwise transfer any of its rights or obligations hereunder without the prior written consent of Administrative Agent and each Lender, and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions of <u>Section 10.06(b)</u>, (ii) by way of participation in accordance with the provisions of <u>Section 10.06(d)</u>, or (iii) by way of pledge or assignment of a security interest subject to the restrictions of <u>Section 10.06(f)</u> (and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in <u>Section 10.06(d)</u> and, to the extent expressly contemplated hereby, the Related Parties of each of Administrative Agent and Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Assignments by Lenders</u>. Any Lender may at any time assign to one or more assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment(s) and the Loans at the time owing to it); <u>provided</u> that any such assignment shall be subject to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Minimum Amounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) in the case of an assignment of the entire remaining amount of the assigning Lender's Commitment under any Loan at the time owing to it or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) in any case not described in subsection (b)(i)(A) of this Section, the aggregate amount of any Commitment (which for this purpose includes the Loan outstanding thereunder) or, if such Commitment is not then in effect, the principal outstanding balance of the portion of the Loan of the assigning Lender subject to each such assignment, determined as of the date the Assignment and Assumption with respect to such assignment is delivered to Administrative Agent or, if "Trade Date" is specified in the Assignment and Assumption, as of the Trade Date, shall not be less than $1,000,000, in the case of any assignment in respect of the Loan, unless Administrative Agent otherwise consents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Proportionate Amounts</u>. Each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender's rights and obligations under this Agreement with respect to the Loan or the Commitment assigned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Required Consents</u>. No consent shall be required for any assignment, except to the extent required by subsection (b)(i)(B) of this Section and, in addition:

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Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the consent of Borrowers (such consent not to be unreasonably withheld or delayed and which consent shall be deemed to have been given if not given within five (5) Business Days after such request for consent is sent to Borrowers) shall be required unless (1) an Event of Default has occurred and is continuing at the time of such assignment, (2) such assignment is to Lender or an Affiliate of a Lender or any Approved Fund or (3) the assignment is required by a regulatory authority, self-regulatory authority or other Governmental Authority; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the consent of Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required for assignments in respect of (1) any Commitment if such assignment is to a Person that is not a Lender with a Commitment in respect of the Loan, an Affiliate of such Lender or an Approved Fund with respect to such Lender or (2) the Loan to a Person that is not a Lender, an Affiliate of a Lender or an Approved Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Assignment and Assumption</u>. The parties to each assignment shall execute and deliver to Administrative Agent an Assignment and Assumption, together with a processing and recordation fee in the amount of $3,500; <u>provided</u>, <u>however</u>, that Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment. The assignee, if it is not a Lender, shall deliver to Administrative Agent an Administrative Questionnaire.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>No Assignment to Borrowers</u>. No such assignment shall be made to any Borrower or other Loan Party or its Subsidiary or Affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) <u>No Assignment to Natural Persons</u>. No such assignment shall be made to a natural person.

Subject to acceptance and recording thereof by Administrative Agent pursuant to subsection (c) of this Section, from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender's rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of <u>Article III</u> and Sections <u>10.04</u> and <u>10.09</u>, with respect to facts and circumstances occurring prior to the effective date of such assignment. Upon request, Borrowers (at their expense) shall execute and deliver a Note to the assignee Lender and, if the assignment is not of the assignor Lender's entire interest in the Loan, a replacement Note to the assignor Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this subsection shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with <u>Section 10.06(d)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Register</u>. Administrative Agent shall maintain at Administrative Agent's Office a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of Lenders, and the Commitments of, and principal amounts of each Loan owing to, each Lender pursuant to the terms hereof from time to time (the "<u>Register</u>"). The entries

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in the Register shall be conclusive, and Loan Parties, Administrative Agent and Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by Loan Parties and any Lender, at any reasonable time and from time to time upon reasonable prior notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Participations</u>. Any Lender may at any time, without the consent of, or notice to, Borrowers, any other Loan Party or Administrative Agent, sell participations to any Person (other than a natural person or any Loan Party or any Affiliate or Subsidiary of any Loan Party) (each, a "<u>Participant</u>") in all or a portion of such Lender's rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or any Loan owing to it); <u>provided</u> that (i) such Lender's obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) Loan Parties, Administrative Agent and Lenders shall continue to deal solely and directly with the Lender selling such participation in connection with such Lender's rights and obligations under this Agreement. Any agreement, instrument or other document pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; <u>provided</u> that such agreement, instrument or other document may provide that such Lender will not, without the consent of its Participant, agree to any amendment, waiver or other modification described in the first proviso to <u>Section 10.01</u> that affects such Participant. Subject to <u>subsection (e)</u> of this Section, Borrowers agree that each Participant shall be entitled to the benefits of <u>Article III</u> to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to <u>Section 10.06(b)</u>. To the extent permitted by law, each Participant also shall be entitled to the benefits of <u>Section 10.08</u> as though it were a Lender, <u>provided</u> such Participant agrees to be subject to <u>Section 2.10</u> as though it were a Lender. Each Lender that sells a participation shall maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant's interest in the Loan or other obligations under the Loan Documents (the "<u>Participant Register</u>"); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any participant or any information relating to a participant's interest in any obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Limitations upon Participant Rights</u>. A Participant shall not be entitled to receive any greater payment under <u>Article III</u> than the applicable Lender would have been entitled to receive with respect to the participation sold by such Lender to such Participant, unless the sale of the participation to such Participant is made with Borrowers' prior written consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of <u>Section 3.01</u> unless Borrowers are notified of the participation sold to such Participant and such Participant agrees, for the benefit of Borrowers, to comply with <u>Section 3.01(e)</u> as though it were a Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Certain Pledges</u>. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement (including under its Note, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank or Federal Home Loan Bank; <u>provided</u> that no such pledge or assignment shall

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release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.07 <u>Treatment of Certain Information; Confidentiality</u>. Each of Administrative Agent and Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates and to its and its Affiliates' respective partners, directors, officers, employees, agents, trustees, advisors and representatives (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any regulatory authority purporting to have jurisdiction over it (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party hereto, (e) in connection with the exercise of any rights or remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights or remedies hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to any Borrower and its obligations, (g) with the consent of any Borrower or (h) to the extent such Information (i) becomes publicly available other than as a result of a breach of this Section or (ii) becomes available to Administrative Agent, any Lender or any of their respective Affiliates on a non-confidential basis from a source other than Borrowers and not then known to be under any duty of confidentiality to a Loan Party or its Affiliate.

For purposes of this Section, "<u>Information</u>" means all material, non-public or proprietary information received from any Loan Party or any Subsidiary thereof relating to any Loan Party or any Subsidiary thereof or their respective businesses, other than any such information that is available to Administrative Agent or any Lender on a non-confidential basis prior to disclosure by any Loan Party or any Subsidiary thereof, <u>provided</u> that, in the case of information received from a Loan Party or any such Subsidiary after the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.08 <u>Right of Setoff</u>. If an Event of Default shall have occurred and be continuing, each Lender and each of their respective Affiliates is hereby authorized at any time and from time to time, after obtaining the prior written consent of Administrative Agent, to the fullest extent permitted by applicable law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender or any such Affiliate to or for the credit or the account of any Borrower or any other Loan Party against any and all of the obligations of any Borrower or such Loan Party now or hereafter existing under this Agreement or any other Loan Document to such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement or any other Loan Document and although such obligations of any Borrower or such Loan Party may be contingent or unmatured or are owed to a branch or office of such Lender different from the branch or office holding such deposit or obligated on such indebtedness. The rights of each Lender and its respective Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender or its respective Affiliates may have. Each Lender agrees to notify Borrowers' Representative and Administrative Agent promptly after any such setoff

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## and application, <u>provided</u> that the failure to give such notice shall not affect the validity of such setoff and application.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.09 <u>Interest Rate Limitation</u>. Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (the "<u>Maximum Rate</u>"). If Administrative Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the outstanding principal of the Loans or, if it exceeds such unpaid principal, refunded to Borrowers. In determining whether the interest contracted for, charged, or received by Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder, in each case, <u>provided</u>, that Loan Parties are not thereby required to make any greater payments hereunder than would be required prior to such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.10 <u>Counterparts; Integration; Effectiveness</u>. This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement and the other Loan Documents constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in <u>Section 4.02</u>, this Agreement shall become effective when it shall have been executed by Administrative Agent and when Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an executed counterpart of a signature page of this Agreement by telecopy or other electronic imaging means shall be effective as delivery of a manually executed counterpart of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.11 <u>Survival of Representations and Warranties</u>. All representations and warranties made hereunder and in any other Loan Document or other agreement, instrument or document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery hereof and thereof. Such representations and warranties have been or will be relied upon by Administrative Agent and each Lender, regardless of any investigation made by Administrative Agent or any Lender or on their behalf and notwithstanding that Administrative Agent or any Lender may have had notice or knowledge of any Default at the time of the advance of any Loan, and shall continue in full force and effect as long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.12 <u>Severability</u>. If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.13 <u>Borrowers' Representative</u>. Each of Borrowers hereby appoints Borrowers' Representative to act as its exclusive agent for all purposes under the Loan Documents (including without limitation, all matters related to any borrowing of or any repayment of any Loan). Each of Borrowers acknowledges and agrees that (a) Borrowers' Representative may execute such agreements, instruments and other documents on behalf of any Borrower as Borrowers' Representative deems appropriate in its sole discretion and each Borrower shall be bound by and obligated under all terms of any such agreement,

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## instrument or other document executed by Borrowers' Representative on such Borrower's behalf, (b) any notice or other communication delivered by Administrative Agent or any Lender hereunder or under any other Loan Document to Borrowers' Representative shall be deemed to have been delivered to each of Borrowers, and (c) each of Administrative Agent and Lenders shall be permitted to rely on any agreement, instrument or other document executed by Borrowers' Representative on behalf of Borrowers (or any of them).
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.14 <u>Governing Law; Jurisdiction; Etc.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **<u>GOVERNING LAW</u>. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **<u>SUBMISSION TO JURISDICTION</u>. EACH OF BORROWERS AND THE OTHER LOAN PARTIES IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROJECT, TO THE NONEXCLUSIVE JURISDICTION OF ANY FEDERAL OR STATE COURT LOCATED IN THE STATE OF NEW YORK, COUNTY OF NEW YORK, PURSUANT TO SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT ADMINISTRATIVE AGENT OR ANY LENDER MAY HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST BORROWERS OR ANY OTHER LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION, INCLUDING WITHOUT LIMITATION THE RIGHT TO PURSUE ANY ACTION OR PROCEEDING UNDER ANY MORTGAGE IN THE STATE AND COUNTY WHERE THE APPLICABLE PROJECT IS LOCATED.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **<u>WAIVER OF VENUE</u>. EACH OF BORROWERS, THE OTHER LOAN PARTIES, ADMINISTRATIVE AGENT AND LENDERS IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN SUBSECTION (b) OF THIS SECTION. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **<u>SERVICE OF PROCESS</u>. EACH OF BORROWERS AND THE OTHER LOAN PARTIES HEREBY DESIGNATES AND APPOINTS CORPORATION SERVICE COMPANY AS ITS AUTHORIZED AGENT TO ACCEPT AND ACKNOWLEDGE ON ITS BEHALF SERVICE OF ANY AND ALL PROCESS WHICH MAY BE SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING IN ANY FEDERAL OR STATE COURT IN NEW YORK, NEW YORK, AND AGREES THAT SERVICE OF PROCESS UPON SAID AUTHORIZED AGENT AT 1180 AVENUE OF THE AMERICAS, SUITE 210, NEW YORK, NEW YORK 10036-8401, AND WRITTEN NOTICE OF SAID SERVICE MAILED OR DELIVERED TO ANY BORROWER OR OTHER LOAN PARTY IN THE MANNER PROVIDED HEREIN SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON SUCH ENTITY IN ANY SUCH SUIT, ACTION OR PROCEEDING IN THE STATE OF NEW YORK. EACH BORROWER (I) SHALL GIVE PROMPT NOTICE TO ADMINISTRATIVE AGENT OF ANY CHANGED ADDRESS OF ITS OR ANY OTHER LOAN PARTY'S AUTHORIZED AGENT HEREUNDER, (II) MAY AT ANY TIME AND FROM TIME TO TIME DESIGNATE ON BEHALF OF ITSELF OR ANOTHER LOAN PARTY A SUBSTITUTE AUTHORIZED AGENT WITH AN OFFICE IN NEW YORK, NEW YORK (WHICH SUBSTITUTE AGENT AND OFFICE SHALL BE DESIGNATED AS THE PERSON AND ADDRESS FOR SERVICE OF PROCESS), AND (III) SHALL PROMPTLY DESIGNATE SUCH A SUBSTITUTE ON BEHALF OF ITSELF OR ANOTHER LOAN PARTY IF THE AUTHORIZED AGENT OF SUCH BORROWER OR OTHER LOAN PARTY CEASES TO HAVE AN OFFICE IN NEW YORK, NEW YORK OR IS DISSOLVED WITHOUT LEAVING A SUCCESSOR.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.15 <u>WAIVER OF JURY TRIAL</u>. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (a) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (b) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.16 <u>No Advisory or Fiduciary Responsibility</u>. In connection with all aspects of each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), each of Borrowers and the other Loan Parties acknowledges and agrees, and acknowledges their Affiliates' understanding, that: (a) (i) the arranging and other services regarding this Agreement provided by Administrative Agent are arm's-length commercial transactions between Borrowers and the other Loan Parties and their respective Affiliates, on the one hand, and Administrative Agent and Lenders, on the other hand, (ii) each of Borrowers and the other Loan Parties have consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (iii) each of Borrowers and the other Loan Parties are capable of evaluating, and understand and accept, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (b) (i) Administrative Agent is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for any Borrower or other Loan Party or any of their respective Affiliates, or for any other Person,

