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 September 30, 2026, all the Company's consolidated debt is non-recourse.

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


	September 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		422,148			7.40	%		—			—
Non-recourse loans on operating properties		1,042,653			5.53	%		1,133,962			4.64	%
Total fixed-rate debt		1,832,757			6.40	%		1,501,918			5.39	%
Variable-rate debt:
Non-recourse secured term loan		—			—			646,722			6.74	%
2032 non-recourse bank loan (2)		72,195			7.78	%		75,000			7.97	%
Non-recourse secured lifestyle centers loan due 2032		176,080			7.78	%		—			—
Non-recourse loan on an operating property		29,305			7.68	%		31,380			7.62	%
Total variable-rate debt		277,580			7.77	%		753,102			6.90	%
Total fixed-rate and variable-rate debt		2,110,337			6.58	%		2,255,020			5.89	%
Unamortized deferred financing costs		(28,191	)					(9,276	)
Debt discounts (3)		(56,696	)					(74,959	)
Total mortgage and other indebtedness, net	$	2,025,450					$	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%.

(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 September 30, 2026 will be accreted over a weighted average period of 3.9 years.

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 $1,693,964 at September 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 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 The 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 extended the maturity date through October 2026. Subsequent to September 30, 2026, the loan was modified and extended through January 2027. See Note 15.

In June 2026, the lender notified the Company that the loan secured by The Outlet Shoppes at Laredo was in default. In August 2026, the loan was extended through November 2026.

Subsequent to September 30, 2026, the Company closed on a $135,000 non-recourse, five-year loan secured by West County Center. See Note 15 for more information.

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.

In July 2025, the Company closed on the acquisition of four malls. The malls included Ashland Town Center in Ashland, KY, Mesa Mall in Grand Junction, CO, Paddock Mall in Ocala, FL, and Southgate Mall in Missoula, MT. Concurrent with the acquisition, the Company completed a modification and extension of the existing $332,956 2032 non-recourse bank loan (previously referred to as the "open-air centers and outparcel loan"), which was scheduled to initially mature in June 2027. The loan was modified to include the acquired properties, increasing the principal balance by $110,000 to $442,956 and extended the initial maturity through October 2030, with one, two-year extension option for a final maturity of October 2032. For the initial five-year term, the interest-only loan will bear a fixed interest rate of 7.70% on a principal balance of approximately $368,000 and a floating interest rate of SOFR plus 410 basis points on the remaining balance of approximately of $75,000. The full principal balance will convert to the floating rate after the initial term.

In July 2025, the loan secured by Southpark Mall entered default and the property was placed into receivership. The Company deconsolidated the property in conjunction with the property entering receivership. See Note 8.

As of September 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)	$	202,626
2027		21,653
2028		145,913
2029		20,069
2030		926,489
2031		606,470
Thereafter		58,699
Total		1,981,919
Principal balance of loans with maturity dates prior to September 30, 2026 (2)		128,418
Total mortgage and other indebtedness	$	2,110,337

(1)

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

(2)

Represents the aggregate principal balance as of September 30, 2026 of the loans secured by Arbor Place and Parkdale Mall and Parkdale Crossing, which are in default. The loan secured by Parkdale Mall and Parkdale Crossing matured in March 2026 and had a balance of $46,803 as of September 30, 2026. The loan secured by Arbor Place matured in May 2026 and had a balance of $81,615 as of September 30, 2026. The Company anticipates returning Parkdale Mall and Parkdale Crossing and Arbor Place to the lenders in satisfaction of the debt.

Of the $202,626 of scheduled principal payments for the remainder of 2026, $197,350 relates to the maturing principal balances of the loans secured by Volusia Mall, The Outlet Shoppes at Laredo and West County Center. Subsequent to September 30, 2026, the loan secured by Volusia Mall was extended and the loan secured by West County Center was paid off with proceeds from a new loan. See Note 15 for more information.

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 September 30, 2026

         Maturity Date

Pay fixed/Receive variable swap

Intangible lease assets and other assets

32,000

1-month USD-SOFR CME

212

Jun-27


	Three Months Ended September 30,					Nine Months Ended September 30,
Hedging Instrument - Interest Rate Swap	2026		2025			2026		2025
Gain (loss) recognized in other comprehensive income (loss)	$	27	$	(43	)	$	210	$	(467	)
Gain recognized in earnings (1)	$	31	$	83		$	89	$	246

(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 $212 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 September 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 September 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.