Fourth week of July 2026

This week was an exception to our usual routine. We did not increase our future income at all. There were no new purchases, no dividend increases and no other changes. The reason is simple. Our cash reserves are currently quite low, and we have a large insurance bill coming up. The available cash is also spread across portfolios in a way that makes purchases inefficient. We are waiting for next week’s dividends before making new buys, but we will continue purchasing in the near future, even if only in very small amounts.

Income this week

The only exception to not increasing our future income was the Main Street Capital DRIP. Our broker settled it unusually late, and we received the share on Friday. Its value was 46,51 €, and it will increase our monthly income starting in August. The rest of the income this week was:

• 15,61 € from remainder of MAIN DRIP
• 5,82 € from Transcontinental
• 48,76 € from Saratoga Investment
• 140,05 € from Kesko
• 19,54 € from MSC Industrial Direct

Total dividend income for the week was 276,29 €, which is above our average. As mentioned earlier, the distribution of this income is a challenge. The dividends arrived in different currencies and into different portfolios, leaving only small cash positions in each. Some of this cash will likely be reinvested after next week’s dividends arrive, but part of it will remain untouched until the insurance payment is handled and we can transfer more money into that portfolio.

Total dividend income for July now stands at 805,62 €. This means we have already broken our previous July record of 754,73 €, and there are still dividends to come before the month ends. We also crossed the 10 000 € mark in cash received during 2026. Our total net dividend income for the year is now 10 120,86 €. At the moment, July’s dividend income is 35,33 percent higher than last year.

 

 

July 2026 Mid‑Month

This week turned out to be more eventful than usual. Not so much on the dividend side, but definitely on the purchasing side. We were more active there than we normally are.

 Income this week

Dividend income was solid, although almost everything arrived on Wednesday. Only one very small payment came on Friday. As is typical for the middle of the month, the total was strong, almost two hundred euros, which is at the upper end of our usual weekly range.

The dividends were:

• 19,38 € from Exchange Income
• 7,39 € from Northland Power Inc
• 47,88 € from Realty Income
• 75,12 € from Blue Owl Capital
• 0,02 € from Dynacor
• 3,32 € from Apple Hospitality Reit
• 39,67 € from Main Street Capital

Together these add up to 192,78 €, which is very good. Total passive income for July now stands at 529,33 €, which is 89,9 percent of last year’s July total. We still have a substantial amount of dividends coming in, so we already know that this July will surpass last year. There is a small chance that it will not become our best July ever, and that depends mostly on currency rates. Our estimate is that we will end up somewhere in the 760 to 780 euro range, which would beat the current record of 754,73 €.

Looking ahead, Nordea has shifted to semiannual dividend payments, and the first interim dividend will be paid in August. It is large enough to guarantee that August will also become our best August ever.

 

Building the future

This week was more active on the purchasing side. We completed two buying programs.

The first finished position was Boston Pizza Royalties. Our holdings increased to 100 units after buying 33,5045 units at 23,51983 CAD. This was larger than our typical weekly purchase, and the additional income will start already at the end of this month.

The second completed position was Canadian Net Reit. We bought 208 units at 6,90529 CAD, which brought the position to its planned size of 2000 units. The ex‑date for July had already passed, so the higher dividend flow begins in August.

Other purchases during the week were:

• 8,5217 shares of Acomo NV @23,14679 €
• 0,2225 shares of Bank of Montreal @257,48350 CAD
• 9,6304 shares of Golub Capital BDC @13,30163 CAD 

Rest‑of‑Year Expectations

Looking at how the months have developed so far and what our calculations suggest, we are already confident that we will surpass the record year 2022, when we sold almost all of our holdings at the end of December. At the moment our income level matches October 2022, even though it is only mid‑July.

We expect the remaining months to bring roughly 500 to 700 euros each, and our weekly income continues to grow. There is also a possibility that we will sell some fixed non‑income assets, which could provide a substantial boost to our investment capital. These purchases would increase this year’s income until the end of October. After October they no longer have a meaningful impact on 2026, but they will strengthen next year’s results.

Total income for 2026 will most likely end up around 13 000 euros after taxes.