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## and (ii) Administrative Agent has no obligation to any Borrower or other Loan Party or any of their Affiliates with respect to the transactions contemplated hereby, except those obligations expressly set forth herein and in the other Loan Documents; and (c) Administrative Agent and its Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of Borrowers and the other Loan Parties and their Affiliates, and Administrative Agent has no obligation to disclose any of such interests to any Borrower or other Loan Party or any their Affiliates. To the fullest extent permitted by law, each of Borrowers, the other Loan Parties and their Affiliates hereby waives and releases any claims that it may have against Administrative Agent with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.17 <u>Electronic Execution of Loan Documents</u>. The words "execution," "signed," "signature," and words of like import in any Loan Document or in any amendment or other modification hereof (including waivers and consents) shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act, provided that Administrative Agent may request, and promptly upon any such request each applicable Loan Party shall be obligated to deliver to Administrative Agent, manually executed "wet ink" signatures to any Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.18 <u>U.S. PATRIOT Act</u>. Each Lender that is subject to U.S. Patriot Act and Administrative Agent (for itself and not on behalf of any Lender) hereby notifies Borrowers and the other Loan Parties that, pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the "<u>U.S. Patriot Act</u>"), it is required to obtain, verify and record information that identifies each Loan Party, which information includes the name and address of each Loan Party and other information that will allow such Lender or Administrative Agent, as applicable, to identify each Loan Party in accordance with the U.S. Patriot Act. Each of Borrowers and the other Loan Parties shall, promptly following a request by Administrative Agent or any Lender, provide all documentation and other information that Administrative Agent or such Lender requests in order to comply with its ongoing obligations under applicable "know your customer" and anti-money laundering rules and regulations, including the U.S. Patriot Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.19 <u>LIMITATION OF LIABILITY</u>. EACH OF BORROWERS AND THE OTHER LOAN PARTIES HEREBY KNOWINGLY, VOLUNTARILY, INTENTIONALLY AND IRREVOCABLY, WITH AND UPON THE ADVICE OF COMPETENT COUNSEL:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **WAIVES, TO THE MAXIMUM EXTENT NOT PROHIBITED BY LAW, ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER IN ANY LITIGATION ANY SPECIAL DAMAGES,**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **CERTIFIES THAT NO PARTY HERETO AND NO REPRESENTATIVE OR AGENT OR COUNSEL FOR ANY PARTY HERETO HAS REPRESENTED, EXPRESSLY OR OTHERWISE, OR IMPLIED THAT SUCH PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE WAIVERS SET FORTH IN THIS <u>SECTION 10.19</u> OR THE WAIVERS SET FORTH IN <u>SECTION 10.14 AND SECTION 10.15</u>,**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) **ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT, THE OTHER LOAN DOCUMENTS AND THE** 

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**TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS CONTAINED IN <u>SECTIONS 10.14 AND 10.15</u> AND THIS <u>SECTION 10.19</u>,**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) **AGREES THAT IN NO EVENT WILL ANY SECURED PARTY BE SUBJECT TO ANY EQUITABLE REMEDY OR RELIEF, INCLUDING SPECIFIC PERFORMANCE, ARISING FROM OR RELATING TO ANY DEFAULT BY SUCH SECURED PARTY IN THE PERFORMANCE OF ANY OF ITS OBLIGATIONS HEREUNDER, AND**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) **WAIVES, TO THE MAXIMUM EXTENT NOT PROHIBITED BY LAW, ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER IN ANY LITIGATION ANY DIRECT, ACTUAL DAMAGES SUFFERED OR INCURRED BY THE LOAN PARTY AS A RESULT OF A DEFAULT, BREACH OR FAILURE TO PERFORM BY ANY SECURED PARTY UNDER THE LOAN DOCUMENTS THAT EXCEED $1,000,000.00 IN THE AGGREGATE AT ANY TIME.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **AS USED IN THIS <u>SECTION 10.19</u>, "<u>SPECIAL DAMAGES</u>" INCLUDES ALL PUNITIVE, CONSEQUENTIAL, INCIDENTAL, INDIRECT, SPECIAL OR OTHER DAMAGES (OTHER THAN DIRECT, ACTUAL DAMAGES) (REGARDLESS OF HOW NAMED), BUT DOES NOT INCLUDE ANY DIRECT, ACTUAL DAMAGES RESULTING FROM A BREACH OF THIS AGREEMENT.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.20 <u>Use of Name and Information</u>. With the consent of Borrowers (which consent shall not be unreasonably withheld, delayed or conditioned), Secured Parties shall be permitted to use information related to the syndication and arrangement of the Loans in connection with marketing, press releases or other transactional announcements or updates provided to investor or trade publications, including, but not limited to, the placement of "tombstone" advertisements in publications of its choice at its own expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.21 <u>ENTIRE AGREEMENT</u>. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENTS BETWWEN AND AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN OR AMONG THE PARTIES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.22 <u>Broker</u>. Except for Exclusive Placement Agent, Borrowers hereby represent and warrant that no Borrowers have dealt with any financial advisors, brokers, underwriters, placement agents, agents or finders in connection with the transactions contemplated by this Agreement. Borrowers shall indemnify, defend and hold Administrative Agent and each Lender harmless for, from and against any and all losses, damages, costs, expenses, liabilities (including, without limitation, strict liability), claims, obligations, settlement payments, penalties, fines, assessments, citations, litigation, demands, defenses, judgments, suits, proceedings or other expenses of any kind whatsoever (including attorneys' fees and expenses and court costs) in any way relating to or arising from a claim by any Person that such Person acted on behalf of any Borrower, Administrative Agent or any Lender in connection with the transactions contemplated herein, regardless of whether caused in whole or in part by the negligence or strict liability of Administrative Agent or any Lender. The provisions of this <u>Section</u> shall survive the expiration and termination of this Agreement and the payment of the Loans.

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Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.23 <u>Joint and Several Liability of Borrowers</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All Obligations of Borrowers under this Agreement and the other Loan Documents shall be joint and several Obligations of Borrowers, each as principal. Anything contained in this Agreement and the other Loan Documents to the contrary notwithstanding, the Obligations of each Borrower hereunder, solely to the extent that such Borrower did not receive proceeds of any Loan from any borrowing hereunder, shall be limited to a maximum aggregate amount equal to the largest amount that would not render its Obligations subject to avoidance as a fraudulent transfer or conveyance under §548 of the Bankruptcy Code of the United States, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar foreign, federal or state law, or any other Debtor Relief Laws, to the extent applicable to the Obligations of such Borrower (collectively, the ''<u>Fraudulent Transfer Laws</u>"), in each case after giving effect to all other liabilities of such Borrower, contingent or otherwise, that are relevant under the Fraudulent Transfer Laws and after giving effect as assets to the value (as determined under the applicable provisions of the Fraudulent Transfer Laws) of any rights to subrogation or contribution of such Borrower pursuant to (i) applicable law or (ii) any agreement providing for an equitable allocation among such Borrower and other affiliates of any Loan Party of Obligations arising under guarantees by such parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the provisions of clause (c) of this <u>Section 10.23</u>, without limitation to any and all of the obligations and liabilities of Borrowers to Administrative Agent and Lenders, each Borrower hereby agrees that, if and to the extent that a Borrower (whether in its capacity as a borrower or a guarantor or otherwise) shall have paid more than its proportionate share of any payment made hereunder, such Borrower shall be entitled to seek and receive contribution from and against any other Borrower hereunder which has not paid its proportionate share of such payment. Nonetheless, each Borrower shall remain liable to Administrative Agent and Lenders, on a joint and several basis, for the full amount of the Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Until Payment in Full of the Obligations, each Borrower shall withhold exercise of any right of subrogation, contribution or any other right to enforce any remedy which it now has or may hereafter have against the other Borrowers or any other guarantor of the Obligations. Each Borrower further agrees that, to the extent the withholding of its rights of subrogation, contribution and remedies as set forth herein is found by a court of competent jurisdiction to be void or voidable for any reason, any such rights such Borrower may have against any other Borrower, any collateral or security or any other Loan Party shall be junior and subordinate to any rights that Administrative Agent or any Lender may have against such other Borrower, any such collateral or security or any such other Loan Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Borrower hereby waives, for the benefit of Secured Parties: (i) any right to require any Secured Parties, as a condition of payment or performance by such Borrower, to (A) proceed against any other Borrower or any other Person, (B) proceed against or exhaust any security held from any other Borrower or any other Person, (C) proceed against or have resort to any balance of any deposit account or credit on the books of any Secured Party in favor of any other Borrower or any other Person, or (D) pursue any other remedy in the power of any Secured Party whatsoever; (ii) any defense arising by reason of the incapacity, lack of authority or any disability or other defense of any other Borrower or any other Person, including any defense based on or arising out of the lack of validity or the unenforceability of the Obligations or any agreement, instrument or other document relating thereto or by reason of the cessation of the liability of any other Borrower from any cause other than Payment in Full of the Obligations;

**Page 102**

Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any defense based upon any statute or rule of law which provides that the obligation of a surety must be neither larger in amount nor in other respect more burdensome than that of the principal; (iv) any defense based upon any Secured Party's errors or omissions in the administration of the Obligations, except behavior which amounts to willful misconduct; (v) (A) any principles or provisions of Laws, statutory or otherwise, which are or might be in conflict with the terms hereof and any legal or equitable discharge of such Borrower's Obligations hereunder, (B) the benefit of any statute of limitations affecting such Borrower's liability hereunder or the enforcement hereof, (C) any rights to set-offs, recoupments, recharacterization and counterclaims, and (D) promptness, diligence and any requirement that any Secured Party protect, secure, perfect or insure any security interest or Lien or any Property subject thereto; (vi) notices, demands, presentments, protests, notices of protest, notices of dishonor and notices of any action or inaction, including acceptance hereof, notices of default hereunder or any agreement, instrument or other document related thereto, notices of any renewal, extension or modification of the Obligations or any agreement related thereto, notices of any extension of credit to such Borrower and any right to consent to any thereof; (vii) any defense based upon any rescission, waiver, compromise, acceleration, amendment or modification of any of the terms or provisions of any of the Loan Documents and (viii) any defenses or benefits that may be derived from or afforded by law which limit the liability of or exonerate guarantors or sureties, or which may conflict with the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Obligations of Borrowers hereunder shall not, to the extent permitted by applicable Laws, be affected by (i) the failure of Administrative Agent or a Lender to assert any claim or demand or to enforce any right or remedy against any other Loan Party under the provisions of this Agreement or any other Loan Document or otherwise; (ii) any extension or renewal of any provision hereof or thereof; (iii) any rescission, waiver, compromise, acceleration, amendment or modification of any of the terms or provisions of any of the Loan Documents; (iv) the release, exchange, waiver or foreclosure of any security held by Administrative Agent for the Obligations or any of them; (v) the failure of Administrative Agent or any Lender to exercise any right or remedy against any other Loan Party; or (vi) the release or substitution of any Collateral or any other Loan Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To the fullest extent permitted by applicable Laws, each of Borrowers and the other Loan Parties hereby waives any defense that it might have based on a failure to remain informed of the financial condition of any Borrower or other Loan Party and any circumstances affecting the ability of any Borrower or other Loan Party to perform its obligations under this Agreement or any other Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Each Borrower further agrees that its Obligations hereunder shall continue to be effective or be reinstated, as the case may be, if at any time any payment, or any part thereof, of any Obligation is rescinded or must otherwise be restored by Administrative Agent, any Lender or any other Secured Party upon the bankruptcy, insolvency, reorganization or similar matter of or affecting any Borrower or other Loan Party or its property or otherwise.

