BNY Mellon Strategic Municipals, Inc. (LEO) Balance Sheet

30Y historyFree accessUpdated daily

The fund's capital structure shows signs of distress, with total assets declining from $820.1 million in 2021Q4 to $648.0 million in 2026Q2 alongside a shift to a $73.4 million retained earnings deficit.

Annual statement

LEO Balance Sheet

BNY Mellon Strategic Municipals, Inc. (LEO) balance sheet — 30-year assets, liabilities & shareholders' equity history

Annual Quarterly

Metric	TTM	Sep'25	Sep'24	Sep'23	Sep'22	Sep'21	Sep'20	Sep'19	Sep'18	Sep'17	Sep'16	Sep'15	Sep'14	Sep'13	Sep'12	Sep'11	Sep'10	Sep'09	Sep'08	Sep'07	Sep'06	Sep'05	Sep'04	Sep'03	Sep'02	Sep'01	Sep'00	Sep'99	Sep'98	Sep'97	Sep'96

Cash & Short Term Investments	7.04M	106.57K	3.49M	6.23M	4.17M	799.06K	531.59K	574.23K	39.02K	679.33K	3.26M	1.71M	0	0	0	0	0	3.2M	0	0	400K	500K	0	0	100K	0	0	0	0	0	0
Cash & Due from Banks	86.57K	106.57K	3.49M	6.23M	4.17M	799.06K	531.59K	574.23K	39.02K	679.33K	3.26M	1.71M	0	0	0	0	0	3.2M	0	0	400K	500K	0	0	100K	0	0	0	0	0	0
Short Term Investments	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Investments	630.17M	637.5M	664.7M	606.84M	650.82M	809.18M	811.67M	854.8M	812.45M	814.88M	837.62M	816.04M	820.03M	813.17M	853.8M	796M	793.2M	782.9M	726.8M	856.2M	891.4M	838.4M	831.3M	821.6M	824.1M	835.6M	822.9M	540M	585.6M	583.4M	547.9M
Investments Growth %	7.3%	-4.09%	9.53%	-6.76%	-19.57%	-0.31%	-5.05%	5.21%	-0.3%	-2.72%	2.64%	-0.49%	0.84%	-4.76%	7.26%	0.35%	1.32%	7.72%	-15.11%	-3.95%	6.32%	0.85%	1.18%	-0.3%	-1.38%	1.54%	52.39%	-7.79%	0.38%	6.48%	-0.2%
Long-Term Investments	2.58B	637.5M	664.7M	606.84M	650.82M	809.18M	811.67M	854.8M	812.45M	814.88M	837.62M	816.04M	820.03M	813.17M	853.8M	796M	793.2M	782.9M	726.8M	856.2M	891.4M	838.4M	831.3M	821.6M	824.1M	835.6M	822.9M	540M	585.6M	583.4M	547.9M
Accounts Receivables	17.7M	8.7M	8.77M	0	9.69M	10.07M	11.01M	0	0	0	12.46M	12.86M	12.73M	13.21M	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Goodwill & Intangibles	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Goodwill	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
PP&E (Net)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Assets	59.19K	0	0	0	0	0	0	0	0	-814.88M	0	-816.04M	-820.03M	-813.17M	-853.8M	-796M	-793.2M	-782.9M	-726.8M	-856.2M	-891.4M	-838.4M	-831.3M	-821.6M	-824.1M	-835.6M	-822.9M	-540M	-585.6M	-583.4M	-547.9M
Total Current Assets	17.79M	8.84M	12.31M	17.11M	13.87M	10.87M	11.54M	12.3M	39.02K	13.55M	15.75M	14.59M	12.75M	13.23M	13.2M	14.3M	31.4M	17.6M	63M	22.4M	15.7M	15.6M	14.3M	21.4M	22.8M	16.6M	17M	11.3M	10.9M	12.5M	12.6M
Total Non-Current Assets	630.23M	637.5M	664.7M	606.84M	650.82M	809.18M	811.67M	854.8M	812.45M	814.88M	837.62M	816.04M	820.03M	813.17M	853.8M	796M	793.2M	782.9M	726.8M	856.2M	891.4M	838.4M	831.3M	821.6M	824.1M	835.6M	822.9M	540M	585.6M	583.4M	547.9M
Total Assets	648.02M	646.34M	677.01M	624.25M	664.72M	820.07M	823.27M	867.13M	825.33M	828.45M	853.37M	830.63M	832.78M	826.41M	867M	810.3M	824.6M	800.5M	789.8M	878.7M	907.1M	854M	845.7M	843.4M	847.1M	852.2M	839.9M	551.3M	596.6M	596M	560.6M
Asset Growth %	6.69%	-4.53%	8.45%	-6.09%	-18.94%	-0.39%	-5.06%	5.06%	-0.38%	-2.92%	2.74%	-0.26%	0.77%	-4.68%	7%	-1.73%	3.01%	1.35%	-10.12%	-3.13%	6.22%	0.98%	0.27%	-0.44%	-0.6%	1.46%	52.35%	-7.59%	0.1%	6.31%	-0.34%
Return on Assets (ROA)	2.27%	-1.98%	11.3%	0.79%	-14.99%	5.76%	0.94%	6.29%	0.63%	0.43%	4.64%	3.8%	9.54%	-4.71%	10.93%	2.72%	5.78%	8.87%	-4.16%	2.22%	5.17%	6.17%	5.4%	3.97%	3.12%	7%	6.12%	-2.41%	8.11%	8.06%	5.92%
