CANYON CAPITAL ADVISORS LLC 4

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.