**Page 103**

Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.24 <u>Amendment and Restatement of Existing Credit Agreement; No Novation.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Borrowers, the other Loan Parties, Administrative Agent and Lenders agree that, upon (a) the execution and delivery of this Agreement by each of the parties hereto and (b) satisfaction (or waiver by Administrative Agent) of the conditions precedent set forth in <u>Section 4.02</u>, the terms and provisions of the Existing Credit Agreement shall be and hereby are amended, superseded and restated in their entirety by the terms and provisions of this Agreement, <u>provided</u>, <u>however</u>, that this Agreement does not pay, extinguish, release, satisfy, discharge or terminate any Obligations or other obligations of any Loan Party under or as evidenced by the Existing Credit Agreement, all of which Obligations and other obligations are hereby ratified, confirmed and reaffirmed and remain in full force and effect as amended by this Agreement. Each Loan Party acknowledges and agrees with Administrative Agent, Lenders and the other Secured Parties and their successors and assigns that this Agreement is in no way intended to, and shall not, constitute a novation, payment and reborrowing or termination of the Obligations or other obligations under the Existing Credit Agreement or the other Loan Documents or the Liens granted to secure any of such Obligations or other obligations as in effect prior to the Restatement Closing Date or the Indebtedness created thereunder. The "Loan" made and all "Obligations" incurred under (and defined in) the Existing Credit Agreement which are outstanding on the Restatement Closing Date shall constitute Loans and Obligations, respectively, under (and shall be governed by the terms and provisions of) this Agreement and the other Loan Documents. All obligations of Administrative Agent or any Lender that is a party to the Existing Credit Agreement shall, on the Restatement Closing Date, automatically be deemed amended such that its only obligations shall be those hereunder. Without limiting the foregoing, upon the effectiveness hereof: (i) all references in the "Loan Documents" (as defined in the Existing Credit Agreement) to the "Agreement" and the "Loan Documents" shall be deemed to refer to this Agreement and the Loan Documents and (ii) all indebtedness or other obligations constituting "Obligations" under the Existing Credit Agreement shall constitute and continue as Obligations under this Agreement and the other Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of Existing Borrowers and the other Loan Parties hereby ratifies, confirms and reaffirms (i) each of the "Loan Documents", as such term is defined in the Existing Credit Agreement, to which it is a party and which is not being amended and restated in connection with this Agreement and (ii) each of its obligations under such "Loan Documents", which "Loan Documents" and which obligations thereunder shall and do remain in full, force and effect on and after the Restatement Closing Date and are and remain valid and enforceable in accordance with their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.25 <u>Layton Hills and MNVL</u>. It is acknowledged and agreed by the parties hereto that, as of the Restatement Closing Date and as explained in <u>Preliminary Statement B</u> hereto, neither Layton Hills nor MNVL owns any Project (and it is not presently contemplated that it will acquire any Project in the future) and Sole Member does not and shall not own any membership interest in Layton Hills or MNVL, and Loan Parties have requested that each of Layton Hills and MNVL not be required to be a Borrower under this Agreement. Accordingly, the parties hereto further acknowledge and agree that neither Layton Hills nor MNVL is a Borrower under this Agreement and such fact shall not be deemed to constitute a violation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.26 <u>Borrowing Request</u>. Administrative Agent may (or may not in its sole discretion) request that Borrowers execute and deliver to Administrative Agent, on or before the Restatement Closing Date, a borrowing request relating to the New Loan in the form of <u>Exhibit J</u> attached hereto and incorporated herein by reference, and, if such request is made, Borrowers shall promptly comply with such request.

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Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date first above written.

**ADMINISTRATIVE AGENT:**

**CLMG CORP.,** a Texas corporation

By /s/ James Erwin

Name: James Erwin

Title: Authorized Signatory

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Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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**INITIAL LENDER:**

**BEAL BANK USA,** a Nevada thrift

By: /s/ Damien Reynolds

Name: Damien Reynolds

Title: Authorized Signatory

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Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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**BORROWERS:**

(1) ACW-NORTH CAROLINA, LLC, a North Carolina limited liability company,

(2) BROOKFIELD SQUARE PARCEL, LLC, a Wisconsin limited liability company,

(3) CBL BROOKFIELD SQUARE OP PROPCO, LLC, a Wisconsin limited liability company,

(4) CBL CROSS CREEK SEARS OP PROPCO, LLC, a North Carolina limited liability company,

(5) CBL DAKOTA SQUARE MALL OP PROPCO III, LLC, a North Dakota limited liability company,

(6) CBL DAKOTA SQUARE MALL OP PROPCO, LLC, a North Dakota limited liability company,

(7) CBL FAYETTE MALL OP PROPCO, LLC, a Kentucky limited liability company,

(8) CBL FRONTIER SQUARE PROPCO, LLC, a Wyoming limited liability company,

(9) CBL HAMILTON PLACE SEARS OP PROPCO, LLC, a Tennessee limited liability company,

(10) CBL HANES MALL OP PROPCO, LLC, a North Carolina limited liability company,

(11) CBL HARFORD MALL ANNEX PROPCO, LLC, a Pennsylvania limited liability company,

(12) CBL JEFFERSON MALL SELF DEV PROPCO, LLC, a Kentucky limited liability company,

(13) CBL KIRKWOOD MALL OP PROPCO, LLC, a North Dakota limited liability company,

(14) CBL LANDING AT ARBOR PLACE OP PROPCO, LLC, a Georgia limited liability company,

(15) CBL LAUREL PARK MALL OP PROPCO, LLC, a Michigan limited liability company,

(16) CBL MAYFAIRE TOWN CENTER OP PROPCO, LLC, a North Carolina limited liability company,

(17) CBL MERIDIAN MALL OP PROPCO, LLC, a Michigan limited liability company,

(18) CBL MID RIVERS MALL OP PROPCO, LLC, a Missouri limited liability company,

(19) CBL NORTHPARK MALL OP PROPCO III, LLC, a Missouri limited liability company,

(20) CBL NORTHPARK MALL OP PROPCO, LLC, a Missouri limited liability company,

(21) CBL PARKDALE MALL CORNER OP PROPCO, LLC, a Texas limited liability company,

(22) CBL PARKDALE MALL CORNER TRACT 4 PROPCO, LLC, a Texas limited liability company,

(23) CBL PEARLAND TOWN CENTER OP PROPCO II, LLC, a Texas limited liability company,

(24) CBL POST OAK MALL OP PROPCO, LLC, a Texas limited liability company,

(25) CBL SHOPS AT EASTGATE PROPCO, LLC, an Ohio limited liability company,

(26) CBL SOUTH COUNTY CENTER OP PROPCO II, LLC, a Missouri limited liability company,

(27) CBL SOUTH COUNTY CENTER OP PROPCO, LLC, a Missouri limited liability company,

(28) CBL SOUTHAVEN TOWNE CENTER OP PROPCO, LLC, a Mississippi limited liability company,

(29) CBL SUNRISE COMMONS PROPCO, LLC, a Texas limited liability company,

(30) CBL VALLEY VIEW MALL OP PROPCO, LLC, a Virginia limited liability company,

(31) CBL WEST TOWNE CROSSING OP PROPCO, LLC, a Wisconsin limited liability company,

(32) CBL WESTGATE CROSSING PROPCO, LLC, a South Carolina limited liability company,

Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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(33) CBL YORK GALLERIA OP PROPCO, LLC, a Pennsylvania limited liability company,

(34) CHH-TENNESSEE, LLC, a Tennessee limited liability company,

(35) CSPC-TENNESSEE, LLC, a Tennessee limited liability company,

(36) EAST TOWNE PARCEL I, LLC, a Wisconsin limited liability company,

(37) ETM-WISCONSIN, LLC, a Wisconsin limited liability company,

(38) FAYETTE PLAZA CMBS, LLC, a Delaware limited liability company,

(39) GC-TENNESSEE, LLC, a Tennessee limited liability company,

(40) HM-NORTH CAROLINA, LLC, a North Carolina limited liability company,

(41) MADISON OP OUTPARCEL GROUND, LLC, a Wisconsin limited liability company,

(42) MDN-TEXAS, LLC, a Texas limited liability company,

(43) NGM-TENNESSEE, LLC, a Tennessee limited liability company,

(44) PM ANCHOR-TEXAS, LLC, a Texas limited liability company,

(45) SHOPPES AT ST. CLAIR CMBS, LLC, a Delaware limited liability company,

(46) SOUTHPARK MALL-DSG, LLC, a Virginia limited liability company,

(47) STCS-ILLINOIS, LLC, an Illinois limited liability company,

(48) VOLUSIA SAC, LLC, a Florida limited liability company,

(49) VOLUSIA-OP PERIPHERAL, LLC, a Florida limited liability company,

(50) WEST TOWNE DISTRICT, LLC, a Wisconsin limited liability company,

(51) CBL ASHLAND MALL, LLC, a Delaware limited liability company,

(52) CBL MESA MALL, LLC, a Delaware limited liability company,

(53) CBL PADDOCK MALL, LLC, a Delaware limited liability company, and

(54) CBL SOUTHGATE MALL, LLC, a Delaware limited liability company.

