# EDGAR Filing Document

**Accession Number:** 0001074034
**File Stem:** 0001193125-26-240025
**Filing Date:** 2026-5
**Character Count:** 11866
**Document Hash:** 935581b9cf75d00d909de2967b9b7524
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-240025.hdr.sgml**: 20260526

**ACCESSION NUMBER**: 0001193125-26-240025

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20260526

**DATE AS OF CHANGE**: 20260526

**SUBJECT COMPANY**: 

**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:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-43723
- **FILM NUMBER:** 261021940

**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
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CANYON CAPITAL ADVISORS LLC
- **CENTRAL INDEX KEY:** 0001074034

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** 2728 NORTH HARWOOD STREET, 2ND FLOOR
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201
- **BUSINESS PHONE:** 3102721000

**MAIL ADDRESS:**
- **STREET 1:** 2728 NORTH HARWOOD STREET, 2ND FLOOR
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 5)**

**CBL & Associates Properties, Inc.**

*(Name of Issuer)*

**Common Stock, $0.001 par value**

*(Title of Class of Securities)*

**—**

*(CUSIP Number)*

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

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

**05/22/2026**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Canyon Capital Advisors LLC** | Name of reporting person<br>**Canyon Capital Advisors LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**7416294.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**7416294.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**7416294.00** | Aggregate amount beneficially owned by each reporting person<br>**7416294.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**24.0%** | Percent of class represented by amount in Row (11)<br>**24.0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IA** | Type of Reporting Person (See Instructions)<br>**IA** | |

---

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Mitchell R. Julis** | Name of reporting person<br>**Mitchell R. Julis** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**7416294.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**7416294.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**7416294.00** | Aggregate amount beneficially owned by each reporting person<br>**7416294.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**24.0%** | Percent of class represented by amount in Row (11)<br>**24.0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Joshua S. Friedman** | Name of reporting person<br>**Joshua S. Friedman** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**7416294.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**7416294.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**7416294.00** | Aggregate amount beneficially owned by each reporting person<br>**7416294.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**24.0%** | Percent of class represented by amount in Row (11)<br>**24.0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Stock, $0.001 par value

**(b) Name of Issuer:**
CBL & Associates Properties, Inc.

**(c) Address of Issuer's Principal Executive Offices:**
2030 Hamilton Place Blvd., Suite 500, Chattanooga, TN, 37421

This Amendment No. 5 (this "Amendment No. 5") supplements the information set forth in the Schedule 13D filed by Canyon Capital Advisors LLC ("CCA"), Mr. Mitchell R. Julis, Mr. Joshua S. Friedman and Mr. Jonathan M. Heller (collectively, the "Reporting Persons") with the United States Securities and Exchange Commission (the "SEC") on November 9, 2021, as amended by Amendment No. 1 thereto filed on February 7, 2022, by Amendment No. 2 thereto filed on March 2, 2022, by Amendment No. 3 thereto filed on August 10, 2022 and by Amendment No. 4 thereto filed on October 16, 2024 (the "Schedule 13D") relating to the shares of common stock, $0.001 par value per share (the "Common Stock"), of CBL & Associates Properties, Inc., a Delaware corporation (the "Issuer").

This Amendment No. 5 is being filed to reflect a sale of shares of Common Stock by the Reporting Persons on May 22, 2026 resulting in a decrease in the Reporting Persons' beneficial ownership by more than 1% of the outstanding Common Stock. The Reporting Persons' beneficial ownership percentage has been calculated based on 30,944,758 shares of Common Stock outstanding as of May 6, 2026, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on May 8, 2026.

The Issuer's principal executive offices are located at 2030 Hamilton Place Blvd., Suite 500, Chattanooga, TN 37421. All capitalized terms contained herein but not otherwise defined shall have the meanings ascribed to such terms in the Schedule 13D.

The information set forth in response to each separate Item below shall be deemed to be a response to all Items where such information is relevant.

The Schedule 13D is hereby supplementally amended as follows:

**Item 5. Interest in Securities of the Issuer**

**(a)**
See rows (11) and (13) of the cover pages to this Schedule 13D for the aggregate number of shares of Common Stock.

The percentage reported in this Schedule 13D is calculated based upon 30,944,758 shares of Common Stock outstanding as of May 6, 2026, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on May 8, 2026.

**(b)**
See rows (7) through (10) of the cover pages to this Schedule 13D for the number of shares of Common Stock.

**(c)**
On May 22, 2026, CCA, with respect to the shares of Common Stock directly held by certain managed accounts ("Accounts") with respect to which it acts as investment advisor, sold an aggregate of 1,050,000 shares of Common Stock for the account of those Accounts at $46.44 per share through open market transactions.

### SIGNATURE

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

**Reporting Person:** Canyon Capital Advisors LLC

**Signature:** /s/ Doug Anderson

**Name/Title:** Doug Anderson, Chief Compliance Officer

**Date:** 05/26/2026

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

**Reporting Person:** Mitchell R. Julis

**Signature:** /s/ Mitchell R. Julis

**Name/Title:** Mitchell R. Julis

**Date:** 05/26/2026

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

**Reporting Person:** Joshua S. Friedman

**Signature:** /s/ Joshua S. Friedman

**Name/Title:** Joshua S. Friedman

**Date:** 05/26/2026