CBL has no indebtedness. Either the Operating Partnership or one of its consolidated subsidiaries that it has a direct or indirect ownership interest in are the borrowers on all the Company's debt. At June 30, 2025, all the Company's consolidated debt is non-recourse.

The Company’s mortgage and other indebtedness, net, consisted of the following:


	June 30, 2025						December 31, 2024
	Amount			Weighted- Average Interest Rate (1)			Amount			Weighted- Average Interest Rate (1)
Fixed-rate debt:
Non-recourse open-air centers and outparcels loan (2)	$	166,478			6.95	%	$	170,031			6.95	%
Non-recourse loans on operating properties		1,207,714			4.75	%		1,233,767			4.75	%
Total fixed-rate debt		1,374,192			5.01	%		1,403,798			5.02	%
Variable-rate debt:
Non-recourse, secured term loan		665,812			7.19	%		725,495			7.42	%
Non-recourse open-air centers and outparcels loan (2)		166,478			8.42	%		170,031			8.65	%
Non-recourse loan on an operating property		31,980			7.30	%		32,580			8.05	%
Total variable-rate debt		864,270			7.43	%		928,106			7.67	%
Total fixed-rate and variable-rate debt		2,238,462			5.95	%		2,331,904			6.07	%
Unamortized deferred financing costs		(6,619	)					(8,688	)
Debt discounts (3)		(92,067	)					(110,536	)
Total mortgage and other indebtedness, net	$	2,139,776					$	2,212,680

(1)

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

(2)

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%. Subsequent to June 30, 2025, the Company completed a modification and extension of the existing loan. See Note 15 for more information.

(3)

In conjunction with the acquisition of the Company's partner's 50% joint venture interests in CoolSprings Galleria, Oak Park Mall and West County Center and the implementation of fresh start accounting upon emergence from bankruptcy, the Company estimated the fair value of its mortgage notes with the assistance of a third-party valuation advisor. This resulted in recognizing a debt discount, which is accreted over the term of the respective debt using the effective interest method. The remaining debt discounts at June 30, 2025 will be accreted over a weighted average period of 4.5 years.

Non-recourse loans on operating properties, 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 $1,630,187 at June 30, 2025.

In January 2025, a portion of the proceeds from the sale of Monroeville Mall and the Annex at Monroeville were used to paydown 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. Subsequent to June 30, 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%. See Note 15.

In March 2025, the lender notified the Company that the loan secured by The Outlet Shoppes at Laredo was in default. The Company is in discussions with the lender regarding a loan modification for the loan secured by The Outlet Shoppes at Laredo.

In May 2025, the Company exercised the one-year extension option on the loan secured by Fayette Mall.

Subsequent to June 30, 2025, the loan secured by Southpark Mall entered default and the property was placed into receivership. The Company anticipates returning the property to the lender. See Note 15.

Subsequent to June 30, 2025, the Company completed a modification and extension of the existing $332,956 non-recourse open-air centers and outparcels loan. See Note 15 for more information.

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 the first one-year extension option on the loan secured by Fayette Mall.

Of the $817,781 of scheduled principal payments for the remainder of 2025, $799,267 relates to the maturing principal balances of loans secured by three properties, including Cross Creek Mall which has been subsequently repaid with proceeds from a new loan, and the secured term loan. See Note 15. As of June 30, 2025, the Company has met the extension test to secure a one-year extension on the secured term loan.

The Company records its derivative instruments in its condensed 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.

         Instrument Type

         Location in the Condensed Consolidated Balance Sheet

         Notional

         Index

         Fair Value at June 30, 2025

         Maturity Date

Pay fixed/Receive variable swap

Intangible lease assets and other assets

32,000

1-month USD-SOFR CME

90

Jun-27


	Three Months Ended June 30,					Six Months Ended June 30,
Hedging Instrument - Interest Rate Swap	2025			2024		2025			2024
(Loss) gain recognized in other comprehensive income (loss)	$	(143	)	$	35	$	(424	)	$	497
Gain recognized in earnings (1)	$	82		$	161	$	163		$	324

(1)

Gain reclassified from accumulated other comprehensive income into earnings shown in interest expense.

Amounts reported in accumulated other comprehensive income 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 $156 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 June 30, 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 June 30, 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.