By: CBL Outparcel HoldCo, LLC,<br> its sole member<br>By: CBL & Associates HoldCo II, LLC,<br> its sole member<br>By: CBL & Associates Limited Partnership, <br> its sole member<br>By: CBL Holdings I, Inc.,<br> its sole general partner<br>

By: /s/ Benjamin W. Jaenicke

Name: Benjamin W. Jaenicke

Title: Executive Vice President – Chief Financial Officer

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Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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Acknowledged and agreed to solely with respect to the covenants and agreements contained in this Agreement and the other Loan Documents which are applicable to Sole Member, Sponsor or Parent (as applicable), including, without limitation, <u>Sections 5.38 (Status of Leases)</u>, <u>6.08 (Compliance with Laws)</u>, <u>6.12 (Covenant to Give Security)</u>, <u>6.15 (Further Assurances)</u>, <u>6.19 (Designation as Senior Debt)</u>, <u>6.20 (Separateness)</u>, <u>6.29 (Reaffirmation of Existing Collateral and Collateral Documents)</u>, <u>7.07 (Transactions with Affiliates)</u>, <u>7.18 (Sole Member; Parent)</u>, <u>10.04(e) (Waiver of Consequential Damages, Etc.)</u>, <u>10.08 (Right to Setoff)</u>, <u>10.14 (Governing Law; Jurisdiction; Etc.)</u>, <u>10.15 (Waiver of Jury Trial)</u>, <u>10.17 (Electronic Execution of Loan Documents)</u>, <u>10.18 (U.S. PATRIOT Act)</u>, <u>10.19 (Limitation of Liability)</u>, <u>10.21 (Entire Agreement)</u>, and <u>10.24 (Amendment and Restatement of Existing Credit Agreement; No Novation)</u>, and <u>Sections 6.2 (No Sale/Encumbrance)</u> and <u>12.5 (Waiver of Jury Trial)</u> of the Mortgages:

**SOLE MEMBER:**

CBL OUTPARCEL HOLDCO, LLC, a Delaware limited liability company

By: CBL & Associates HoldCo II, LLC,

its sole member

By: CBL & Associates Limited Partnership,

its sole member

By: CBL Holdings I, Inc.,

its sole general partner

By: /s/ Benjamin W. Jaenicke

Name: Benjamin W. Jaenicke

Title: Executive Vice President – Chief Financial Officer

**SPONSOR:**

CBL & ASSOCIATES LIMITED PARTNERSHIP, a Delaware limited partnership

By: CBL Holdings I, Inc.,

its sole general partner

By: /s/ Benjamin W. Jaenicke

Name: Benjamin W. Jaenicke

Title: Executive Vice President – Chief Financial Officer

**PARENT:**

CBL & ASSOCIATES HOLDCO II, LLC, a Delaware limited liability company

By: CBL & Associates Limited Partnership,

its sole member

By: CBL Holdings I, Inc.,

its sole general partner

By: /s/ Benjamin W. Jaenicke

Name: Benjamin W. Jaenicke

Title: Executive Vice President – Chief Financial Officer

Amended and Restated Credit Agreement dated as of July 29, 2025, by and among Borrowers, CBL Outparcel HoldCo, LLC, CBL & Associates HoldCo II, LLC, CBL & Associates Limited Partnership, CLMG Corp., as Administrative Agent, Beal Bank USA, as Initial Lender, and the other Lenders party hereto

