Cbl & Associates Properties INC

• Alluvial Capital Management Third Quarter 2025 Letter to Limited Partners ↗ Alluvial Fund trimmed Zegona Communications for risk control while retaining conviction in asset sales, deleveraging and operating improvements. The portfolio added to PHI Group and backed FitLife Brands’ Irwin Naturals acquisition, while awaiting property sales, refinancing and earnings growth at several out-of-favor holdings. Third Quarter 2025 ZEG $5.3BCBL $1.5BFTLF $85M +4
• Alluvial Capital Management Q1 2025 Letter to Limited Partners ↗ Alluvial Fund credited its London-listed Zegona Communications and McBride holdings for offsetting a weak small-cap backdrop, while arguing that both remain undervalued. The fund backed cement producers, discounted real estate and office assets, sold Supremex and BankFirst to fund better opportunities, and expects asset sales and portfolio upgrades at Net Lease, Peakstone and CBL to unlock value. First Quarter 2025 BFCC $334MCBL $1.5BGTX $4.9B +6
• Alluvial Capital Management Q4 2024 Letter to Limited Partners ↗ Alluvial Fund centers its case on Net Lease Office Properties’ liquidation, expecting debt repayment and property-sale distributions to narrow a large discount to asset value. New holdings Titan Cement and CBL & Associates pair discounted tangible assets with catalysts including a US listing, debt reduction, asset sales and reinvestment in stronger properties. Fourth Quarter 2024 NLOP $142MCBL $1.5BGTX $4.9B +3

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