Neuberger Berman Municipal Fund Inc. (NBH) Balance Sheet
NBH balance sheet, FY2025
October 31, 2025 · U.S. dollars$569.5M assets = $231.7M liabilities + $337.8M equity
Both columns are drawn to the same scale: what NBH owns equals what it owes plus shareholders’ equity. Hover a block for its value.
NBH financial health
Descriptive bands, not a rating. Fiscal FY2025.
NBH balance sheet trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $485.9MFY2016 | $569.5MFY2025 | +1.8%/yr | |
| Total liabilities | $184.0MFY2016 | $231.7MFY2025 | +2.6%/yr | |
| Shareholders’ equity | $301.8MFY2016 | $337.8MFY2025 | +1.3%/yr | |
| Cash & short-term investments | $76,000FY2016 | $55,359FY2025 | −3.5%/yr | |
| Total debt | $179.4MFY2016 | $227.9MFY2025 | +2.7%/yr | |
| Net cash (debt) | −$179.3MFY2016 | −$227.8MFY2025 | −$48.5M | |
| Working capital | $3.0MFY2016 | −$3.7MFY2025 | −$6.7M | |
| Book value per share | $16.06FY2016 | $11.41FY2025 | −3.7%/yr | |
| Current ratio | 1.71FY2016 | 0.01FY2025 | −1.69 | |
| Debt / equity | 0.59FY2016 | 0.67FY2025 | +0.08 | |
| Shares outstanding | 18.8MFY2016 | 29.6MFY2025 | +5.2%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NBH assets
NBH liabilities and equity
NBH debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
NBH balance sheet
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $55,359 | $12.1M | $99,898 | $6.8M | $122,329 | $688,105 | $48,576 | $88,000 | $92,000 | $76,000 |
| Cash & equivalents | $55,359 | $12.1M | $99,898 | $6.8M | $122,329 | $688,105 | $48,576 | $88,000 | $92,000 | $76,000 |
| Receivables | $9.4M | $9.4M | $8.4M | $5.1M | $6.5M | $5.8M | $6.4M | $6.5M | $7.4M | $7.1M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $55,359 | $12.1M | $8.5M | $11.9M | $6.6M | $6.5M | $6.5M | $6.6M | $7.5M | $7.2M |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $560.0M | $565.5M | $546.1M | $363.9M | $446.2M | $138.1M | $454.7M | $447.7M | $467.5M | $478.5M |
| Other non-current assets | $9.4M | $9.4M | $22,581 | $20,859 | $21,817 | $306.4M | $20,178 | $19,000 | $19,000 | $170,000 |
| Total assets | $569.5M | $586.9M | $554.7M | $375.8M | $452.8M | $450.9M | $461.2M | $454.3M | $475.0M | $485.9M |
| Liabilities | ||||||||||
| Accounts payable | $3.3M | $6.2M | $9.8M | $1.6M | $1.8M | $2.7M | $2.2M | $1.6M | $4.0M | $4.2M |
| Short-term debt | — | — | — | — | $0 | $0 | $0 | $0 | $179.3M | $179.4M |
| Total current liabilities | $3.8M | $6.2M | $10.0M | $1.6M | $1.8M | $2.7M | $2.2M | $1.6M | $4.0M | $4.2M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $228.1M | $228.5M | $227.9M | $1.6M | $1.8M | $173.4M | $2.2M | $1.6M | $4.0M | $4.2M |
| Total liabilities | $231.7M | $234.7M | $238.4M | $167.7M | $172.6M | $173.4M | $173.0M | $181.3M | $183.7M | $184.0M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $398.3M | $402.9M | $404.7M | $258.5M | $258.4M | $258.1M | $257.9M | $258.0M | $258.3M | $267.7M |
| Retained earnings (deficit) | −$60.5M | −$50.6M | −$88.4M | −$50.3M | $21.9M | $19.4M | $30.3M | $15.0M | $5.6M | $7.3M |
