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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Name of Issuer)

(Title of Class of Securities)

(CUSIP Number)

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

X0202 SCHEDULE 13D/A 0001074034 XXXXXXXX LIVE 5 Common Stock, $0.001 par value 05/22/2026 false 0000910612 124830878 CBL & Associates Properties, Inc. 2030 Hamilton Place Blvd., Suite 500 Chattanooga TN 37421 Canyon Partners, LLC (214) 253-6000 2728 North Harwood Street, 2nd Floor Attention: Jonthan M. Kaplan Dallas TX 75201 Copy to: Robert W. Downes (212) 558-4312 Sullivan & Cromwell LLP 125 Broad Street New York NY 10004 0001074034 N Canyon Capital Advisors LLC AF N DE 7416294 0 7416294 0 7416294 N 24.0 IA 0001766581 N Mitchell R. Julis AF N X1 0 7416294 0 7416294 7416294 N 24.0 IN 0001766767 N Joshua S. Friedman AF N X1 0 7416294 0 7416294 7416294 N 24.0 IN Common Stock, $0.001 par value CBL & Associates Properties, Inc. 2030 Hamilton Place Blvd., Suite 500 Chattanooga TN 37421 This Amendment No. 5 (this "Amendment No. 5") supplements the information set forth in the Schedule 13D filed by Canyon Capital Advisors LLC ("CCA"), Mr. Mitchell R. Julis, Mr. Joshua S. Friedman and Mr. Jonathan M. Heller (collectively, the "Reporting Persons") with the United States Securities and Exchange Commission (the "SEC") on November 9, 2021, as amended by Amendment No. 1 thereto filed on February 7, 2022, by Amendment No. 2 thereto filed on March 2, 2022, by Amendment No. 3 thereto filed on August 10, 2022 and by Amendment No. 4 thereto filed on October 16, 2024 (the "Schedule 13D") relating to the shares of common stock, $0.001 par value per share (the "Common Stock"), of CBL & Associates Properties, Inc., a Delaware corporation (the "Issuer"). This Amendment No. 5 is being filed to reflect a sale of shares of Common Stock by the Reporting Persons on May 22, 2026 resulting in a decrease in the Reporting Persons' beneficial ownership by more than 1% of the outstanding Common Stock. The Reporting Persons' beneficial ownership percentage has been calculated based on 30,944,758 shares of Common Stock outstanding as of May 6, 2026, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on May 8, 2026. The Issuer's principal executive offices are located at 2030 Hamilton Place Blvd., Suite 500, Chattanooga, TN 37421. All capitalized terms contained herein but not otherwise defined shall have the meanings ascribed to such terms in the Schedule 13D. The information set forth in response to each separate Item below shall be deemed to be a response to all Items where such information is relevant. The Schedule 13D is hereby supplementally amended as follows: See rows (11) and (13) of the cover pages to this Schedule 13D for the aggregate number of shares of Common Stock. The percentage reported in this Schedule 13D is calculated based upon 30,944,758 shares of Common Stock outstanding as of May 6, 2026, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on May 8, 2026. See rows (7) through (10) of the cover pages to this Schedule 13D for the number of shares of Common Stock. On May 22, 2026, CCA, with respect to the shares of Common Stock directly held by certain managed accounts ("Accounts") with respect to which it acts as investment advisor, sold an aggregate of 1,050,000 shares of Common Stock for the account of those Accounts at $46.44 per share through open market transactions. No person other than the Reporting Persons and the Accounts is known to have the right to participate in the receipt of dividends from, or proceeds from the sale of, the shares of Common Stock held by the Accounts. Not applicable. Exhibit 99.1: Joint Filing Agreement as required by Rule 13d-1(k)(1) under the Act (incorporated by reference to Exhibit 99.1 to Schedule 13D filed by the Reporting Persons with the SEC on November 9, 2021). Exhibit 99.2: Commitment Letter, by and among the Issuer, the Operating Partnership, CCA and other commitment parties thereto, dated as of April 26, 2021 (incorporated by reference to Exhibit 99.2 to Schedule 13D filed by the Reporting Persons with the SEC on November 9, 2021). Exhibit 99.3: Registration Rights Agreement, by and among the Issuer and the other parties thereto and any additional parties identified on the signature pages of any joinder agreement executed and delivered pursuant thereto, dated as of November 1, 2021 (incorporated by reference to Exhibit 10.5 to Form 8-K filed by the Issuer with the SEC on November 2, 2021). Exhibit 99.4: Exchangeable Notes Indenture, by and among the New Notes Issuer, the guarantors thereto, the Issuer, Wilmington Savings Fund Society, FSB, as trustee and collateral agent, dated as of November 1, 2021 (incorporated by reference to Exhibit 10.3 to Form 8-K filed by the Issuer with the SEC on November 2, 2021). Exhibit 99.5: Director Resignation Agreement, between Canyon Partners LLC and Jeffrey Kivitz, dated as of August 9, 2022 (incorporated by reference to Exhibit 99.5 to Amendment No.3 to Schedule 13D filed by the Reporting Persons with the SEC on August 10, 2022). Canyon Capital Advisors LLC /s/ Doug Anderson Doug Anderson, Chief Compliance Officer 05/26/2026 Mitchell R. Julis /s/ Mitchell R. Julis Mitchell R. Julis 05/26/2026 Joshua S. Friedman /s/ Joshua S. Friedman Joshua S. Friedman 05/26/2026