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, 2026, all the Company's consolidated debt is non-recourse.

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


	June 30, 2026						December 31, 2025
	Amount			Weighted- Average Interest Rate (1)			Amount			Weighted- Average Interest Rate (1)
Fixed-rate debt:
2032 non-recourse bank loan (2)	$	367,956			7.70	%	$	367,956			7.70	%
Non-recourse secured mall loan due 2031		423,853			7.40	%		—			—
Non-recourse loans on operating properties		1,050,833			5.52	%		1,133,962			4.64	%
Total fixed-rate debt		1,842,642			6.39	%		1,501,918			5.39	%
Variable-rate debt:
Non-recourse, secured term loan		—			—			646,722			6.74	%
2032 non-recourse bank loan (2)		75,000			7.72	%		75,000			7.97	%
Non-recourse secured lifestyle centers loan due 2032		176,080			7.72	%		—			—
Non-recourse loan on an operating property		30,680			7.37	%		31,380			7.62	%
Total variable-rate debt		281,760			7.68	%		753,102			6.90	%
Total fixed-rate and variable-rate debt		2,124,402			6.56	%		2,255,020			5.89	%
Unamortized deferred financing costs		(29,708	)					(9,276	)
Debt discounts (3)		(60,683	)					(74,959	)
Total mortgage and other indebtedness, net	$	2,034,011					$	2,170,785

(1)

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

(2)

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 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%.

Non-recourse loans on operating properties, the 2032 non-recourse bank loan, the non-recourse secured mall loan due 2031 and the non-recourse secured lifestyle centers loan due 2032 include loans that are secured by properties owned by the Company that have a carrying value of $1,711,536 at June 30, 2026.

In January 2026, the loan secured by Jefferson Mall entered default. In February 2026, the Company deconsolidated the property when the property entered receivership. See Note 8.

In March 2026, the Company entered into a $425,000 non-recourse loan (the "secured mall loan due 2031") that has a five-year term, maturing in April 2031, and a fixed interest rate of 7.40%. The Company used proceeds from redeemed U.S. Treasury securities and proceeds from the secured mall loan due 2031 to retire the Company’s existing $634,009 secured term loan. The secured mall loan is secured by a pool of primarily mall properties that previously served as collateral for the secured term loan, which includes CherryVale Mall, Frontier Mall, Hanes Mall, Kirkwood Mall, Mall del Norte, Post Oak Mall, Richland Mall, Sunrise Mall, Turtle Creek Mall, Valley View Mall, West Towne Mall, Westmoreland Mall and Westmoreland Crossing.

In March 2026, the Company entered into a $176,080 variable‑rate, non‑recourse loan (the "secured lifestyle centers loan due 2032") that has a five‑year term, includes two one‑year extension options, and is interest‑only with a variable interest rate of SOFR plus 410 basis points. The secured lifestyle centers loan due 2032 is secured by Mayfaire Town Center, Pearland Town Center, Southaven Town Center and East Towne Mall, all of which served as collateral under the prior secured term loan. Also, the secured lifestyle centers loan due 2032 is subject to customary cross-default provisions with the Company’s $442,956 2032 non-recourse bank loan.

In March 2026, the acquisition of Gateway Mall was financed through a $21,000 non‑recourse, five‑year loan which carries a fixed interest rate of 6.46%. See Note 6.

In March 2026, the loan secured by Parkdale Mall and Parkdale Crossing entered maturity default. The Company is in discussions with the lender and intends to cooperate with the foreclosure or conveyance of the properties in satisfaction of the debt.

In April 2026, the Company closed on a $43,000 non-recourse, five-year loan secured by Northwoods Mall, which bears a fixed interest rate of 9.12%. Proceeds from the new loan were used to retire the previous loan. Under the previous loan, cash flows were being swept by the lender.

In May 2026, the loan secured by Arbor Place entered maturity default. The Company intends to cooperate with the foreclosure or conveyance of the property in satisfaction of the debt.

In May 2026, the Company closed on a $97,500 non-recourse, five-year loan secured by Fayette Mall, which bears a fixed interest rate of 7.25%. Proceeds from the new loan were used to retire the previous loan.

In May 2026, the $19,438 loan ($9,719 at the Company's share) secured by Outlet Shoppes at Gettysburg, which matured in October 2025, was deconsolidated by the Company in conjunction with the property entering receivership. See Note 8.

In May 2026, the Company entered into a $71,900 non-recourse, five-year loan secured by Hamilton Place, which bears a fixed interest rate of 6.85%. Proceeds from the new loan were used to retire the previous loan.

In May 2026, the loan secured by Volusia Mall was modified, which extends the maturity date through October 2026.

In June 2026, the lender notified the Company that the loan secured by The Outlet Shoppes at Laredo was in default. Subsequent to June 30, 2026, the loan was extended through November 2026. See Note 15.

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 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 6.86%.

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.

As of June 30, 2026, 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:


2026 (1)	$	180,344
2027		21,653
2028		145,913
2029		20,069
2030		929,295
2031		606,470
Thereafter		58,699
Total		1,962,443
Principal balance of loans with maturity dates prior to June 30, 2026 (2)		161,959
Total mortgage and other indebtedness	$	2,124,402

(1)

Reflects scheduled principal amortization for the period July 1, 2026 through December 31, 2026.

(2)

Represents the aggregate principal balance as of June 30, 2026 of the loans secured by Arbor Place, Parkdale Mall and Parkdale Crossing and The Outlet Shoppes at Laredo, which are in default. The loan secured by Parkdale Mall and Parkdale Crossing matured in March 2026 and had a balance of $48,285 as of June 30, 2026. The loan secured by Arbor Place matured in May 2026 and had a balance of $82,994 as of June 30, 2026. The loan secured by The Outlet Shoppes at Laredo matured in June 2026 and had a balance of $30,680 as of June 30, 2026. The Company anticipates returning Parkdale Mall and Parkdale Crossing and Arbor Place to the lenders in satisfaction of the debt. Subsequent to June 30, 2026, the loan secured by The Outlet Shoppes at Laredo was extended through November 2026. See Note 15.

Of the $180,344 of scheduled principal payments for the remainder of 2026, $169,985 relates to the maturing principal balances of loans secured by Volusia Mall and West County Center.

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.

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 Condensed Consolidated Balance Sheet

         Notional

         Index

         Fair Value at June 30, 2026

         Maturity Date

Pay fixed/Receive variable swap

Intangible lease assets and other assets

32,000

1-month USD-SOFR CME

185

Jun-27


	Three Months Ended June 30,					Six Months Ended June 30,
Hedging Instrument - Interest Rate Swap	2026		2025			2026		2025
Gain (loss) recognized in other comprehensive income (loss)	$	63	$	(143	)	$	183	$	(424	)
Gain recognized in earnings (1)	$	28	$	82		$	58	$	163

(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 $185 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, 2026, 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, 2026, 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.