| Accumulated other comprehensive income | — | — | — | — | — | — | — | — | $27.3M | — |
| Total shareholders' equity | $337.8M | $352.3M | $316.3M | $208.1M | $280.2M | $277.6M | $288.2M | $273.0M | $291.3M | $301.8M |
| Key figures | ||||||||||
| Total debt | $227.9M | $227.9M | $227.9M | $165.7M | $170.4M | $170.4M | $170.4M | $179.4M | $179.3M | $179.4M |
| Net cash (debt) | −$227.8M | −$215.8M | −$227.8M | −$158.9M | −$170.3M | −$169.7M | −$170.3M | −$179.3M | −$179.2M | −$179.3M |
| Working capital | −$3.7M | $5.9M | −$1.4M | $10.3M | $4.8M | $3.8M | $4.3M | $5.0M | $3.5M | $3.0M |
| Tangible book value | $337.8M | $352.3M | $316.3M | $208.1M | $280.2M | $277.6M | $288.2M | $273.0M | $291.3M | $301.8M |
| Book value per share | $11.41 | $11.89 | $10.68 | $11.05 | $14.88 | $14.75 | $15.33 | $14.63 | $15.53 | $16.06 |
| Shares outstanding | 29.6M | 29.6M | 29.6M | 18.8M | 18.8M | 18.8M | 18.8M | 18.7M | 18.8M | 18.8M |
| Current ratio | 0.01 | 1.96 | 0.86 | 7.29 | 3.59 | 2.43 | 2.94 | 4.09 | 1.87 | 1.71 |
| Quick ratio | 2.49 | 3.47 | 0.86 | 7.29 | 3.59 | 2.43 | 2.94 | 4.09 | 1.87 | 1.71 |
| Debt / equity | 0.67 | 0.65 | 0.72 | 0.80 | 0.61 | 0.61 | 0.59 | 0.66 | 0.62 | 0.59 |
| Equity / assets | 59.3% | 60.0% | 57.0% | 55.4% | 61.9% | 61.5% | 62.5% | 60.1% | 61.3% | 62.1% |
| Apr '26 | Oct '25 | Apr '25 | Oct '24 | Apr '24 | Oct '23 | Apr '23 | Oct '22 | Apr '22 | |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Cash & short-term investments | $90,333 | $55,359 | $9,110 | $12.1M | — | $99,898 | $252,273 | $6.8M | $296,990 |
| Cash & equivalents | $90,333 | $55,359 | $9,110 | $12.1M | — | $99,898 | $252,273 | $6.8M | $296,990 |
| Receivables | $9.1M | $9.4M | $14.9M | $9.4M | $9.0M | $8.4M | $5.2M | $5.1M | $6.5M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $0 | $0 | $0 | $0 | $14,678 | $0 | $0 | $0 | $0 |
| Total current assets | $9.2M | $55,359 | $14.9M | $12.1M | $9.0M | $8.5M | $5.5M | $11.9M | $6.8M |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $555.4M | $560.0M | $553.0M | $565.5M | $571.2M | $546.1M | $368.0M | $363.9M | $405.1M |
| Other non-current assets | $9,742 | $9.4M | $10,427 | $9.4M | $0 | $22,581 | $5,771 | $20,859 | $7,786 |
| Total assets | $564.7M | $569.5M | $567.9M | $586.9M | $580.2M | $554.7M | $373.5M | $375.8M | $411.9M |
| Liabilities | |||||||||
| Accounts payable | $3.8M | $3.3M | $8.4M | $6.2M | $2.2M | $9.8M | $1.4M | $1.6M | $2.2M |
| Short-term debt | — | — | — | — | $1.0M | — | — | — | $0 |
| Total current liabilities | $4.1M | $3.8M | $8.4M | $6.2M | $3.5M | $10.0M | $1.4M | $1.6M | $2.2M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $232.2M | $228.1M | $228.4M | $228.5M | $230.7M | $227.9M | $147.4M | $1.6M | $2.2M |
| Total liabilities | $232.2M | $231.7M | $236.8M | $234.7M | $231.7M | $238.4M | $1.4M | $167.7M | $172.9M |
| Shareholders' equity | |||||||||
| Common stock & paid-in capital | $398.3M | $398.3M | $402.9M | $402.9M | $404.7M | $404.7M | $258.5M | $258.5M | $258.5M |