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## Ex-21

**Exhibit 21**

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| | |
|:---|:---|
| &nbsp;&nbsp;**Subsidiaries of the Company** | &nbsp;&nbsp;**Subsidiaries of the Company** |
| &nbsp;&nbsp;**As of December 31, 2025** | &nbsp;&nbsp;**As of December 31, 2025** |
| &nbsp;&nbsp;**<u>Subsidiary</u>** | &nbsp;&nbsp;**<u>State of Incorporation or Formation</u>** |
| &nbsp;&nbsp;1105 Anchor Limited Partnership | &nbsp;&nbsp;North Carolina |
| &nbsp;&nbsp;2030 Insurance, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Acadiana Anchor M, LLC | &nbsp;&nbsp;Louisiana |
| &nbsp;&nbsp;Acadiana Expansion Parcel, LLC | &nbsp;&nbsp;Louisiana |
| &nbsp;&nbsp;Acadiana Mall CMBS, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Acadiana Mall of Delaware, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Acadiana Outparcel, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;ACW-North Carolina, LLC | &nbsp;&nbsp;North Carolina |
| &nbsp;&nbsp;Akron Mall Land, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Alamance Crossing CMBS, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Alamance Crossing II, LLC | &nbsp;&nbsp;North Carolina |
| &nbsp;&nbsp;Alamance Crossing, LLC | &nbsp;&nbsp;North Carolina |
| &nbsp;&nbsp;Ambassador Infrastructure, LLC | &nbsp;&nbsp;Louisiana |
| &nbsp;&nbsp;Ambassador Town Center JV, LLC | &nbsp;&nbsp;Louisiana |
| &nbsp;&nbsp;APWM, LLC | &nbsp;&nbsp;Georgia |
| &nbsp;&nbsp;Arbor Place GP, Inc. | &nbsp;&nbsp;Georgia |
| &nbsp;&nbsp;Arbor Place II, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Arbor Place Limited Partnership | &nbsp;&nbsp;Georgia |
| &nbsp;&nbsp;Asheville Mall CMBS, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Asheville, LLC | &nbsp;&nbsp;North Carolina |
| &nbsp;&nbsp;Atlanta Outlet JV, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Atlanta Outlet Outparcels, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Atlanta Outlet Shoppes CMBS, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Atlanta Outlet Shoppes II, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Atlanta Outlet Shoppes, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;BI Developments II LLC | &nbsp;&nbsp;Tennessee |
| &nbsp;&nbsp;BI Developments LLC | &nbsp;&nbsp;Tennessee |
| &nbsp;&nbsp;Bluegrass Outlet Shoppes CMBS 2024, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Bluegrass Outlet Shoppes CMBS, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Bluegrass Outlet Shoppes II, LLC | &nbsp;&nbsp;Kentucky |
| &nbsp;&nbsp;Bonita Lakes Mall Limited Partnership | &nbsp;&nbsp;Mississippi |
| &nbsp;&nbsp;Brewery District, LLC | &nbsp;&nbsp;Texas |
| &nbsp;&nbsp;Brookfield Square Anchor S, LLC | &nbsp;&nbsp;Wisconsin |
| &nbsp;&nbsp;Brookfield Square Joint Venture | &nbsp;&nbsp;Ohio |
| &nbsp;&nbsp;Brookfield Square Parcel, LLC | &nbsp;&nbsp;Wisconsin |
| &nbsp;&nbsp;Burnsville Center SPE, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;C.H. of Akron II, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Cary Venture Limited Partnership | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL & Associates Holdco I, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL & Associates Holdco II, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL & Associates Limited Partnership | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL & Associates Management Sub, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL & Associates Management, Inc. | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL Alamance Crossing Mgmt OP PropCo, LLC | &nbsp;&nbsp;North Carolina |
| &nbsp;&nbsp;CBL Alamance Crossing OP PropCo, LLC | &nbsp;&nbsp;North Carolina |
| &nbsp;&nbsp;CBL Ambassador Member, LLC | &nbsp;&nbsp;Louisiana |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Subsidiaries of the Company** | &nbsp;&nbsp;**Subsidiaries of the Company** |
| &nbsp;&nbsp;**As of December 31, 2025** | &nbsp;&nbsp;**As of December 31, 2025** |
| &nbsp;&nbsp;**<u>Subsidiary</u>** | &nbsp;&nbsp;**<u>State of Incorporation or Formation</u>** |
| &nbsp;&nbsp;CBL Arbor Place Mgmt OP PropCo, LLC | &nbsp;&nbsp;Georgia |
| &nbsp;&nbsp;CBL Ashland Mall, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL BI Developments II Member LLC | &nbsp;&nbsp;Tennessee |
| &nbsp;&nbsp;CBL BI Developments Member LLC | &nbsp;&nbsp;Tennessee |
| &nbsp;&nbsp;CBL Brookfield Sears & Street Shops HoldCo, LLC | &nbsp;&nbsp;Wisconsin |
| &nbsp;&nbsp;CBL Brookfield Square OP PropCo, LLC | &nbsp;&nbsp;Wisconsin |
| &nbsp;&nbsp;CBL Bullseye Member, LLC | &nbsp;&nbsp;Tennessee |
| &nbsp;&nbsp;CBL Center HoldCo, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL CoolSprings Crossing HoldCo GP, LLC | &nbsp;&nbsp;Tennessee |
| &nbsp;&nbsp;CBL CoolSprings Crossing OP PropCo, LLC | &nbsp;&nbsp;Tennessee |
| &nbsp;&nbsp;CBL Cross Creek Sears OP PropCo II, LLC | &nbsp;&nbsp;North Carolina |
| &nbsp;&nbsp;CBL Cross Creek Sears OP PropCo, LLC | &nbsp;&nbsp;North Carolina |
| &nbsp;&nbsp;CBL Dakota Square Lot 8 PropCo, LLC | &nbsp;&nbsp;North Dakota |
| &nbsp;&nbsp;CBL Dakota Square Mall OP PropCo II, LLC | &nbsp;&nbsp;North Dakota |
| &nbsp;&nbsp;CBL Dakota Square Mall OP PropCo III, LLC | &nbsp;&nbsp;North Dakota |
| &nbsp;&nbsp;CBL Dakota Square Mall OP PropCo, LLC | &nbsp;&nbsp;North Dakota |
| &nbsp;&nbsp;CBL DMC I, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL Eagle Point Member LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL Eastgate Self Development PropCo, LLC | &nbsp;&nbsp;Ohio |
| &nbsp;&nbsp;CBL El Paso Member, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL El Paso Outparcel Member, LLC | &nbsp;&nbsp;Texas |
| &nbsp;&nbsp;CBL El Paso Pref Lender, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL Entertainment Parcel, LLC | &nbsp;&nbsp;Tennessee |
| &nbsp;&nbsp;CBL Fayette Hotel Member LLC | &nbsp;&nbsp;Kentucky |
| &nbsp;&nbsp;CBL Fayette Mall OP PropCo, LLC | &nbsp;&nbsp;Kentucky |
| &nbsp;&nbsp;CBL Fremaux Member, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL Friendly Hotel Member LLC | &nbsp;&nbsp;North Carolina |
| &nbsp;&nbsp;CBL Frontier Square PropCo, LLC | &nbsp;&nbsp;Wyoming |
| &nbsp;&nbsp;CBL Gateway Mall 2026, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL Gettysburg Member, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL Grandview Forum, LLC | &nbsp;&nbsp;Mississippi |
| &nbsp;&nbsp;CBL Hamilton Place Sears OP PropCo, LLC | &nbsp;&nbsp;Tennessee |
| &nbsp;&nbsp;CBL Hanes Mall OP PropCo, LLC | &nbsp;&nbsp;North Carolina |
| &nbsp;&nbsp;CBL Harford Mall Annex PropCo, LLC | &nbsp;&nbsp;Pennsylvania |
| &nbsp;&nbsp;CBL Holdings I, Inc. <sup>(1)</sup> | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL Holdings II, Inc. <sup>(1)</sup> | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL HP Hotel Member, LLC | &nbsp;&nbsp;Tennessee |
| &nbsp;&nbsp;CBL HP Self Storage Member LLC | &nbsp;&nbsp;Tennessee |
| &nbsp;&nbsp;CBL Jacksonville Regal Cinema Mgmt PropCo, LLC | &nbsp;&nbsp;Florida |
| &nbsp;&nbsp;CBL Jarnigan HoldCo, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL Jefferson Mall Self Dev PropCo, LLC | &nbsp;&nbsp;Kentucky |
| &nbsp;&nbsp;CBL Kirkwood Mall OP PropCo, LLC | &nbsp;&nbsp;North Dakota |
| &nbsp;&nbsp;CBL Landing at Arbor Place OP PropCo, LLC | &nbsp;&nbsp;Georgia |
| &nbsp;&nbsp;CBL Laredo Member, LLC | &nbsp;&nbsp;Texas |
| &nbsp;&nbsp;CBL Laurel Park Mall OP PropCo, LLC | &nbsp;&nbsp;Michigan |
| &nbsp;&nbsp;CBL Layton Hills OP PropCo, LLC | &nbsp;&nbsp;Utah |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Subsidiaries of the Company** | &nbsp;&nbsp;**Subsidiaries of the Company** |
| &nbsp;&nbsp;**As of December 31, 2025** | &nbsp;&nbsp;**As of December 31, 2025** |
| &nbsp;&nbsp;**<u>Subsidiary</u>** | &nbsp;&nbsp;**<u>State of Incorporation or Formation</u>** |
| &nbsp;&nbsp;CBL Lebcon HoldCo LP, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL Lebcon HoldCo, LLC | &nbsp;&nbsp;Tennessee |
| &nbsp;&nbsp;CBL Lebcon I HoldCo LP, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL Lebcon I HoldCo, LLC | &nbsp;&nbsp;Tennessee |
| &nbsp;&nbsp;CBL Lee's Summit East, LLC | &nbsp;&nbsp;Missouri |
| &nbsp;&nbsp;CBL Lee's Summit Peripheral, LLC | &nbsp;&nbsp;Missouri |
| &nbsp;&nbsp;CBL Louisville Member, LLC | &nbsp;&nbsp;Kentucky |
| &nbsp;&nbsp;CBL Louisville Outparcel Member, LLC | &nbsp;&nbsp;Kentucky |
| &nbsp;&nbsp;CBL Management HoldCo, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL Mayfaire Hotel Member, LLC | &nbsp;&nbsp;North Carolina |
| &nbsp;&nbsp;CBL Mayfaire Town Center OP PropCo II, LLC | &nbsp;&nbsp;North Carolina |
| &nbsp;&nbsp;CBL Mayfaire Town Center OP PropCo, LLC | &nbsp;&nbsp;North Carolina |
| &nbsp;&nbsp;CBL Med OFC Member, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL Member - Mansfield, LLC | &nbsp;&nbsp;Texas |
| &nbsp;&nbsp;CBL Meridian Mall OP PropCo II, LLC | &nbsp;&nbsp;Michigan |
| &nbsp;&nbsp;CBL Meridian Mall OP PropCo, LLC | &nbsp;&nbsp;Michigan |
| &nbsp;&nbsp;CBL Meridian Mall Township PropCo, LLC | &nbsp;&nbsp;Michigan |
| &nbsp;&nbsp;CBL Mesa Mall, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL Mid Rivers Land OP PropCo, LLC | &nbsp;&nbsp;Missouri |
| &nbsp;&nbsp;CBL Mid Rivers Mall OP PropCo, LLC | &nbsp;&nbsp;Missouri |
| &nbsp;&nbsp;CBL Monroeville Mall OP PropCo, LLC | &nbsp;&nbsp;Pennsylvania |
| &nbsp;&nbsp;CBL Morristown, LTD. | &nbsp;&nbsp;Tennessee |
| &nbsp;&nbsp;CBL Northpark Mall OP PropCo II, LLC | &nbsp;&nbsp;Missouri |
| &nbsp;&nbsp;CBL Northpark Mall OP PropCo III, LLC | &nbsp;&nbsp;Missouri |
| &nbsp;&nbsp;CBL Northpark Mall OP PropCo, LLC | &nbsp;&nbsp;Missouri |
| &nbsp;&nbsp;CBL Old Hickory Mall, Inc. | &nbsp;&nbsp;Tennessee |
| &nbsp;&nbsp;CBL Outparcel HoldCo, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL Paddock Mall, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL Parkdale Mall Corner OP PropCo, LLC | &nbsp;&nbsp;Texas |
| &nbsp;&nbsp;CBL Parkdale Mall Corner Tract 4 PropCo, LLC | &nbsp;&nbsp;Texas |
| &nbsp;&nbsp;CBL Pearland Town Center OP PropCo II, LLC | &nbsp;&nbsp;Texas |
| &nbsp;&nbsp;CBL Pearland Town Center OP PropCo, LLC | &nbsp;&nbsp;Texas |
| &nbsp;&nbsp;CBL Port Orange Holdings II Mgmt OP PropCo, LLC | &nbsp;&nbsp;Florida |
| &nbsp;&nbsp;CBL Post Oak Mall OP PropCo, LLC | &nbsp;&nbsp;Texas |
| &nbsp;&nbsp;CBL RM-Waco, LLC | &nbsp;&nbsp;Texas |
| &nbsp;&nbsp;CBL Shops at Eastgate PropCo, LLC | &nbsp;&nbsp;Ohio |
| &nbsp;&nbsp;CBL SM-Brownsville, LLC | &nbsp;&nbsp;Texas |
| &nbsp;&nbsp;CBL South County Center OP PropCo II, LLC | &nbsp;&nbsp;Missouri |
| &nbsp;&nbsp;CBL South County Center OP PropCo, LLC | &nbsp;&nbsp;Missouri |
| &nbsp;&nbsp;CBL Southaven Towne Center OP PropCo, LLC | &nbsp;&nbsp;Mississippi |
| &nbsp;&nbsp;CBL Southgate Mall II, LLC | &nbsp;&nbsp;Montana |
| &nbsp;&nbsp;CBL Southgate Mall, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL St. Clair Square OP PropCo, LLC | &nbsp;&nbsp;Illinois |
| &nbsp;&nbsp;CBL Statesboro Member, LLC | &nbsp;&nbsp;Georgia |
| &nbsp;&nbsp;CBL Sunrise Commons PropCo, LLC | &nbsp;&nbsp;Texas |
| &nbsp;&nbsp;CBL Terrace HoldCo, LLC | &nbsp;&nbsp;Delaware |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Subsidiaries of the Company** | &nbsp;&nbsp;**Subsidiaries of the Company** |
| &nbsp;&nbsp;**As of December 31, 2025** | &nbsp;&nbsp;**As of December 31, 2025** |
| &nbsp;&nbsp;**<u>Subsidiary</u>** | &nbsp;&nbsp;**<u>State of Incorporation or Formation</u>** |
| &nbsp;&nbsp;CBL Terrace Limited Partnership | &nbsp;&nbsp;Tennessee |
| &nbsp;&nbsp;CBL Triangle Town Member, LLC | &nbsp;&nbsp;North Carolina |
| &nbsp;&nbsp;CBL TTC Member, LLC | &nbsp;&nbsp;North Carolina |
| &nbsp;&nbsp;CBL Valley View Mall OP PropCo, LLC | &nbsp;&nbsp;Virginia |
| &nbsp;&nbsp;CBL Walden Park, LLC | &nbsp;&nbsp;Texas |
| &nbsp;&nbsp;CBL West Towne Crossing OP PropCo, LLC | &nbsp;&nbsp;Wisconsin |
| &nbsp;&nbsp;CBL Westgate Crossing PropCo, LLC | &nbsp;&nbsp;South Carolina |
| &nbsp;&nbsp;CBL Woodstock Investments Member, LLC | &nbsp;&nbsp;Georgia |
| &nbsp;&nbsp;CBL Woodstock Member, LLC | &nbsp;&nbsp;Georgia |
| &nbsp;&nbsp;CBL Woodstock Outparcel Member, LLC | &nbsp;&nbsp;Georgia |
| &nbsp;&nbsp;CBL York Galleria OP PropCo, LLC | &nbsp;&nbsp;Pennsylvania |
| &nbsp;&nbsp;CBL/Brookfield I, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL/Brookfield II, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL/Cary I, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL/Cary II, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL/Cherryvale I, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL/Citadel I, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL/Citadel II, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL/Columbia I, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL/Columbia II, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL/Columbia Place, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL/CREA Broad Street, LLC | &nbsp;&nbsp;Texas |
| &nbsp;&nbsp;CBL/Eastgate I, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL/Eastgate II, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL/Eastgate Mall, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL/Fayette I, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL/Fayette II, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL/Foothills Plaza Partnership | &nbsp;&nbsp;Tennessee |
| &nbsp;&nbsp;CBL/GP Cary, Inc. | &nbsp;&nbsp;North Carolina |
| &nbsp;&nbsp;CBL/GP I, Inc. | &nbsp;&nbsp;Tennessee |
| &nbsp;&nbsp;CBL/GP II, Inc. | &nbsp;&nbsp;Wyoming |
| &nbsp;&nbsp;CBL/GP III, Inc. | &nbsp;&nbsp;Mississippi |
| &nbsp;&nbsp;CBL/GP V, Inc. | &nbsp;&nbsp;Tennessee |
| &nbsp;&nbsp;CBL/GP VI, Inc. | &nbsp;&nbsp;Tennessee |
| &nbsp;&nbsp;CBL/GP, Inc. | &nbsp;&nbsp;Wyoming |
| &nbsp;&nbsp;CBL/Gulf Coast, LLC | &nbsp;&nbsp;Florida |
| &nbsp;&nbsp;CBL/High Pointe GP, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL/Huntsville, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL/Imperial Valley GP, LLC | &nbsp;&nbsp;California |
| &nbsp;&nbsp;CBL/J I, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL/J II, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL/Kentucky Oaks, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL/Kirkwood Mall, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL/Low Limited Partnership | &nbsp;&nbsp;Wyoming |
| &nbsp;&nbsp;CBL/Madison I, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL/Madison II, LLC | &nbsp;&nbsp;Delaware |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Subsidiaries of the Company** | &nbsp;&nbsp;**Subsidiaries of the Company** |
| &nbsp;&nbsp;**As of December 31, 2025** | &nbsp;&nbsp;**As of December 31, 2025** |
| &nbsp;&nbsp;**<u>Subsidiary</u>** | &nbsp;&nbsp;**<u>State of Incorporation or Formation</u>** |
