Howard Marks' Oaktree Capital Management exited CBL & Associates Properties Inc (CBL) during 2026 Q2, according to the 13F-HR filed with the SEC on August 14, 2026, selling all 2.15M shares. The position had been worth about $82.8M at the prior quarter-end and carried 1.4% of the book. CBL had been in the portfolio for 4.5 years, since the quarter ended December 31, 2021.
What did the 2026 Q2 filing report for CBL?
As of June 30, 2026, from the 13F-HR filed August 14, 2026.
| Before | After | |
|---|---|---|
| Shares | 2.15M | 0 |
| Reported value | $82.8M | $0 |
| Portfolio weight | 1.4% | 0% |
| Held since | 2021 Q4 | sold out in 2026 Q2 |
| Quarters held | 18 |
What did Howard Marks sell?
Howard Marks sold 2.15M shares of CBL between the quarter ended March 31, 2026 and June 30, 2026. The CBL exit was the 7th largest of the quarter's 47 position changes by percent change to portfolio.
Where does CBL sit in the Howard Marks portfolio?
Before the sale, CBL carried 1.4% of the Howard Marks portfolio, about the fund's average stock position of 1%. The largest stock position is TRMD at 9.87%. Next come EXE at 8.99% and GTX at 5.18%. The three largest stocks together are 24.05% of the book. Across the 2026 Q2 portfolio, Howard Marks reported 51 stock positions, with 10 opened and 11 closed. The total portfolio value is about $5.3B, down 10% from the prior quarter.
How long has Howard Marks held CBL?
Howard Marks held CBL for 4.5 years, from the quarter ended December 31, 2021 to March 31, 2026. The weight peaked at 1.68% in 2024 Q3. Last quarter the fund had already cut the position by 14%, so the exit finishes a two-quarter unwind. Every reported trade is on the Howard Marks CBL trade history page.
FAQ
How many CBL shares did Howard Marks sell?
Howard Marks sold all 2.15M shares of CBL it reported a quarter earlier, worth about $82.8M.
When did Howard Marks first buy CBL?
Howard Marks first reported CBL in the quarter ended December 31, 2021.
How much of the Howard Marks portfolio was CBL?
CBL was 1.4% of the Howard Marks portfolio at the prior quarter-end, and 0% after the sale.