| Retained earnings (deficit) | −$65.8M | −$60.5M | −$71.8M | −$50.6M | −$56.2M | −$88.4M | −$32.4M | −$50.3M | −$19.5M |
| Total shareholders' equity | $332.5M | $337.8M | $331.1M | $352.3M | $348.5M | $316.3M | $226.1M | $208.1M | $239.0M |
| Key figures | |||||||||
| Total debt | $227.9M | $227.9M | $227.9M | $227.9M | $228.9M | $227.9M | $145.7M | $165.7M | $170.4M |
| Net cash (debt) | −$227.8M | −$227.8M | −$227.9M | −$215.8M | −$228.9M | −$227.8M | −$145.4M | −$158.9M | −$170.1M |
| Working capital | $5.1M | −$3.7M | $6.5M | $5.9M | $5.5M | −$1.4M | $4.1M | $10.3M | $4.6M |
| Tangible book value | $332.5M | $337.8M | $331.1M | $352.3M | $348.5M | $316.3M | $226.1M | $208.1M | $239.0M |
| Book value per share | $11.23 | $11.41 | $11.18 | $11.89 | $11.77 | $10.68 | $12.00 | $11.05 | $12.68 |
| Shares outstanding | 29.6M | 29.6M | 29.6M | 29.6M | 29.6M | 29.6M | 18.8M | 18.8M | 18.8M |
| Current ratio | 2.26 | 0.01 | 1.77 | 1.96 | 2.54 | 0.86 | 3.96 | 7.29 | 3.07 |
| Quick ratio | 2.26 | 2.49 | 1.77 | 3.47 | 2.53 | 0.86 | 3.96 | 7.29 | 3.07 |
| Debt / equity | 0.69 | 0.67 | 0.69 | 0.65 | 0.66 | 0.72 | 0.64 | 0.80 | 0.71 |
| Equity / assets | 58.9% | 59.3% | 58.3% | 60.0% | 60.1% | 57.0% | 60.5% | 55.4% | 58.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed October 31, 2025); data from EODHD.
NBH financial position
At the end of fiscal 2025 (October 31, 2025), Neuberger Berman Municipal Fund had total assets of $569.5 million (down 3.0% from a year earlier), total liabilities of $231.7 million and shareholders' equity of $337.8 million. It held $0.1 million in cash and short-term investments against $227.9 million of debt, net debt of $227.8 million. Its current ratio was 0.01. In the latest quarter (ended April 30, 2026) total assets were $564.7 million and equity $332.5 million.
Related: NBH income statement, NBH key metrics. See the NBH stock overview for the latest quote and news.
NBH balance sheet FAQ
What are Neuberger Berman Municipal Fund's total assets?
Neuberger Berman Municipal Fund reported total assets of $569.5 million at the end of fiscal 2025 (October 31, 2025), compared with $586.9 million a year earlier.
How much debt does Neuberger Berman Municipal Fund have?
Neuberger Berman Municipal Fund had $227.9 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.67.
How much cash does Neuberger Berman Municipal Fund have?
Neuberger Berman Municipal Fund held $0.1 million in cash and short-term investments at the end of fiscal 2025; with $227.9 million of debt that is net debt of $227.8 million.
What is Neuberger Berman Municipal Fund's book value?
Neuberger Berman Municipal Fund's shareholders' equity (book value) was $337.8 million at the end of fiscal 2025, or $11.41 per share.
What is Neuberger Berman Municipal Fund's current ratio?
Neuberger Berman Municipal Fund had current assets of $0.1 million and current liabilities of $3.8 million, a current ratio of 0.01 (current liabilities exceed current assets).