| &nbsp;&nbsp;CBL/Midland I, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL/Midland II, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL/Monroeville Expansion I, LLC | &nbsp;&nbsp;Pennsylvania |
| &nbsp;&nbsp;CBL/Monroeville Expansion II, LLC | &nbsp;&nbsp;Pennsylvania |
| &nbsp;&nbsp;CBL/Monroeville Expansion III, LLC | &nbsp;&nbsp;Pennsylvania |
| &nbsp;&nbsp;CBL/Monroeville Expansion Partner, L.P. | &nbsp;&nbsp;Pennsylvania |
| &nbsp;&nbsp;CBL/Monroeville Expansion, L.P. | &nbsp;&nbsp;Pennsylvania |
| &nbsp;&nbsp;CBL/Monroeville I, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL/Monroeville II, LLC | &nbsp;&nbsp;Pennsylvania |
| &nbsp;&nbsp;CBL/Monroeville III, LLC | &nbsp;&nbsp;Pennsylvania |
| &nbsp;&nbsp;CBL/Monroeville Partner, L.P. | &nbsp;&nbsp;Pennsylvania |
| &nbsp;&nbsp;CBL/Monroeville, L.P. | &nbsp;&nbsp;Pennsylvania |
| &nbsp;&nbsp;CBL/MS General Partnership | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL/MSC II, LLC | &nbsp;&nbsp;South Carolina |
| &nbsp;&nbsp;CBL/MSC, LLC | &nbsp;&nbsp;South Carolina |
| &nbsp;&nbsp;CBL/Nashua Limited Partnership | &nbsp;&nbsp;New Hampshire |
| &nbsp;&nbsp;CBL/Old Hickory I, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL/Old Hickory II, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL/Park Plaza GP, LLC | &nbsp;&nbsp;Arkansas |
| &nbsp;&nbsp;CBL/Park Plaza Mall, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL/Park Plaza, Limited Partnership | &nbsp;&nbsp;Arkansas |
| &nbsp;&nbsp;CBL/Parkdale Crossing GP, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL/Parkdale Crossing, L.P. | &nbsp;&nbsp;Texas |
| &nbsp;&nbsp;CBL/Parkdale Mall GP, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL/Parkdale, LLC | &nbsp;&nbsp;Texas |
| &nbsp;&nbsp;CBL/Penn Investments, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL/Regency I, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL/Regency II, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL/Richland G.P., LLC | &nbsp;&nbsp;Texas |
| &nbsp;&nbsp;CBL/Stroud, Inc. | &nbsp;&nbsp;Pennsylvania |
| &nbsp;&nbsp;CBL/Sunrise Commons GP, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL/Sunrise Commons, L.P. | &nbsp;&nbsp;Texas |
| &nbsp;&nbsp;CBL/Sunrise GP, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL/Sunrise Land, LLC | &nbsp;&nbsp;Texas |
| &nbsp;&nbsp;CBL/Sunrise XS Land, L.P. | &nbsp;&nbsp;Texas |
| &nbsp;&nbsp;CBL/T-C, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL/Towne Mall I, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL/Towne Mall II, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL/Wausau I, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL/Wausau II, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL/Wausau III, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL/Wausau IV, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL/Westmoreland Ground, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL/Westmoreland I, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL/Westmoreland II, LLC | &nbsp;&nbsp;Pennsylvania |
| &nbsp;&nbsp;CBL/Westmoreland, L.P. | &nbsp;&nbsp;Pennsylvania |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Subsidiaries of the Company** | &nbsp;&nbsp;**Subsidiaries of the Company** |
| &nbsp;&nbsp;**As of December 31, 2025** | &nbsp;&nbsp;**As of December 31, 2025** |
| &nbsp;&nbsp;**<u>Subsidiary</u>** | &nbsp;&nbsp;**<u>State of Incorporation or Formation</u>** |
| &nbsp;&nbsp;CBL/York Town Center GP, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL/York Town Center, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL/York, Inc. | &nbsp;&nbsp;Pennsylvania |
| &nbsp;&nbsp;CBL-840 GC, LLC | &nbsp;&nbsp;Virginia |
| &nbsp;&nbsp;CBL-BA Building, LLC | &nbsp;&nbsp;North Carolina |
| &nbsp;&nbsp;CBL-D'Iberville Member, LLC | &nbsp;&nbsp;Mississippi |
| &nbsp;&nbsp;CBL-FC Building, LLC | &nbsp;&nbsp;North Carolina |
| &nbsp;&nbsp;CBL-Friendly Center CMBS, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL-Friendly Center, LLC | &nbsp;&nbsp;North Carolina |
| &nbsp;&nbsp;CBL-MS GP, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL-Offices at Friendly, LLC | &nbsp;&nbsp;North Carolina |
| &nbsp;&nbsp;CBL-Shops at Friendly II, LLC | &nbsp;&nbsp;North Carolina |
| &nbsp;&nbsp;CBL-Shops at Friendly, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL-TRS Friendly Center 2023, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL-TRS Friendly Holding, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL-TRS Joint Venture II, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL-TRS Joint Venture, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL-TRS Med OFC Holding, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL-TRS Member I, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;CBL-TRS Member II, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Charleston Joint Venture | &nbsp;&nbsp;Ohio |
| &nbsp;&nbsp;Cherryvale Mall, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Chesterfield Mall LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Chesterfield Parcel, LLC | &nbsp;&nbsp;Missouri |
| &nbsp;&nbsp;CHH-Tennessee, LLC | &nbsp;&nbsp;Tennessee |
| &nbsp;&nbsp;Chicopee Marketplace III, LLC | &nbsp;&nbsp;Massachusetts |
| &nbsp;&nbsp;CHM/Akron, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Citadel Mall CMBS, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Citadel Mall DSG, LLC | &nbsp;&nbsp;South Carolina |
| &nbsp;&nbsp;Coastal Grand CMBS, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Coastal Grand Outparcel CMBS, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Coastal Grand-DSG LLC | &nbsp;&nbsp;South Carolina |
| &nbsp;&nbsp;Cobblestone Village at Palm Coast, LLC | &nbsp;&nbsp;Florida |
| &nbsp;&nbsp;College Station Partners, Ltd. | &nbsp;&nbsp;Texas |
| &nbsp;&nbsp;Columbia Joint Venture | &nbsp;&nbsp;Ohio |
| &nbsp;&nbsp;Columbia Place/Anchor, LLC | &nbsp;&nbsp;South Carolina |
| &nbsp;&nbsp;Coolsprings Crossing Limited Partnership | &nbsp;&nbsp;Tennessee |
| &nbsp;&nbsp;Coolsprings Expansion Land, LLC | &nbsp;&nbsp;Tennessee |
| &nbsp;&nbsp;Coolsprings GL Parcel, LLC | &nbsp;&nbsp;Tennessee |
| &nbsp;&nbsp;Coolsprings Mall, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Courtyard at Hickory Hollow Limited Partnership | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Cross Creek Anchor S GP, LLC | &nbsp;&nbsp;North Carolina |
| &nbsp;&nbsp;Cross Creek Anchor S, LP | &nbsp;&nbsp;North Carolina |
| &nbsp;&nbsp;Cross Creek Mall SPE 2025, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Cross Creek Mall SPE, L.P. | &nbsp;&nbsp;North Carolina |
| &nbsp;&nbsp;Cross Creek Mall, LLC | &nbsp;&nbsp;North Carolina |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Subsidiaries of the Company** | &nbsp;&nbsp;**Subsidiaries of the Company** |
| &nbsp;&nbsp;**As of December 31, 2025** | &nbsp;&nbsp;**As of December 31, 2025** |
| &nbsp;&nbsp;**<u>Subsidiary</u>** | &nbsp;&nbsp;**<u>State of Incorporation or Formation</u>** |
| &nbsp;&nbsp;Crossings at Marshalls Creek I LLC | &nbsp;&nbsp;Pennsylvania |
| &nbsp;&nbsp;Crossings at Marshalls Creek II LLC | &nbsp;&nbsp;Pennsylvania |
| &nbsp;&nbsp;Crossings at Marshalls Creek Limited Partnership | &nbsp;&nbsp;Pennsylvania |
| &nbsp;&nbsp;CSPC-Tennessee, LLC | &nbsp;&nbsp;Tennessee |
| &nbsp;&nbsp;CV at North Columbus, LLC | &nbsp;&nbsp;Georgia |
| &nbsp;&nbsp;CVPC-Lo, LLC | &nbsp;&nbsp;Florida |
| &nbsp;&nbsp;CVPC-Outparcels, LLC | &nbsp;&nbsp;Florida |
| &nbsp;&nbsp;CW Joint Venture LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Dakota Square Mall CMBS, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Dallan Acquisitions, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Deco Mall, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Development Options Centers, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Development Options, Inc. | &nbsp;&nbsp;Wyoming |
| &nbsp;&nbsp;Development Options/Cobblestone, LLC | &nbsp;&nbsp;Florida |
| &nbsp;&nbsp;D'Iberville CBL Land, LLC | &nbsp;&nbsp;Mississippi |
| &nbsp;&nbsp;Dunite Acquisitions, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;East Towne Parcel I, LLC | &nbsp;&nbsp;Wisconsin |
| &nbsp;&nbsp;Eastgate Anchor S, LLC | &nbsp;&nbsp;Ohio |
| &nbsp;&nbsp;Eastgate Company | &nbsp;&nbsp;Ohio |
| &nbsp;&nbsp;Eastgate Crossing CMBS, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Eastgate Mall CMBS, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Eastland Anchor M, LLC | &nbsp;&nbsp;Illinois |
| &nbsp;&nbsp;Eastland Holding I, LLC | &nbsp;&nbsp;Illinois |
| &nbsp;&nbsp;Eastland Holding II, LLC | &nbsp;&nbsp;Illinois |
| &nbsp;&nbsp;Eastland Mall, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Eastland Medical Building, LLC | &nbsp;&nbsp;Illinois |
| &nbsp;&nbsp;Eastland Member, LLC | &nbsp;&nbsp;Illinois |
| &nbsp;&nbsp;El Paso Outlet Center CMBS, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;El Paso Outlet Center Holding, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;El Paso Outlet Center II Expansion, LLC | &nbsp;&nbsp;Texas |
| &nbsp;&nbsp;El Paso Outlet Center II, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;El Paso Outlet Center Manager, Inc. | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;El Paso Outlet Center, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;El Paso Outlet Outparcels II LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;El Paso Outlet Outparcels, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;ETM-Wisconsin, LLC | &nbsp;&nbsp;Wisconsin |
| &nbsp;&nbsp;Evin Acquisitions, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Fashion Square Mall CMBS, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Fayette Development Property, LLC | &nbsp;&nbsp;Kentucky |
| &nbsp;&nbsp;Fayette Mall SPE, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Fayette Middle Anchor, LLC | &nbsp;&nbsp;Kentucky |
| &nbsp;&nbsp;Fayette Plaza CMBS, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;FHP Expansion GP I, LLC | &nbsp;&nbsp;Tennessee |
| &nbsp;&nbsp;FHP Expansion GP II, LLC | &nbsp;&nbsp;Tennessee |
| &nbsp;&nbsp;Foothills Mall Associates, LP | &nbsp;&nbsp;Tennessee |
| &nbsp;&nbsp;Foothills Mall, Inc. | &nbsp;&nbsp;Tennessee  |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Subsidiaries of the Company** | &nbsp;&nbsp;**Subsidiaries of the Company** |
| &nbsp;&nbsp;**As of December 31, 2025** | &nbsp;&nbsp;**As of December 31, 2025** |
| &nbsp;&nbsp;**<u>Subsidiary</u>** | &nbsp;&nbsp;**<u>State of Incorporation or Formation</u>** |
| &nbsp;&nbsp;Fremaux Town Center JV, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Fremaux Town Center SPE, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Frontier Mall Associates Limited Partnership | &nbsp;&nbsp;Wyoming |
| &nbsp;&nbsp;Frontier Mall II, LLC | &nbsp;&nbsp;Wyoming |
| &nbsp;&nbsp;Galleria Associates, L.P., The | &nbsp;&nbsp;Tennessee |
| &nbsp;&nbsp;GCTC Peripheral III, LLC | &nbsp;&nbsp;Florida |
| &nbsp;&nbsp;GCTC Peripheral IV, LLC | &nbsp;&nbsp;Florida |
| &nbsp;&nbsp;GCTC Peripheral V, LLC | &nbsp;&nbsp;Florida |
| &nbsp;&nbsp;GC-Tennessee, LLC | &nbsp;&nbsp;Tennessee |
| &nbsp;&nbsp;Gettysburg Outlet Center CMBS, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Gettysburg Outlet Center GP, Inc. | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Gettysburg Outlet Center Holding, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Gettysburg Outlet Center, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Gettysburg Outlet Center, LP | &nbsp;&nbsp;Pennsylvania |
| &nbsp;&nbsp;Governor's Square Company IB | &nbsp;&nbsp;Ohio |
| &nbsp;&nbsp;Governor's Square Company | &nbsp;&nbsp;Ohio |
| &nbsp;&nbsp;Greenbrier Mall II, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Greenbrier Mall, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Gulf Coast Town Center CMBS, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Gulf Coast Town Center Peripheral I, LLC | &nbsp;&nbsp;Florida |
| &nbsp;&nbsp;Gulf Coast Town Center Peripheral II, LLC | &nbsp;&nbsp;Florida |
| &nbsp;&nbsp;Gunbarrel Commons, LLC | &nbsp;&nbsp;Tennessee |
| &nbsp;&nbsp;Hamilton Corner CMBS General Partnership | &nbsp;&nbsp;Tennessee |
| &nbsp;&nbsp;Hamilton Corner CMBS II, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Hamilton Corner GP I LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Hamilton Corner GP II LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Hamilton Crossing CMBS II, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Hamilton Crossing CMBS, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Hamilton Place Anchor S, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Hamilton Place CMBS, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Hamilton Place Mall/GP I, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Hamilton Place Mall/GP II, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Hammock Landing Collecting Agent, LLC | &nbsp;&nbsp;Florida |
| &nbsp;&nbsp;Hammock Landing/West Melbourne, LLC | &nbsp;&nbsp;Florida |
| &nbsp;&nbsp;Hanes Mall Parcels, LLC | &nbsp;&nbsp;North Carolina |
| &nbsp;&nbsp;Harford Mall Business Trust | &nbsp;&nbsp;Maryland |
| &nbsp;&nbsp;Henderson Square Limited Partnership | &nbsp;&nbsp;North Carolina |
| &nbsp;&nbsp;Hickory Hollow Courtyard, Inc. | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Hickory Hollow Mall Limited Partnership | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Hickory Hollow Mall, Inc. | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Hickory Hollow/SB, LLC | &nbsp;&nbsp;Tennessee |
| &nbsp;&nbsp;Hickory Point Outparcels, LLC | &nbsp;&nbsp;Illinois |
| &nbsp;&nbsp;Hickory Point, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Hickory Point-OP Outparcel, LLC | &nbsp;&nbsp;Illinois |
| &nbsp;&nbsp;High Point Development Limited Partnership | &nbsp;&nbsp;North Carolina |
| &nbsp;&nbsp;High Point Development Limited Partnership II | &nbsp;&nbsp;North Carolina |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Subsidiaries of the Company** | &nbsp;&nbsp;**Subsidiaries of the Company** |
| &nbsp;&nbsp;**As of December 31, 2025** | &nbsp;&nbsp;**As of December 31, 2025** |
| &nbsp;&nbsp;**<u>Subsidiary</u>** | &nbsp;&nbsp;**<u>State of Incorporation or Formation</u>** |
| &nbsp;&nbsp;Hixson Mall, LLC | &nbsp;&nbsp;Tennessee |
| &nbsp;&nbsp;HM-North Carolina, LLC | &nbsp;&nbsp;North Carolina |
| &nbsp;&nbsp;Honey Creek Mall Member SPE, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Honey Creek Mall, LLC | &nbsp;&nbsp;Indiana |
| &nbsp;&nbsp;Huckleberry Place, LLC | &nbsp;&nbsp;Georgia |
| &nbsp;&nbsp;Hwy 287 & Broad Street, LLC | &nbsp;&nbsp;Texas |
| &nbsp;&nbsp;Imperial Valley Commons, L.P. | &nbsp;&nbsp;California |
| &nbsp;&nbsp;Imperial Valley Mall GP, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Imperial Valley Mall II, L.P. | &nbsp;&nbsp;California |
