As of Q4'25, Realty Income Corp (O) reported cash and short-term investments at $435M USD, reflecting a modest increase from $417M in Q3'25 but remaining below the peak of $800M in Q2'25. In contrast, total debt stood at $28.8B USD, up slightly from $28.4B in Q3'25 and continuing a steady upward trajectory over the period. From Q1'23 to Q4'25, cash and short-term investments exhibited volatile growth, rising sharply from $165M to a high of $800M in Q2'25 before declining to $435M, with notable peaks in Q1'24 ($680M) and Q2'25 amid fluctuating operational needs. Debt, however, showed consistent expansion from $18.9B to $28.8B, increasing by over 52% overall and accelerating post-Q4'23, underscoring a strategy of leveraging to support real estate acquisitions while liquidity remains variable. This dynamic highlights improving but uneven cash positions against mounting long-term obligations, warranting monitoring of debt-to-cash ratios for financial stability.