CANYON CAPITAL ADVISORS LLC 4
4 · CBL & ASSOCIATES PROPERTIES INC · Filed May 26, 2026
Research Summary
AI-generated summary of this filing
CBL & Associates (CBL) 10% Owner Canyon Capital Sells 1,050,000 Shares
What Happened
- Canyon Capital Advisors LLC (reported as a 10% owner), together with Mitchell R. Julis and Joshua S. Friedman (joint filers), sold 1,050,000 shares of CBL & ASSOCIATES PROPERTIES INC (CBL) in an open-market transaction on May 22, 2026.
- The shares were sold at $46.44 per share for a total proceeds of $48,762,000.
- This was a sale (S) by an institutional investor/asset manager, not an executive compensation event. Sales by institutional holders can be portfolio-management activity rather than a signal about company fundamentals.
Key Details
- Transaction date and price: May 22, 2026 — 1,050,000 shares at $46.44 each.
- Total value: $48,762,000.
- Shares owned after transaction: Not specified in the Form 4 filing.
- Filing date: Form 4 was filed on May 26, 2026 (four calendar days after the trade); the filing does not indicate any late-report designation.
- Footnotes: The Form 4 is jointly filed by Canyon Capital Advisors LLC (CCA) and its managers Mitchell R. Julis and Joshua S. Friedman. CCA is the investment adviser to multiple funds/accounts that directly hold the reported shares (listed in the filing). The managers may be deemed to have a pecuniary interest but disclaim direct beneficial ownership except for any pecuniary interest. The sale was executed for the accounts through an open-market transaction.
Context
- This is an institutional sale by a 10% owner/adviser for client accounts — such transactions often reflect portfolio rebalancing or fund-level decisions rather than insider views of company performance.
- For retail investors, note the distinction between officer/director insider trades (which may carry different informational weight) and trades by large investment managers acting for funds.
Insider Transaction Report
Form 4
Transactions
- Sale
Common Stock
[F4][F1][F2][F3]2026-05-22$46.44/sh−1,050,000$48,762,000→ 7,416,294 total(indirect: See footnotes)
Footnotes (4)
- [F1]This Form 4 is being filed jointly by Canyon Capital Advisors LLC, a Delaware limited liability company ("CCA"), Mitchell R. Julis, a citizen of the United States of America, and Joshua S. Friedman, a citizen of the United States of America (collectively, the "Reporting Persons"), each of whom may be deemed to have a pecuniary interest in securities reported on this Form 4 (the "Subject Securities"). The business address of each of the Reporting Persons is 2728 North Harwood Street, 2nd Floor, Dallas, Texas 75201.
- [F2]CCA, as the investment advisor to certain managed funds and accounts that directly hold the Subject Securities, including Canyon-ASP Fund, L.P., Canyon Balanced Master Fund, Ltd., Canyon Distressed Opportunity Master Fund III, L.P., Canyon ESG Credit Master Fund, L.P., Canyon Distressed TX (A) LLC, Canyon Distressed TX (B) LLC, The Canyon Value Realization Master Fund, L.P., Canyon-EDOF (Master) L.P., Canyon NZ-DOF Investing, L.P., EP Canyon Ltd., Canyon Value Realization Fund, L.P. and Canyon ESG Master Fund, L.P. (collectively, the "Accounts"), may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a) under the Securities Exchange Act of 1934.
- [F3]Mitchell R. Julis and Joshua S. Friedman, as persons who manage CCA and control the entities which own 100% of CCA, may each be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a). Each of the Reporting Persons disclaims beneficial ownership of the Subject Securities except to the extent of any pecuniary interest therein.
- [F4]On May 22, 2026, CCA sold 1,050,000 shares of the Issuer's common stock for the account of certain of its Accounts through open market transaction.