At September 30, 2025, the Company had investments in 24 entities, which are accounted for using the equity method of accounting. All investments in unconsolidated affiliates were similar in nature and the entities all were developing or held and operated real estate assets.

The Company had three unconsolidated affiliates with its ownership interests ranging from 33% to 49%, 16 unconsolidated affiliates owned in 50/50 joint ventures and four unconsolidated affiliates with ownership interests of 65%.

Although the Company had majority ownership of certain joint ventures during 2025 and 2024, it evaluated the investments and concluded that the other partners or owners in these joint ventures had substantive participating rights, such as approvals of:

As a result of the joint control over these joint ventures, the Company accounts for these investments using the equity method of accounting.

Additionally, the Company deconsolidated a wholly owned investment as a result of losing control when the property went into receivership.

In March 2025, the Company transferred title of the mall to the mortgage holder in satisfaction of the non-recourse debt secured by the property, which had a balance of $41,122.

Subsequent to September 2025, the loan secured by the former JC Penney parcel at Northgate Mall was paid off with the proceeds from the sale of the parcel. See Note 15 for more information

In March 2025, the Company and its joint venture partner sold an outparcel. The sale resulted in total gross proceeds of $2,400 and the Company recognized a gain of $1,035 at the Company's share.

Subsequent to September 2025, the Company sold its interest in the property to its joint venture partner. See Note 15 for more information.

In September 2025, the Company entered into a forbearance agreement on the loan secured by Coastal Grand Mall and Coastal Grand Crossing that waived default interest and extended the maturity date through August 2028. In addition to the existing contractual interest rate, the forbearance agreement provides for default interest on the outstanding loan balance of 1%, 2% and 3% for each respective year of the forbearance agreement.

Subsequent to September 30, 2025, the Company exercised the extension option on the loan secured by Coastal Grand Mall - Dick's Sporting Goods. See Note 15 for more information.

In February 2025, the Company and its joint venture partner exercised the one-year extension option on the loan secured by the Pavilion at Port Orange, which extends the maturity date through February 2026.

In April 2025, the Company and its joint venture partner sold an outparcel. The sale resulted in total gross proceeds of $1,300 and the Company recognized a gain of $832 at the Company's share.

In September 2025, the Company and its joint venture partner closed on a new $43,000, five-year non-recourse loan, which bears a fixed interest rate of 5.933% and used the net proceeds to retire the previous loan.

In March 2025, the loan secured by York Town Center was extended for six months through September 2025. In August 2025, the loan secured by York Town Center was extended through June 2026 and the interest rate was increased to 6%.

In July 2025, the loan secured by Southpark Mall entered default and the property was placed into receivership. As of September 30, 2025, the loan secured by Southpark Mall had an outstanding balance of $48,271. For the three and nine months ended September 30, 2025, the Company recognized gain on deconsolidation of $33,851. The Company anticipates returning the property to the lender.

Subsequent to September 30, 2024, the $3,062 loan secured by the former Sears parcel at Northgate Mall was paid off using proceeds from the sale of that parcel.

In September 2024, construction was completed and the Company's full payment guaranty of the construction loan was released.

Subsequent to September 30, 2024, the loan secured by The Outlet Shoppes of the Bluegrass was paid off using proceeds from a new loan.

In August 2024, the Company was notified by the lender that the loans secured by Coastal Grand Mall and Coastal Grand Crossing were in maturity default.

Subsequent to September 30, 2024, the Company was notified by the lender that the loan secured by Coastal Grand Dick's Sporting Goods was in maturity default. As previously discussed, in September 2025, the Company entered into a forbearance agreement that waived default interest and extended the maturity date through August 2028.

In July 2024, the loan secured by Hamilton Place Aloft Hotel was modified and extended. The modified loan bears a fixed interest rate of 7.2% and matures in June 2029.

Subsequent to September 30, 2024, the Company and its joint venture partner entered into new non-recourse loans secured by Hammock Landing, which total $45,000.

In May 2024, the Company transferred title of the mall to the mortgage holder in satisfaction of the non-recourse debt secured by the property, which had a balance of $28,661.

Condensed combined financial statement information of the unconsolidated affiliates is as follows:


	September 30, 2025			December 31, 2024
ASSETS:
Investment in real estate assets	$	1,336,444		$	1,284,494
Accumulated depreciation		(604,249	)		(576,289	)
		732,195			708,205
Developments in progress		5,419			32,114
Net investment in real estate assets		737,614			740,319
Other assets		146,865			156,363
Total assets	$	884,479		$	896,682
LIABILITIES:
Mortgage and other indebtedness, net	$	774,359		$	780,536
Other liabilities		30,240			36,253
Total liabilities		804,599			816,789
OWNERS' EQUITY:
The Company		79,362			76,607
Other investors		518			3,286
Total owners' equity		79,880			79,893
Total liabilities and owners’ equity	$	884,479		$	896,682


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Total revenues	$	45,121	$	63,450	$	133,959	$	191,322
Net income (1)	$	10,238	$	7,578	$	62,784	$	42,170

(1)

The Company's pro rata share of net income was $1,696 and $7,084 for the three months ended September 30, 2025 and 2024, respectively. The Company's pro rata share of net income was $15,046 and $18,826 for the nine months ended September 30, 2025 and 2024, respectively.

The Operating Partnership and certain of its subsidiaries are VIEs primarily because the limited partners of these entities do not collectively possess substantive kick-out or participating rights.

The Company consolidates the Operating Partnership because it is the primary beneficiary. The Company, through the Operating Partnership, consolidates all VIEs for which it is the primary beneficiary. Generally, a VIE is a legal entity in which the equity investors do not have the characteristics of a controlling financial interest or the equity investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. A limited partnership is considered a VIE when the majority of the limited partners unrelated to the general partner possess neither the right to remove the general partner without cause, nor certain rights to participate in the decisions that most significantly affect the financial results of the partnership. In determining whether the Company is the primary beneficiary of a VIE, the Company considers qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE’s economic performance and which party controls such activities; the amount and characteristics of the Company's investment; the obligation or likelihood for the Company or other investors to provide financial support; and the similarity with and significance to the Company's business activities and the business activities of the other investors.

As of September 30, 2025, the Company had investments in 10 consolidated VIEs with ownership interests ranging from 50% to 92%.

The table below lists the Company's unconsolidated VIEs as of September 30, 2025:


Unconsolidated VIEs:	Investment in Real Estate Joint Ventures and Partnerships		Maximum Risk of Loss
Ambassador Infrastructure, LLC (1)	$	—	$	2,797
Atlanta Outlet JV, LLC		—		—
BI Development, LLC		81		81
El Paso Outlet Center Holding, LLC		—		—
Fremaux Town Center JV, LLC (2)		—		—
Louisville Outlet Shoppes, LLC		—		—
Mall of South Carolina L.P.		—		—
Southpark Mall CMBS, LLC		—		—
Vision - CBL Hamilton Place, LLC		3,702		3,702
Vision - CBL Mayfaire TC Hotel, LLC		6,117		6,117
	$	9,900	$	12,697

(1)

The Operating Partnership has guaranteed all or a portion of the debt. See Note 12 for more information.

(2)

Subsequent to September 2025, the Company sold its interest in the property to its joint venture partner. See Note 15 for more information.