| &nbsp;&nbsp;Imperial Valley Mall, L.P. | &nbsp;&nbsp;California |
| &nbsp;&nbsp;Imperial Valley Peripheral, L.P. | &nbsp;&nbsp;California |
| &nbsp;&nbsp;IV Commons, LLC | &nbsp;&nbsp;California |
| &nbsp;&nbsp;IV Outparcels, LLC | &nbsp;&nbsp;California |
| &nbsp;&nbsp;Janesville Mall Limited Partnership | &nbsp;&nbsp;Wisconsin |
| &nbsp;&nbsp;Janesville Wisconsin, Inc. | &nbsp;&nbsp;Wisconsin |
| &nbsp;&nbsp;Jarnigan Road II, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Jarnigan Road Limited Partnership | &nbsp;&nbsp;Tennessee |
| &nbsp;&nbsp;Jefferson Anchor M, LLC | &nbsp;&nbsp;Kentucky |
| &nbsp;&nbsp;Jefferson Anchor S, LLC | &nbsp;&nbsp;Kentucky |
| &nbsp;&nbsp;Jefferson Mall CMBS, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Jefferson Mall Company II, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;JG Gulf Coast Town Center, LLC | &nbsp;&nbsp;Ohio |
| &nbsp;&nbsp;JG Randolph II, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;JG Randolph, LLC | &nbsp;&nbsp;Ohio |
| &nbsp;&nbsp;JG Saginaw II, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;JG Saginaw, LLC | &nbsp;&nbsp;Ohio |
| &nbsp;&nbsp;JG Winston-Salem, LLC | &nbsp;&nbsp;Ohio |
| &nbsp;&nbsp;Kentucky Oaks Mall Company | &nbsp;&nbsp;Ohio |
| &nbsp;&nbsp;Kirkwood Mall Acquisitions, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Kirkwood Mall Mezz, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Lakes Mall, LLC, The | &nbsp;&nbsp;Michigan |
| &nbsp;&nbsp;Lakeshore/Sebring Limited Partnership | &nbsp;&nbsp;Florida |
| &nbsp;&nbsp;Lakeview Pointe, LLC | &nbsp;&nbsp;Oklahoma |
| &nbsp;&nbsp;Landing at Arbor Place II, LLC, The | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Laredo Outlet JV, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Laredo Outlet Shoppes, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Laredo/MDN II Limited Partnership | &nbsp;&nbsp;Texas |
| &nbsp;&nbsp;Laurel Park Retail Holding LLC | &nbsp;&nbsp;Michigan |
| &nbsp;&nbsp;Laurel Park Retail Properties LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Layton Hills Mall CMBS, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;LeaseCo, Inc. | &nbsp;&nbsp;New York |
| &nbsp;&nbsp;Lebcon Associates | &nbsp;&nbsp;Tennessee |
| &nbsp;&nbsp;Lebcon I, Ltd. | &nbsp;&nbsp;Tennessee |
| &nbsp;&nbsp;Lee Partners | &nbsp;&nbsp;Tennessee |
| &nbsp;&nbsp;Lexington Joint Venture | &nbsp;&nbsp;Ohio |
| &nbsp;&nbsp;LHM-Utah, LLC | &nbsp;&nbsp;Delaware |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Subsidiaries of the Company** | &nbsp;&nbsp;**Subsidiaries of the Company** |
| &nbsp;&nbsp;**As of December 31, 2025** | &nbsp;&nbsp;**As of December 31, 2025** |
| &nbsp;&nbsp;**<u>Subsidiary</u>** | &nbsp;&nbsp;**<u>State of Incorporation or Formation</u>** |
| &nbsp;&nbsp;Louisville Outlet Outparcels, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Louisville Outlet Shoppes, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Madison Grandview Forum, LLC | &nbsp;&nbsp;Mississippi |
| &nbsp;&nbsp;Madison Joint Venture, LLC | &nbsp;&nbsp;Wisconsin |
| &nbsp;&nbsp;Madison Malls Ground, LLC | &nbsp;&nbsp;Wisconsin |
| &nbsp;&nbsp;Madison OP Outparcel Ground, LLC | &nbsp;&nbsp;Wisconsin |
| &nbsp;&nbsp;Madison Plaza Associates, Ltd. | &nbsp;&nbsp;Alabama |
| &nbsp;&nbsp;Madison Square Associates, Ltd. | &nbsp;&nbsp;Alabama |
| &nbsp;&nbsp;Madison/East Towne, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Madison/West Towne, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Mall Del Norte, LLC | &nbsp;&nbsp;Texas |
| &nbsp;&nbsp;Mall of South Carolina Limited Partnership | &nbsp;&nbsp;South Carolina |
| &nbsp;&nbsp;Mall of South Carolina Outparcel Limited Partnership | &nbsp;&nbsp;South Carolina |
| &nbsp;&nbsp;Mall Shopping Center Company, L.P. | &nbsp;&nbsp;Texas |
| &nbsp;&nbsp;Maryville Department Store Associates | &nbsp;&nbsp;Tennessee |
| &nbsp;&nbsp;Maryville Partners, L.P. | &nbsp;&nbsp;Tennessee |
| &nbsp;&nbsp;Mayfaire GP, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Mayfaire Town Center, LP | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;MDN/Laredo GP II, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;MDN/Laredo GP, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;MDN-Texas, LLC | &nbsp;&nbsp;Texas |
| &nbsp;&nbsp;Meridian Mall Anchor M, LLC | &nbsp;&nbsp;Michigan |
| &nbsp;&nbsp;Meridian Mall Company, Inc. | &nbsp;&nbsp;Michigan |
| &nbsp;&nbsp;Meridian Mall Limited Partnership | &nbsp;&nbsp;Michigan |
| &nbsp;&nbsp;Mid Rivers Land LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Mid Rivers Mall CMBS, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Midland Venture Limited Partnership | &nbsp;&nbsp;Michigan |
| &nbsp;&nbsp;Milford Marketplace, LLC | &nbsp;&nbsp;Connecticut |
| &nbsp;&nbsp;MNVL-Pennsylvania, LLC | &nbsp;&nbsp;Pennsylvania |
| &nbsp;&nbsp;Monroeville Anchor Limited Partnership | &nbsp;&nbsp;Pennsylvania |
| &nbsp;&nbsp;Montgomery Partners, L.P.  | &nbsp;&nbsp;Tennessee |
| &nbsp;&nbsp;Mortgage Holdings II, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Mortgage Holdings, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Multi-GP Holdings, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Newco Mortgage, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;NewLease Corp. | &nbsp;&nbsp;Tennessee |
| &nbsp;&nbsp;NGM-Tennessee, LLC | &nbsp;&nbsp;Tennessee |
| &nbsp;&nbsp;North Charleston Joint Venture II, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Northgate SAC, LLC | &nbsp;&nbsp;Tennessee |
| &nbsp;&nbsp;Northpark Mall/Joplin, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Northwoods Mall CMBS, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Oak Park Holding I, LLC | &nbsp;&nbsp;Kansas |
| &nbsp;&nbsp;Oak Park Mall, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;OK City Member, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Old Hickory Mall Venture | &nbsp;&nbsp;Tennessee |
| &nbsp;&nbsp;Old Hickory Mall Venture II, LLC | &nbsp;&nbsp;Delaware |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Subsidiaries of the Company** | &nbsp;&nbsp;**Subsidiaries of the Company** |
| &nbsp;&nbsp;**As of December 31, 2025** | &nbsp;&nbsp;**As of December 31, 2025** |
| &nbsp;&nbsp;**<u>Subsidiary</u>** | &nbsp;&nbsp;**<u>State of Incorporation or Formation</u>** |
| &nbsp;&nbsp;Panama City Peripheral, LLC | &nbsp;&nbsp;Florida |
| &nbsp;&nbsp;Park Plaza Mall CMBS, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Parkdale Anchor M, LLC | &nbsp;&nbsp;Texas |
| &nbsp;&nbsp;Parkdale Crossing CMBS, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Parkdale Crossing GP, Inc. | &nbsp;&nbsp;Texas |
| &nbsp;&nbsp;Parkdale Crossing Limited Partnership | &nbsp;&nbsp;Texas |
| &nbsp;&nbsp;Parkdale Mall Associates | &nbsp;&nbsp;Texas |
| &nbsp;&nbsp;Parkdale Mall CMBS, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Parkdale Mall, LLC | &nbsp;&nbsp;Texas |
| &nbsp;&nbsp;Parkway Place Limited Partnership | &nbsp;&nbsp;Alabama |
| &nbsp;&nbsp;Parkway Place SPE, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Parkway Place, Inc. | &nbsp;&nbsp;Alabama |
| &nbsp;&nbsp;Pavilion at Port Orange, LLC, The | &nbsp;&nbsp;Florida |
| &nbsp;&nbsp;Pavilion Collecting Agent, LLC, The | &nbsp;&nbsp;Florida |
| &nbsp;&nbsp;Pearland Ground, LLC | &nbsp;&nbsp;Texas |
| &nbsp;&nbsp;Pearland Hotel Operator, Inc. | &nbsp;&nbsp;Texas |
| &nbsp;&nbsp;Pearland Town Center GP, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Pearland Town Center Limited Partnership | &nbsp;&nbsp;Texas |
| &nbsp;&nbsp;Pearland-OP Parcel 8, LLC | &nbsp;&nbsp;Texas |
| &nbsp;&nbsp;PM Anchor-Texas, LLC | &nbsp;&nbsp;Texas |
| &nbsp;&nbsp;POM-College Station, LLC | &nbsp;&nbsp;Texas |
| &nbsp;&nbsp;Port Orange Holdings II, LLC | &nbsp;&nbsp;Florida |
| &nbsp;&nbsp;Port Orange I, LLC | &nbsp;&nbsp;Florida |
| &nbsp;&nbsp;Port Orange Town Center, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Promenade D'Iberville, LLC, The | &nbsp;&nbsp;Mississippi |
| &nbsp;&nbsp;Property Taxperts, LLC | &nbsp;&nbsp;Nevada |
| &nbsp;&nbsp;Racine Joint Venture | &nbsp;&nbsp;Ohio |
| &nbsp;&nbsp;Racine Joint Venture II, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Renaissance Member II, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Renaissance Phase II CMBS, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Renaissance Retail LLC | &nbsp;&nbsp;North Carolina |
| &nbsp;&nbsp;Renaissance SPE Member, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;River Ridge Mall, LLC | &nbsp;&nbsp;Virginia |
| &nbsp;&nbsp;Rivergate Mall, Inc. | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Seacoast Shopping Center Limited Partnership | &nbsp;&nbsp;New Hampshire |
| &nbsp;&nbsp;Shoppes at Eagle Point SPE, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Shoppes at Eagle Point, LLC | &nbsp;&nbsp;Tennessee |
| &nbsp;&nbsp;Shoppes at Hamilton Place CMBS, LLC, The | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Shoppes at Hamilton Place, LLC, The | &nbsp;&nbsp;Tennessee |
| &nbsp;&nbsp;Shoppes at St. Clair CMBS, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Shoppes at St. Clair Square, LLC | &nbsp;&nbsp;Illinois |
| &nbsp;&nbsp;Shopping Center Finance Corp. | &nbsp;&nbsp;Wyoming |
| &nbsp;&nbsp;Shops at Pineda Ridge, LLC, The | &nbsp;&nbsp;Florida |
| &nbsp;&nbsp;Slidell Development Company, L.L.C. | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;South County Mall Anchor M, LLC | &nbsp;&nbsp;Missouri |
| &nbsp;&nbsp;South County Shoppingtown LLC | &nbsp;&nbsp;Delaware |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Subsidiaries of the Company** | &nbsp;&nbsp;**Subsidiaries of the Company** |
| &nbsp;&nbsp;**As of December 31, 2025** | &nbsp;&nbsp;**As of December 31, 2025** |
| &nbsp;&nbsp;**<u>Subsidiary</u>** | &nbsp;&nbsp;**<u>State of Incorporation or Formation</u>** |
| &nbsp;&nbsp;Southaven Towne Center II, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Southaven Towne Center, LLC | &nbsp;&nbsp;Mississippi |
| &nbsp;&nbsp;Southpark Mall CMBS, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Southpark Mall, LLC | &nbsp;&nbsp;Virginia |
| &nbsp;&nbsp;Southpark Mall-DSG, LLC | &nbsp;&nbsp;Virginia |
| &nbsp;&nbsp;Springdale/Mobile GP II, Inc. | &nbsp;&nbsp;Alabama |
| &nbsp;&nbsp;Springdale/Mobile GP, Inc. | &nbsp;&nbsp;Alabama |
| &nbsp;&nbsp;Springhill/Coastal Landing, LLC | &nbsp;&nbsp;Florida |
| &nbsp;&nbsp;St. Clair Square GP I, LLC | &nbsp;&nbsp;Illinois |
| &nbsp;&nbsp;St. Clair Square GP, Inc. | &nbsp;&nbsp;Illinois |
| &nbsp;&nbsp;St. Clair Square Limited Partnership | &nbsp;&nbsp;Illinois |
| &nbsp;&nbsp;St. Clair Square SPE, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Statesboro Crossing, LLC | &nbsp;&nbsp;Georgia |
| &nbsp;&nbsp;STCS-Illinois, LLC | &nbsp;&nbsp;Illinois |
| &nbsp;&nbsp;Stroud Mall LLC | &nbsp;&nbsp;Pennsylvania |
| &nbsp;&nbsp;SubREIT Investor-Boston General Partnership | &nbsp;&nbsp;Massachusetts |
| &nbsp;&nbsp;SubREIT Investor-Boston GP I, LLC | &nbsp;&nbsp;Massachusetts |
| &nbsp;&nbsp;Sutton Plaza GP, Inc. | &nbsp;&nbsp;New Jersey |
| &nbsp;&nbsp;Terrace CMBS, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Tenn-GP Holdings, LLC | &nbsp;&nbsp;Tennessee |
| &nbsp;&nbsp;TN-Land Parcels, LLC | &nbsp;&nbsp;Tennessee |
| &nbsp;&nbsp;Triangle Town Center, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Triangle Town Member, LLC | &nbsp;&nbsp;North Carolina |
| &nbsp;&nbsp;Turtle Creek GP, LLC | &nbsp;&nbsp;Mississippi |
| &nbsp;&nbsp;Turtle Creek Limited Partnership | &nbsp;&nbsp;Mississippi |
| &nbsp;&nbsp;TX-Land Parcels, LLC | &nbsp;&nbsp;Texas |
| &nbsp;&nbsp;Valley View Anchor M, LLC | &nbsp;&nbsp;Virginia |
| &nbsp;&nbsp;Valley View Mall SPE, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Village at Newnan Crossing, LLC, The | &nbsp;&nbsp;Georgia |
| &nbsp;&nbsp;Village at Rivergate, Inc. | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Vision-CBL Hamilton Place, LLC | &nbsp;&nbsp;Tennessee |
| &nbsp;&nbsp;Vision-CBL Mayfaire TC Hotel LLC | &nbsp;&nbsp;North Carolina |
| &nbsp;&nbsp;Volusia Mall GP, Inc. | &nbsp;&nbsp;New York  |
| &nbsp;&nbsp;Volusia Mall Limited Partnership | &nbsp;&nbsp;New York |
| &nbsp;&nbsp;Volusia Mall Member SPE, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Volusia Mall, LLC | &nbsp;&nbsp;Florida |
| &nbsp;&nbsp;Volusia SAC, LLC | &nbsp;&nbsp;Florida |
| &nbsp;&nbsp;Volusia-OP Peripheral LLC | &nbsp;&nbsp;Florida |
| &nbsp;&nbsp;Walnut Square Associates Limited Partnership | &nbsp;&nbsp;Wyoming |
| &nbsp;&nbsp;Waterford Commons of CT III, LLC | &nbsp;&nbsp;Connecticut |
| &nbsp;&nbsp;Wausau Center CMBS, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Wausau Joint Venture | &nbsp;&nbsp;Ohio |
| &nbsp;&nbsp;Wausau Penney CMBS, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Wausau Penney Investor Joint Venture | &nbsp;&nbsp;Ohio |
| &nbsp;&nbsp;West County Mall CMBS, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;West County Shoppingtown LLC | &nbsp;&nbsp;Delaware |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Subsidiaries of the Company** | &nbsp;&nbsp;**Subsidiaries of the Company** |
| &nbsp;&nbsp;**As of December 31, 2025** | &nbsp;&nbsp;**As of December 31, 2025** |
| &nbsp;&nbsp;**<u>Subsidiary</u>** | &nbsp;&nbsp;**<u>State of Incorporation or Formation</u>** |
| &nbsp;&nbsp;West Melbourne Holdings II, LLC | &nbsp;&nbsp;Florida |
| &nbsp;&nbsp;West Melbourne I, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;West Melbourne Town Center LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;West Towne District, LLC | &nbsp;&nbsp;Wisconsin |
| &nbsp;&nbsp;Westgate Crossing Limited Partnership | &nbsp;&nbsp;South Carolina |
| &nbsp;&nbsp;Westgate Mall CMBS, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Westgate Mall II, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;Westgate Mall Limited Partnership | &nbsp;&nbsp;South Carolina |
| &nbsp;&nbsp;WI-Land Parcels | &nbsp;&nbsp;Wisconsin |
| &nbsp;&nbsp;Wilkes-Barre Marketplace GP, LLC | &nbsp;&nbsp;Pennsylvania |
| &nbsp;&nbsp;Wilkes-Barre Marketplace I, LLC | &nbsp;&nbsp;Pennsylvania |
| &nbsp;&nbsp;Wilkes-Barre Marketplace, L.P. | &nbsp;&nbsp;Pennsylvania |
| &nbsp;&nbsp;Willowbrook Plaza Limited Partnership | &nbsp;&nbsp;Maine |
| &nbsp;&nbsp;WMTC-Peripheral, LLC | &nbsp;&nbsp;Florida |
| &nbsp;&nbsp;WNC Shopping Center, LLC | &nbsp;&nbsp;North Carolina |
| &nbsp;&nbsp;WPMP Holding LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;York Galleria Limited Partnership | &nbsp;&nbsp;Virginia |
| &nbsp;&nbsp;York Town Center Holding GP, LLC | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;York Town Center Holding, LP | &nbsp;&nbsp;Pennsylvania |
| &nbsp;&nbsp;York Town Center, LP | &nbsp;&nbsp;Pennsylvania |