First full week of July 2026

First full week was quiet but not entirely without activity. We received some passive income and made a few purchases, so let’s start with the income as usual.

Weekly Income

We received a small amount of interest from June. These were expected to arrive last Friday, but they were posted to our account on Tuesday instead. The interest payment was 17,53 euros. We also received the regular monthly distribution from our co‑op investments. The co‑ops paid 20,70 euros, which will be automatically invested into the Europe index fund.

The rest of the income came from dividends:

• 27,20 € from Cibus Nordic
• 6,88 € from Keurig DrPepper
• 19,08 € from Hannon Armstrong Sustainable Infrastructure
• 19,36 € From Restaurant Brands International

In total, passive income for the week amounted to 110,75 euros, which is a very typical level. With this, our July income now stands at 336,55 euros.

Purchases

We made a few purchases during the week as we still had some cash available. The additions to the portfolio were the following:

• 15,6233 shares of Dynex Capital @13,31348 USD
• 1,1766 shares of Verizon @43,21775 USD
• 17 shares of Kesko A @19,47765 €

These purchases will bring a small amount of extra dividends already this year, and they strengthen the long‑term income stream as well.

  

End of the Q2 2026

June is behind us and so is the second quarter, which makes this a good moment to recap the portfolio. This quarter included unusually large movements, mostly because of a one‑time event: we exited our largest investment fund.

The fund was highly illiquid and largely non‑transparent in terms of valuation. Its value was updated only once per year, and withdrawals followed the same annual cycle. The only reason to hold it was that it formed part of an incentive plan from a former employer, where yearly payments were tied to agreed targets and salary. In practice it functioned as an additional long‑term bonus scheme.

Because of the exit, cash levels were atypically high at the end of Q2 and the share of investment funds dropped sharply. This also meant higher taxes. Out of curiosity, June’s tax payments amounted to almost 9,000 euros, excluding VAT.

Equities continued to grow quarter over quarter. Individual stock values dipped early in Q2 but recovered towards the end, resulting in almost €20,000 of additional value. That is a solid increase in invested capital.

The investment loan continues to decline at a steady pace thanks to the fixed amortization structure, reducing the principal by roughly €1,000 per quarter. There is no rush to pay it off, as the terms are excellent and the cost of debt remains below 3%.

Looking at the full twelve‑month period, the portfolio has developed very steadily. The net investment portfolio increased from 193,764 euros to 227,650 euros, which means a yearly gain of almost 34,000 euros. In relative terms this is roughly a 17.5 percent increase, a strong result considering that the year also included structural changes and the introduction of an investment loan. The gross portfolio grew even more, rising from 193,764 euros to 265,984 euros. That is more than 72,000 euros of additional assets within a year, reflecting both new investments and the overall appreciation of the holdings. 

Investment portfolio

Asset class	30th Jun 25	30th Sep 25	31st Dec 25	31st Mar 26	30th Jun 26
Cash	16 328,29 €	2 470,49 €	4 187,44 €	4 212,14 €	14 366,96 €
Investment funds	14 787,19 €	14 768,72 €	14 870,93 €	14 717,62 €	2 120,04 €
Coop memberships	1 500,00 €	1 500 €	1 600 €	1 600 €	1 600 €
Shares	161 148,83 €	173 833,68 €	183 112,10 €	228 664,73 €	247 896,56 €
Gross investment portfolio	193 764,31 €	192 572,89 €	201 530,75 €	249 194,49 €	265 983,56 €
Investment loan	0 €	0 €	0 €	39 333,32 €	38 333,30 €
Net investment portfolio	193 764,31 €	192 572,89 €	201 530,75	209 861,17	227 650,26 €

Then to the normal agenda. This week turned out to be exceptionally strong, especially considering the time of the year. Starting with June, the month brought in dividends from the following holdings:

• 5,95 € from Gladstone Investment BDC
• 44,77 € from Main Street Capital
• 3,71 € from Gladstone Commercial Reit
• 10,35 € from Golub Capital BDC
• 31,67 € from A&W
• 4,35 € Boston Pizza Royalties
• 16,49 € from Canadian Net Reit
• 15,73 € from LTC Properties.
• 53,72 € from Simon Property Group
• 108,23 € from Ares Capital. 