Accounts Payable	10.07M	4.69M	6.06M	11.11M	2.92M	2.47M	638.07K	1.52M	1.59M	822.21K	5.24M	0	0	10.33M	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Debt	217.92M	139.04M	140.13M	141.49M	174.78M	195.86M	222.56M	246.23M	229.4M	148.57M	139.57M	146.13M	147.3M	132.04M	77.6M	77.9M	52M	0	25.3M	38.8M	39.2M	0	2.6M	500K	0	500K	0	0	300K	2.6M	0
Net Debt	217.83M	138.94M	-3.49M	135.26M	170.61M	195.06M	222.02M	245.65M	229.36M	147.9M	136.32M	144.42M	147.3M	132.04M	77.6M	77.9M	52M	-3.2M	25.3M	38.8M	38.8M	-500K	2.6M	500K	-100K	500K	0	0	300K	2.6M	0
Long-Term Debt	217.92M	139.04M	0	141.49M	174.78M	195.86M	222.56M	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Short-Term Debt	0	0	140.13M	0	174.78M	195.86M	222.56M	0	0	0	139.57M	146.13M	147.3M	132.04M	77.6M	77.9M	52M	0	25.3M	38.8M	39.2M	0	2.6M	500K	0	500K	0	0	300K	2.6M	0
Other Liabilities	78.97M	79.23M	78.73M	0	79.34M	79.4M	0	0	0	0	139.57M	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Current Liabilities	10.38M	4.69M	146.6M	11.39M	2.92M	2.02M	638.07K	2.07M	2.16M	1.42M	145.94M	147.04M	148.18M	143.85M	77.6M	77.9M	52M	500K	25.3M	38.8M	39.2M	600K	2.6M	500K	7M	500K	5.8M	400K	300K	2.6M	400K
Total Non-Current Liabilities	218.02M	218.27M	78.73M	141.49M	254.12M	275.26M	222.56M	246.23M	229.4M	148.57M	139.57M	146.13M	146.1M	129.3M	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Liabilities	228.4M	222.97M	225.34M	231.89M	178.13M	198.83M	223.69M	248.3M	231.55M	149.99M	145.96M	147.04M	148.18M	143.85M	79.3M	81.1M	60.3M	700K	26.2M	40.1M	48.7M	800K	4.5M	8.7M	7.3M	1.4M	6M	500K	900K	18.8M	500K
Total Equity	419.62M	423.37M	451.67M	392.36M	486.59M	621.24M	599.58M	618.83M	593.78M	678.46M	707.41M	683.59M	684.6M	682.56M	787.7M	729.1M	764.4M	799.8M	763.6M	838.6M	858.4M	853.3M	841.2M	834.7M	839.8M	850.7M	833.9M	550.8M	595.7M	577.2M	560.1M
Equity Growth %	5.08%	-6.27%	15.12%	-19.37%	-21.67%	3.61%	-3.11%	4.22%	-12.48%	-4.09%	3.48%	-0.15%	0.3%	-13.35%	8.04%	-4.62%	-4.43%	4.74%	-8.94%	-2.31%	0.6%	1.44%	0.78%	-0.61%	-1.28%	2.01%	51.4%	-7.54%	3.21%	3.05%	0.04%
Equity / Assets (Capital Ratio)	64.75%	65.5%	66.72%	62.85%	73.2%	75.75%	72.83%	71.37%	71.94%	81.9%	82.9%	82.3%	82.21%	82.59%	90.85%	89.98%	92.7%	99.91%	96.68%	95.44%	94.63%	99.92%	99.47%	98.97%	99.14%	99.82%	99.29%	99.91%	99.85%	96.85%	99.91%
Return on Equity (ROE)	3.48%	-2.99%	17.42%	1.17%	-20.09%	7.75%	1.31%	8.78%	0.82%	0.52%	5.62%	4.63%	11.58%	-5.42%	12.09%	2.97%	6%	9.02%	-4.34%	2.33%	5.32%	6.19%	5.44%	4.01%	3.14%	7.03%	6.15%	-2.42%	8.25%	8.2%	5.94%
Book Value per Share	6.74	6.80	7.25	6.30	7.81	9.98	9.64	9.95	9.46	11.30	12.94	11.05	11.07	11.04	12.77	11.90	12.51	13.16	12.57	13.81	14.17	14.08	13.88	13.87	14.18	14.53	14.24	9.41	10.22	10.02	9.88
Tangible BV per Share	6.74	6.80	7.25	6.30	7.81	9.98	9.64	9.95	9.46	11.30	12.94	11.05	11.07	11.04	12.77	11.90	12.51	13.16	12.57	13.81	14.17	14.08	13.88	13.87	14.18	14.53	14.24	9.41	10.22	10.02	9.88
Common Stock	62.29K	62.29K	62.29K	62.29K	62.29K	62.28K	62.21K	62.2K	62.2K	62.11K	61.97K	61.85K	61.85K	61.85K	100K	100K	100K	100K	100K	100K	100K	100K	100K	100K	100K	100K	100K	0	0	0	0
Additional Paid-in Capital	492.99M	492.99M	492.99M	492.99M	492.99M	492.86M	492.28M	493.64M	500.01M	528.49M	537.04M	536.11M	536.1M	536.03M	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Retained Earnings	-73.43M	-69.68M	-41.38M	-100.69M	-85.36M	49.41M	28.34M	46.23M	14.81M	114.17K	2.23M	4.92M	5.94M	-36.79M	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	0	0	0	-78.9M	0	0	0	0	29.62M	7.41M	25.58M	0	0	0	39.6M	-42.5M	-47.5M	-58.3M	-94.4M	-19M	2.2M	-3M	-15.2M	-17.7M	-4.1M	13.7M	-3M	-4.6M	42.7M	31.2M	23.5M
Treasury Stock	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Preferred Stock	0	0	0	78.9M	78.9M	78.9M	78.9M	78.9M	78.9M	142.5M	142.5M	142.5M	142.5M	183.25M	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0

