As of Q1'26, Realty Income Corp (O) reported cash and short-term investments at $374M USD, reflecting a modest decline from $435M USD in Q4'25, while total debt stood at $0, indicating a complete payoff or restructuring of liabilities for the period. This marks a significant shift in the company's balance sheet, with cash levels remaining positive but fluctuating amid broader financial maneuvers. Over the period from Q2'23 to Q1'26, cash and short-term investments exhibited volatile trends, starting at $254M USD, peaking at $800M USD in Q2'25, and showing no clear upward or downward trajectory with notable spikes in Q1'24 ($680M USD) and Q2'25. In contrast, debt steadily increased from $19.6B USD in Q2'23 to a high of $28.8B USD in Q4'25 before dropping to zero in Q1'26, highlighting a pattern of aggressive borrowing followed by substantial deleveraging. This dynamic suggests improved liquidity and reduced financial risk in the latest quarter, though the prior debt accumulation may have supported expansion or acquisitions.