These brought our total dividend income for June to 912,62 euros, making it the second‑best June ever, which was a pleasant surprise.

July also started with a few unexpected events. The first one, a positive one, was that we received the MAIN DRIP during the same week as the extra dividend. Usually the DRIP arrives about a week later than the cash payment. This time we received one additional MAIN share valued at 44,77 euros and 25,43 euros in cash. The second surprise was less positive: the June interest payments did not arrive on Friday as expected but were postponed to Monday.

The rest of the week brought the following July dividends:

• 56,34 € from National Australia Bank
• 28,41 € from Telus
• 47,18 € from Eurocommercial Properties
• 23,06 € from Dynex Capital 
• 0,64 € from Iron Mountain

With these, July dividend income now stands at 226,35 euros. We have already passed the total dividends received in 2025 and currently sit in second place in our year‑to‑year ranking. Based on our projections, we are on track to finish clearly in first place, surpassing the record set in 2022.

Then to building the future. Our activity in buying stocks has been relatively low lately because of all the upcoming tax payments. Now that those taxes are settled and one fund has been cashed out, the situation has changed. This week’s investment volume has been unusually high. We first had a longer quiet period, then a sharp increase, and we expect the activity to normalize again in the near future. This week purchases were:

• 10 shares of Kesko A @19,86 €
• 4 shares of Kone @50,98 €
• 0,3703 shares of Bank of Montreal @252,38995 CAD
• 4,9932 shares of Verizon @42,88833 USD
• 145 shares of Washington H. Soul Pattinson @45,326 AUD
• 24,4468 shares of Emera @76,10894 CAD
• 721 shares of Canadian Net Reit

These purchases will increase our 2026 income approximately by 140 €. 

Last full week of June 2026

This week was fairly typical for us. Nothing special happened, but a few milestones were reached. On the dividend side, the week landed again in our usual 100–200 € range.

Dividend Income for the Week

We received a total of 144.29 € in passive income, broken down as follows:

• 47.56 € from Saratoga Investment
• 1 share of Main Street Capital (valued at 44.68 €)
• 15.04 € as a remainder from the MAIN DRIP 
• 37.01 € from Midcap Financial Investment Corp 

June’s Position Secured

With these dividends, June officially became our third‑best June ever. Even though more dividends are still expected, they won’t be enough to push the month any higher in the rankings.

More importantly:

• We can now be confident that by the end of June our passive income will exceed last year’s total.
• Current estimates indicate that this will be our best passive‑income year ever. 

This means we have finally reached the same passive‑income level we had before selling most of our holdings in December 2022. Rebuilding that income stream took 3.5 years.

Debt Levels and Overall Situation

Although we have taken on some new loans since repaying everything in December 2022, our financial position is significantly stronger today:

• Our current debt level is less than one‑third of what it was in December 2022.
• Margins are much lower.
•  Our base rate is now 3‑month Euribor, instead of the previous 12‑month Euribor.

Overall, the passive‑income stream has been restored, the balance sheet is lighter, and the structural risk is lower. The portfolio is now more stable than it was before the 2022 divestments.

 

Purchases of the week

As mentioned earlier, our cash situation is currently quite tight. We recently paid a large amount of last year’s taxes, and in addition we allocated a notable sum toward our upcoming holiday. We also added a small design element to our home, something decorative rather than a typical household purchase, and this naturally shows in our weekly spending.

Even with these constraints, we still made one small but meaningful investment purchase. We bought 1.4109 shares of Verizon Communications at 46.24708 USD. This increases our dividend income by two shares, as our accumulated fractional shares once again rounded up to a full share.

 

 

Two weeks since last update

As mentioned earlier, things have been very quiet. Last weekend we were on a mini vacation, which is why there was no blog update. Another reason is that during that week we did not receive any passive income. We did make one purchase, though.

