CBL & Associates Properties

CBL • NYSE

CBL & Associates Properties is a reit - retail company in the real estate sector on NYSE, led by Stephen D. Lebovitz, with a market cap of $1.1B. As of Q3 2025, 77% of shares are held by 178 institutional investors, with CANYON CAPITAL ADVISORS LLC as the largest holder at 27.37%.

Chief Executive OfficerStephen D. Lebovitz

Market Cap$1.1B

REIT - Retail

Real Estate

Employees469.0

Websitecblproperties.com

Country

United States of America

Overview

Overview of institutional ownership in CBL as of Q3 2025 with a market cap of $945.9M

All Institutions

Institutions: 178
Value Held: $728.8M
Shares Held: 23.8M
Avg Position: $4.1M
Median Position: $376.0K

Hedge Funds

Hedge Funds: 25
Value Held: $427.4M
Shares Held: 14.0M
Avg Position: $17.1M
Median Position: $2.5M

Ownership Breakdown

Institutional (non-HF)

31.86%

$301.4M

Hedge Funds

45.18%

$427.4M

Retail & Other

22.96%

$217.2M

Based on market cap of $945.9M as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in CBL as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
CANYON CAPITAL ADVISORS LLC Hedge Fund•Multi-Strategy	Joshua Stephan Friedman Managing Partner	$258.9M 35.50% of portfolio	27.37% 8.5M shares	Q4 2021 Held for 3y 11m	$729.4M
OAKTREE CAPITAL MANAGEMENT LP Hedge Fund•Multi-Strategy	Armen Ryan Panossian CEO	$91.9M 1.95% of portfolio	9.71% 3.0M shares	Q4 2021 Held for 3y 11m	$4.7B
VANGUARD GROUP INC Institution	Salim Ramji CEO	$52.0M 0.00% of portfolio	5.50% 1.7M shares	Q4 2021 Held for 3y 11m	$6.69T
B BlackRock, Inc. Institution	-	$49.5M 0.00% of portfolio	5.24% 1.6M shares	Q1 2022 Held for 3y 8m	$5.67T
Taconic Capital Advisors LP RIA/Wealth	Thomas Nathaniel Kempner CIO	$19.0M 10.85% of portfolio	2.00% 620.2K shares	Q4 2023 Held for 1y 11m	$174.8M
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$14.8M 0.00% of portfolio	1.57% 484.3K shares	Q2 2022 Held for 3y 5m	$2.88T
GEODE CAPITAL MANAGEMENT LLC ETF Provider	David Kenneth Lane CEO	$14.6M 0.00% of portfolio	1.54% 477.4K shares	Q2 2022 Held for 3y 5m	$1.57T
M MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Institution	-	$13.5M 0.02% of portfolio	1.43% 440.8K shares	Q2 2024 Held for 1y 5m	$61.8B
ARROWSTREET CAPITAL LIMITED PARTNERSHIP Hedge Fund•Quant	Anthony Ryan CEO	$11.3M 0.01% of portfolio	1.19% 368.0K shares	Q4 2023 Held for 1y 11m	$158.92B
FIRST MANHATTAN CO Institution	Zachary A Wydra CEO	$11.2M 0.03% of portfolio	1.19% 367.9K shares	Q4 2021 Held for 3y 11m	$37.6B

Net Capital Flow

Institutional buying and selling activity for CBL in Q3 2025

Traded: −$9.6M
Buyers: 89
Sellers: 66
Total Bought: +$40.0M
Total Sold: −$49.6M
Avg Position: $3.9M

Biggest Buyers

Institution	Net Bought	Current Position
GOLDMAN SACHS GROUP INC Institution	+$4.6M +150.2K shares	$8.7M 285.4K shares
AQR CAPITAL MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$3.5M +113.9K shares	$7.3M 238.4K shares
F Fort Hoosac Management, LLC Hedge Fund•Multi-Strategy	+$3.0M +96.6K shares	$3.0M 96.6K shares
FIRST MANHATTAN CO Institution	+$2.5M +82.3K shares	$11.2M 367.9K shares
GEODE CAPITAL MANAGEMENT LLC ETF Provider	+$2.1M +67.8K shares	$14.6M 477.4K shares
O'SHAUGHNESSY ASSET MANAGEMENT, LLC Long Only Manager	+$1.9M +61.0K shares	$3.6M 117.5K shares
J JANE STREET GROUP, LLC Institution	+$1.8M +60.4K shares	$1.8M 60.4K shares
PRUDENTIAL FINANCIAL INC Institution	+$1.6M +52.9K shares	$2.1M 68.8K shares
BANK OF AMERICA CORP /DE/ Institution	+$1.3M +41.1K shares	$2.9M 96.0K shares
D D. E. Shaw & Co., Inc. Institution	+$1.1M +34.9K shares	$1.4M 44.9K shares

Biggest Sellers

Institution	Net Sold	Current Position
LITTLEJOHN & CO LLC Private Equity	−$18.2M −716.4K shares	Sold Off 0 shares
STATE STREET CORP Institution	−$3.9M −127.7K shares	$14.8M 484.3K shares
MORGAN STANLEY RIA/Wealth	−$2.8M −91.8K shares	$3.8M 125.9K shares
M Man Group plc Institution	−$2.4M −78.3K shares	$1.1M 34.7K shares
B BlackRock, Inc. Institution	−$2.3M −74.4K shares	$49.5M 1.6M shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	−$2.0M −66.2K shares	$1.5M 48.9K shares
ARROWSTREET CAPITAL LIMITED PARTNERSHIP Hedge Fund•Quant	−$1.8M −57.8K shares	$11.3M 368.0K shares
Caption Management, LLC Hedge Fund•Long/Short	−$1.6M −52.5K shares	$9.0M 294.6K shares
R Russell Investments Group, Ltd. RIA/Wealth	−$1.3M −43.2K shares	$1.0M 33.0K shares
Beacon Pointe Advisors, LLC RIA/Wealth	−$1.2M −40.2K shares	$2.6M 86.0K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited CBL in Q3 2025

