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Mortgage and Other Indebtedness, Net | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
Mortgage and Other Indebtedness, Net | Note 9 – Mortgage and O ther Indebtedness, Net 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, 2025, all the Company's consolidated debt is non-recourse. The Company’s mortgage and other indebtedness, net, consisted of the following:
|  | September 30, 2025 |  |  | December 31, 2024 |
|  | 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 | % |  | $ | 170,031 |  |  |  | 6.95 | %
Non-recourse loans on operating properties |  |  | 1,144,681 |  |  |  | 4.64 | % |  |  | 1,233,767 |  |  |  | 4.75 | %
Total fixed-rate debt |  |  | 1,512,637 |  |  |  | 5.38 | % |  |  | 1,403,798 |  |  |  | 5.02 | %
Variable-rate debt: |  |  |  |  |  |  |  |  |  |  |  |
Non-recourse, secured term loan |  |  | 654,504 |  |  |  | 7.14 | % |  |  | 725,495 |  |  |  | 7.42 | %
2032 non-recourse bank loan (2) |  |  | 75,000 |  |  |  | 8.38 | % |  |  | 170,031 |  |  |  | 8.65 | %
Non-recourse loan on an operating property |  |  | 31,580 |  |  |  | 7.88 | % |  |  | 32,580 |  |  |  | 8.05 | %
Total variable-rate debt |  |  | 761,084 |  |  |  | 7.30 | % |  |  | 928,106 |  |  |  | 7.67 | %
Total fixed-rate and variable-rate debt |  |  | 2,273,721 |  |  |  | 6.02 | % |  |  | 2,331,904 |  |  |  | 6.07 | %
Unamortized deferred financing costs |  |  | (10,008 | ) |  |  |  |  |  | (8,688 | ) |  |  |
Debt discounts (3) |  |  | (82,852 | ) |  |  |  |  |  | (110,536 | ) |  |  |
Total mortgage and other indebtedness, net |  | $ | 2,180,861 |  |  |  |  |  | $ | 2,212,680 |  |  |  |
(1) Weighted-average interest rate excludes amortization of deferred financing costs. (2) This loan was previously referred to as the "open-air centers and outparcels loan." 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, 2025 will be accreted over a weighted average period of 4.4 years. Non-recourse loans on operating properties, the 2032 non-recourse bank loan (previously referred to as 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 $1,769,615 at September 30, 2025. 2025 Loan Activity 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 (previously referred to as 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. 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 6.856%. 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. 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 include 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 outparcels 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 extending the initial maturity through October 2030, with one, two-year extension option for a final maturity in 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 $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. Subsequent to September 2025, the lender notified the Company that the loan secured by The Outlet Shoppes at Gettysburg was in maturity default. The Company is in discussions with the lender regarding modifying or extending the loan. See Note 15 for more information. 2024 Loan Activity 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. In August 2024, the Company used proceeds from the sales of Layton Hills Mall, Layton Hills Convenience Center, Layton Hills Plaza and 9 associated outparcels to partially paydown $46,000 and $18,297 on the outstanding principal balances of the secured term loan and the 2032 non-recourse bank loan (previously referred to as the "open-air centers and outparcels loan"), respectively. In conjunction with the partial paydown of the 2032 non-recourse bank loan, the Company recognized $819 of loss on extinguishment of debt related to a prepayment fee. Scheduled Principal Payments As of September 30, 2025, 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:
2025 (1) |  | $ | 683,121 |
2026 |  |  | 636,215 |
2027 |  |  | 11,194 |
2028 |  |  | 134,781 |
2029 |  |  | 7,939 |
2030 |  |  | 740,639 |
Thereafter |  |  | 59,832 |
Total mortgage and other indebtedness |  | $ | 2,273,721 |
(1) Reflects scheduled principal amortization for the period October 1, 2025 through December 31, 2025. Of the $683,121 of scheduled principal payments for the remainder of 2025, $673,942 relates to the maturing principal balances of The Outlet Shoppes at Gettysburg and the secured term loan. Subsequent to September 30, 2025, the lender notified the Company that it had met the extension test for the secured term loan. See Note 15 for more information. Interest Rate Hedge Instruments 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 September 30, 2025 |  |  | Maturity Date
Pay fixed/Receive variable swap |  | Intangible lease assets and other assets |  | $ | 32,000 |  |  | 1-month USD-SOFR CME |  | $ | 47 |  |  | Jun-27
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
Hedging Instrument - Interest Rate Swap |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Loss recognized in other comprehensive income (loss) |  | $ | (43 | ) |  | $ | (831 | ) |  | $ | (467 | ) |  | $ | (334 | )
Gain recognized in earnings (1) |  | $ | 83 |  |  | $ | 162 |  |  | $ | 246 |  |  | $ | 486 |
(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 $88 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, 2025, the Company did no t 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, 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.

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