Key Metrics

Growth RegimeContracting

ProfitabilityNegative

Balance SheetVulnerable

Cash FlowDeteriorating

Top Statement Risk

Interest rate leverage sensitivity

Asset Base Erosion and Contraction

As reported in financial statements, LEO's total assets have declined from $820.1 million in 2021Q4 to $648.0 million in 2026Q2, signaling a persistent contraction in the fund's capital base that reflects both market-driven valuation pressure and potential outflows within the closed-end structure.

The consistent downward trend in total assets suggests that the fund is struggling to maintain its scale in a high-interest-rate environment. This contraction warrants investor caution, as a shrinking asset base may lead to higher expense ratios and reduced flexibility in managing the underlying municipal bond portfolio.

Leverage Dynamics and Refinancing Risk

Based on recent SEC filings, LEO's debt-to-equity ratio has fluctuated significantly, reaching 0.52 in 2026Q2, which indicates that the fund's reliance on leverage remains a primary driver of its risk profile during periods of interest rate volatility and shifting municipal credit spreads.

The increase in debt from $139.0 million in 2025Q4 to $217.9 million in 2026Q2 suggests that management may be utilizing leverage to support distributions or manage liquidity needs. Investors should monitor whether this increased debt load creates a structural vulnerability if the cost of financing continues to rise relative to the yield on the bond portfolio.

Erosion of Retained Earnings Quality

According to the fund's balance sheet data, retained earnings have deteriorated from a positive $49.4 million in 2021Q4 to a deficit of $73.4 million in 2026Q2, highlighting a significant impairment in the fund's accumulated capital position over the observed period.

The shift into a persistent deficit in retained earnings suggests that the fund has been distributing capital in excess of its net investment income. This trend may indicate that the current dividend policy is not fully supported by organic earnings, potentially necessitating a re-evaluation of the fund's long-term distribution sustainability.

Tight Liquidity and Operational Buffers

As indicated by the provided financial data, LEO's current ratio has shown extreme volatility, dropping to 1.71 in 2026Q2 from a high of 5.39 in 2021Q4, which suggests a narrowing buffer against short-term operational or financing obligations.

The erratic nature of the current ratio, including a low of 0.08 in 2024Q4, implies that the fund's liquidity position is highly sensitive to the timing of debt maturities and cash distributions. This lack of a stable liquidity cushion may limit the fund's ability to navigate sudden market dislocations without forced asset sales.

LEO — Frequently Asked Questions

Quick answers to the most common questions about buying LEO stock.

What are the total assets of BNY Mellon Strategic Municipals, Inc. (LEO)?

As of 2025, BNY Mellon Strategic Municipals, Inc. (LEO) had total assets of $646.3M including $8.8M in current assets.

How much debt does BNY Mellon Strategic Municipals, Inc. (LEO) have?

BNY Mellon Strategic Municipals, Inc. (LEO) carries total debt of $139.0M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.

What is the book value or shareholders' equity of BNY Mellon Strategic Municipals, Inc.?

BNY Mellon Strategic Municipals, Inc. (LEO) has total shareholders' equity (book value) of $423.4M ($6.80 book value per share). Book value represents the net worth of the company belonging to common stock holders.

What is BNY Mellon Strategic Municipals, Inc.'s current ratio and liquidity?

BNY Mellon Strategic Municipals, Inc. (LEO) reported a current ratio of 1.88x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.