---

(1)This is a subsidiary of CBL & Associates Properties, Inc. and not a subsidiary of CBL & Associates Limited Partnership.

------

## Ex-23

**Exhibit 23**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

We consent to the incorporation by reference in Registration Statement No. 333-261449 on Form S-8, Registration Statement No. 333-264769 on Form S-3, Registration Statement, No. 333-270554 on Form S-8, and Registration Statement No. 333-272563 on Form S-3, of our reports dated March 3, 2026, relating to the consolidated financial statements and financial statement schedules of CBL & Associates Properties, Inc. and subsidiaries, and the effectiveness of CBL & Associates Properties, Inc. and subsidiaries' internal control over financial reporting, appearing in this Annual Report on Form 10-K of CBL & Associates Properties, Inc. for the year ended December 31, 2025.

/s/ Deloitte & Touche LLP

Atlanta, Georgia

March 3, 2026

------

## Ex-24

**Exhibit 24**

**POWER OF ATTORNEY**

KNOW ALL BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints David J. Contis, Benjamin W. Jaenicke and Stephen D. Lebovitz and each of them, with full power to act without the other, his/her true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for him/her and in his/her name, place and stead, in any and all capacities, to sign the Annual Report of CBL & Associates Properties, Inc. on Form 10-K for the fiscal year ended December 31, 2025 including one or more amendments to such Form 10-K, which amendments may make such changes as such attorneys-in-fact and agents deems appropriate, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary fully to all intents and purposes as he/she might or could do in person thereby ratifying and confirming all that said attorneys-in-fact and agents or any of them, or their or his substitutes or substitute, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has executed this Power-of-Attorney on the date set opposite his/her respective name.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ David J. Contis | Chairman of the Board | March 3, 2026 |
| David J. Contis |  |  |
| /s/ Stephen D. Lebovitz | Director and Chief Executive Officer (Principal Executive Officer) | March 3, 2026 |
| Stephen D. Lebovitz |  |  |
| /s/ Benjamin W. Jaenicke | Executive Vice President - Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer) | March 3, 2026 |
| Benjamin W. Jaenicke |  |  |
| /s/ Michael A. Torres | Director | March 3, 2026 |
| Michael A. Torres |  |  |
| /s/ Marjorie L. Bowen | Director | March 3, 2026 |
| Marjorie L. Bowen |  |  |
| /s/ Jeffrey Kivitz | Director | March 3, 2026 |
| Jeffrey Kivitz |  |  |
| /s/ David M. Fields | Director | March 3, 2026 |
| David M. Fields |  |  |
| /s/ Robert G. Gifford | Director | March 3, 2026 |
| Robert G. Gifford |  |  |

---

------

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION**

I, Stephen D. Lebovitz, certify that:

(1)I have reviewed this annual report on Form 10-K of CBL & Associates Properties, Inc.;

(2)Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(3)Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(4)The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

(5)The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| Date: March 3, 2026 |
| /s/ Stephen D. Lebovitz |
| Stephen D. Lebovitz, Director and |
| Chief Executive Officer |

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## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION**

I, Benjamin W. Jaenicke, certify that:

(1)I have reviewed this annual report on Form 10-K of CBL & Associates Properties, Inc.;

(2)Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(3)Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(4)The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

(5)The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| Date: March 3, 2026 |
| /s/ Benjamin W. Jaenicke |
| Benjamin W. Jaenicke, Executive Vice President - Chief Financial Officer and Treasurer |

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## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Annual Report of CBL & ASSOCIATES PROPERTIES, INC. (the "Company") on Form 10-K for the year ending December 31, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Stephen D. Lebovitz, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350 (as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002), that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| |
|:---|
| /s/ Stephen D. Lebovitz |
| Stephen D. Lebovitz, Director and |
| Chief Executive Officer |
| March 3, 2026 |
| Date |

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## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Annual Report of CBL & ASSOCIATES PROPERTIES, INC. (the "Company") on Form 10-K for the year ending December 31, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Benjamin W. Jaenicke, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350 (as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002), that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| |
|:---|
| /s/ Benjamin W. Jaenicke |
| Benjamin W. Jaenicke, Executive Vice President - Chief Financial Officer and Treasurer |
| March 3, 2026 |
| Date |

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