Cbl & Associates Properties Inc Liquidation Value
Cash & Equivalents
Key Metrics
Cash Liquidation Value
- Operating Lease Liability: not reported in this period (annual-only)
- Finance Lease Liability: not reported
Liquid Liquidation Value
- Operating Lease Liability: not reported in this period (annual-only)
- Finance Lease Liability: not reported
Operating Liquidation Value
- Operating Lease Liability: not reported in this period (annual-only)
- Finance Lease Liability: not reported
- Inventory: not reported
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Liquidation Ladder
| Metric | Total | Per Share |
|---|---|---|
| Cash Liquidation Value | $-1.96B | $-63.20 |
| Liquid Liquidation Value | $-1.95B | $-63.15 |
| Operating Liquidation Value | $-1.95B | $-63.15 |
Key Components (as of 2026-03-31)
| Cash & Equivalents | $122.74M |
| Accounts Receivable | $1.71M |
| Inventory | N/A |
| Current Liabilities | $2.10B |
| Long-term Debt (?) | $-24.54M |
| Op. Lease Liability (?) | N/A |
| Finance Lease (?) | N/A |
| Shares Outstanding | 30.9M |
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Historical
| Period | Cash | AR | Inventory | AP | Curr Liab | LT Debt | Op Lease | Fin Lease |
|---|---|---|---|---|---|---|---|---|
| 2026-03-31 | $122.74M | $1.71M | N/A | N/A | N/A | $-24.54M | N/A | N/A |
| 2025-12-31 | $42.29M | $1.56M | N/A | N/A | N/A | $2.17B | N/A | N/A |
| 2025-09-30 | $52.59M | $864,000 | N/A | N/A | N/A | $2.18B | N/A | N/A |
SEC Filings
| Period | Form | Filed | Link |
|---|---|---|---|
| 2026-03-31 | 10-Q | 2026-05-08 | View |
| 2025-12-31 | 10-K | 2026-03-03 | View |
| 2025-09-30 | 10-Q | 2025-11-07 | View |
| 2025-06-30 | 10-Q | 2025-08-06 | View |
| 2025-03-31 | 10-Q | 2025-05-05 | View |
| 2024-12-31 | 10-K | 2025-03-03 | View |
| 2024-09-30 | 10-Q | 2024-11-12 | View |
| 2024-06-30 | 10-Q | 2024-08-09 | View |
AI Insights
CBL & Associates Properties (CBL) is a retail-focused REIT operating 87 properties across 23 states, emerging from a 2021 Chapter 11 bankruptcy with a balance sheet reflecting fresh-start accounting adjustments including legacy debt discounts. Under a liquidation lens, the recovery posture for equity is deeply negative. MFFAIS reports a cash liquidation value of approximately -$1.96B and operating liquidation value of -$1.95B as of March 31, 2026.
On the asset side, gross real estate at cost is $2.25B with accumulated depreciation of $371M, yielding net PP&E of $1.88B. Applying a 50-70% liquidation haircut to real estate generates recoverable value of $940M-$1.32B. Cash and restricted cash total $213M (100% recovery). Equity method investments of $84M are of uncertain secondary-market value. In-place lease intangibles of $137M receive a 0% haircut as they are tenant-dependent and extinguish on wind-up. Accounts receivable of $39M recover at 90-95% ($35-37M). Total gross liquidation asset recovery is roughly $1.2B-$1.6B under standard assumptions.
On the liability side, the key burden is consolidated mortgage debt with a face principal balance of approximately $2.17B (book carrying value net of $66M discount and $26M deferred financing costs). Under the liquidation lens, liabilities are held at face value: the discounts reverse and gross debt is approximately $2.17B consolidated principal. Additionally, accounts payable and accrued liabilities total $179M, minority interest is slightly negative (-$11M). Total liabilities at face approximates $2.26B per the balance sheet.
The structural result: even at the high end of real estate recovery assumptions, liquidated assets fail to cover consolidated liabilities by several hundred million dollars, confirming deeply negative equity recovery consistent with MFFAIS estimates.
Key changes from the prior 10-K (December 31, 2025): Consolidated face-value debt declined modestly from $2.26B to $2.17B (net of DFC/discounts) following Q1 2026 debt activity. The company refinanced the prior secured term loan in Q1 2026, executing a $425M Goldman Sachs non-recourse loan (March 13, 2026) and a $176M Beal Bank floating-rate loan (March 27, 2026), and simultaneously amended the 2032 non-recourse bank loan. Variable-rate debt as a percentage of pro-rata share fell sharply from 28.7% to 10.9% quarter over quarter, reducing interest rate exposure. Jefferson Mall was placed into receivership and deconsolidated in Q1 2026, generating a $35.3M accounting gain. The $67.7M DebtDefaultLongtermDebtAmount tag signals that certain loans remain in or at risk of technical default status (past maturity), consistent with ongoing receivership activity. Weighted-average remaining debt term is 3.4 years. The filing does not separately tag the $96.9M 'Other Debt' receivership-related loan balance in XBRL—this is disclosed in MD&A debt schedule footnotes but treated outside consolidated balance sheet.
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