New Positions: 18
New Value: $7.5M
Exited Positions: 10
Exited Value: $20.6M

New Positions

Institution	Position Value
F Fort Hoosac Management, LLC Hedge Fund•Multi-Strategy	$3.0M 96.6K shares
Janney Montgomery Scott LLC RIA/Wealth	$1.0M 33.0K shares
OPPENHEIMER & CO INC RIA/Wealth	$975.7K 31.9K shares
V VIRGINIA RETIREMENT SYSTEMS ET AL Institution	$330.3K 10.8K shares
Mariner Wealth Advisors, LLC RIA/Wealth	$326.5K 10.7K shares
D Dynamic Technology Lab Private Ltd Institution	$300.4K 9.8K shares
Quantinno Capital Management LP Hedge Fund•Market Neutral	$296.7K 9.7K shares
Creative Planning RIA/Wealth	$291.1K 9.5K shares
Aristides Capital LLC Real Assets	$274.5K 9.0K shares
Walleye Trading LLC RIA/Wealth	$273.3K 8.9K shares

Exited Positions

Institution	Previous Position
LITTLEJOHN & CO LLC Private Equity	$18.2M 716.4K shares
UBS GLOBAL ASSET MANAGEMENT AMERICAS INC Long Only Manager	$885.5K 34.9K shares
Weiss Asset Management LP Hedge Fund•Multi-Strategy	$529.4K 20.8K shares
GSA CAPITAL PARTNERS LLP Hedge Fund•Quant	$363.2K 14.3K shares
KESTRA PRIVATE WEALTH SERVICES, LLC RIA/Wealth	$279.7K 11.0K shares
Aster Capital Management Ltd RIA/Wealth	$192.6K 7.6K shares
LAZARD ASSET MANAGEMENT LLC Long Only Manager	$175.7K 6.9K shares
RAYMOND JAMES FINANCIAL INC RIA/Wealth	$25.4K 1.0K shares
S Skopos Labs, Inc. RIA/Wealth	$2.7K 102.0 shares
Goss Wealth Management LLC RIA/Wealth	$76.0 3.0 shares

Options Activity

Institutions with the largest Call and Put options positions in CBL as of Q3 2025

Call Positions: 3
Call Value: $746.2K
Put Positions: 1
Put Value: $1.1M

Call Positions

Institution	Position Value
Walleye Trading LLC RIA/Wealth	$412.8K 135.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$333.3K 109.0 contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	- - contracts

Put Positions

Institution	Position Value
Walleye Trading LLC RIA/Wealth	$1.1M 375.0 contracts

Most Committed Institutions

Institutions with CBL as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
CANYON CAPITAL ADVISORS LLC Hedge Fund•Multi-Strategy	Joshua Stephan Friedman Managing Partner	35.50% $258.9M	27.37% 8.5M shares	Q4 2021 Held for 3y 11m	$729.4M
Taconic Capital Advisors LP RIA/Wealth	Thomas Nathaniel Kempner CIO	10.85% $19.0M	2.00% 620.2K shares	Q4 2023 Held for 1y 11m	$174.8M
VALUEWORKS LLC Hedge Fund•Value	Charles Spencer Lemonides Managing Partner	2.78% $9.5M	1.01% 311.8K shares	Q1 2022 Held for 3y 8m	$343.6M
Emmett Investment Management, LP Hedge Fund•Long/Short	Alexander M Rohr Managing Partner	2.72% $3.9M	0.41% 125.8K shares	Q2 2025 Held for 5 months	$141.7M
F Fort Hoosac Management, LLC Hedge Fund•Multi-Strategy	Paul Jerome Isaac President	2.02% $3.0M	0.31% 96.6K shares	Q3 2025 Held for 2 months	$145.9M
OAKTREE CAPITAL MANAGEMENT LP Hedge Fund•Multi-Strategy	Armen Ryan Panossian CEO	1.95% $91.9M	9.71% 3.0M shares	Q4 2021 Held for 3y 11m	$4.7B
Beverly Hills Private Wealth, LLC RIA/Wealth	Scott Marshall Shagrin Managing Partner	1.14% $6.3M	0.67% 207.2K shares	Q4 2023 Held for 1y 11m	$554.1M
C Crossingbridge Advisors, LLC Long Only Manager	Jonathan Seth Barkoe CFO	0.62% $458.7K	0.05% 15.0K shares	Q2 2025 Held for 5 months	$73.8M
Caption Management, LLC Hedge Fund•Long/Short	William Lamblè Cooper CEO	0.53% $9.0M	0.95% 294.6K shares	Q1 2023 Held for 2y 8m	$1.7B
Falcon Edge Capital LP Hedge Fund•Multi-Strategy	Richard Matthew Gerson Founder	0.50% $4.9M	0.52% 160.5K shares	Q1 2025 Held for 8 months	$987.3M

Hedge Fund Spotlight

Discover hedge funds investing in CBL

Caption Management, LLC

Hedge Fund • Long/Short

Portfolio ManagerWilliam Lamblè Cooper

Portfolio Value: $1.7B
Positions: 576
Last Reported: Q3 2025

Sector Allocation

Position in CBL & Associates Properties

Market Value: $9.0M
Shares Held: 294.6K
Portfolio Weight: 0.53%
Owned Since: 2023-Q1

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