This week was slightly better in terms of income. As usual, the 15th brought several dividends, and a few more arrived on other days. During this two week period we received the following dividends:

• 3,23 € from Apple Hospitality Reit
• 46,60 € from  Realty Income
• 37,96 € from Main Street Capital
• 0,02 € from Dynacor
• 7,41 € from Northland Power
• 19,42 € from Exchange Income
• 5,70 € from Fiera Capital

In total we received 120,34 € over these two weeks. This is very low compared to our normal weekly levels. Despite the weak numbers, the month has still been good compared to last year. We have already collected the same amount of dividends as in the entire month of June last year. We have also passed the full year total of 2021.

So at the moment 2026 is firmly holding third place in terms of income, even though more than half of the year is still ahead.

 

Then to the purchases. We have been holding back on new investments while waiting for our tax assessment to be finalized. We knew we would have to pay some additional taxes, but we did not know the exact amount. This week we finally received the final numbers.

We could have paid the taxes in two installments, but we decided to take care of everything at once. We wanted the whole thing off our mind, and sometimes it is better to just rip the band‑aid off. In total we paid around 2 800 € in additional taxes.

Because of that, our recent investments have been very small. Here is the breakdown of the last two weeks:

• 0,9599 shares of Verizon @47,76539 USD
• 0,1822 shares of Bank of Montreal @236,55 CAD
• 15,6132 shares of Emera @72,05249 CAD

All of these purchases will increase our 2026 income, even the fractional ones, because they pushed us over the threshold to new full shares.

 

Slow season is starting

The last seven months of the year will be much quieter than the first five. The reason is simple. In Europe, and especially in the Nordics, annual dividends are still very common and a large part of our portfolio is located there.

Even so, the first week of June started strongly:

•  2,24 € from Enbridge
• 21,67 € from Dynex Capital
• 13,81 € from May Interests
• 25,18 € from Co-operatives
• 53,82 € from Canadian Utilities
• 212,50 € from NN Group
• 23,80 € from Cibus Nordic

In total we collected 353,02 € during the first week of June. This is already 75 percent of last year’s June dividends, so the month has started very well.

 

On the purchasing side the quiet period continues because taxation is still unfinished. We still made a couple of small additions:

• 0,5411 shares of Bank of Montreal @226,57549 CAD
• 15,6132 shares of Emera @72,05249 CAD
• 6,9074 shares of Dynex Capital @13,15978 USD 

The Emera and Dynex purchases will increase our 2026 dividend income a little. The Bank of Montreal fractional share will not, since fractional shares do not pay dividends for us. It still moves us closer to one more full share, so it is progress.

An unexpected suprise

We had mentally closed the month already last week, but then something unexpected happened. Well, not truly unexpected, since the same event occurs every year, but this year the timing was different for reasons we won’t go into here. One of our funds paid its annual yield. We hadn’t included this in our budgeting, and the exact payment date varies from year to year. This time it landed in the final week of May, and it changed everything.

From that fund we received 1012,19 €, which alone was enough to turn May into our best month ever in passive income. What we expected to be the third‑best month suddenly became the clear number one, and by a wide margin. Other passive income this week came from: 

• 11,55 € from Puuilo
• 3,64 € from Gladstone Commercial Reit
• 5,84 € from Gladstone Investment Corp BDC
• 40,89 € from Tele2
• 1,74 € from Bank of Montreal
• 4,36 € from Boston Pizza Royalties
• 16,52 € from Canadian Net Reit

Otherwise the week was a typical end‑of‑month week with the usual monthly payers and a couple of smaller additions. Total passive income for the week was 1096,73 €, which is excellent. Without the special event the week would actually have been quite weak.

In total, May ended at 3205,71 €, almost 1000 € more than our second‑best month. we now have two consecutive all‑time best months.

 

Activity on the “building the future” front was unusually quiet for us, but not completely at a standstill. Even during slower weeks we try to reinvest cash back into the portfolio quickly, and this week we still managed to grow our future income. The pace was just much calmer than usual. In the end we made only one purchase, but a purchase nonetheless: 14 shares of Kesko A at 20,59285 €. One reason for the slower activity is that we need to keep some cash aside for upcoming tax payments later in the summer. We won’t go into the details here, but it does mean we can’t reinvest quite as aggressively as usual.

 

 

 

High Dividends, Light Purchases, and a New Annual Lead

Dividendwise this week was exceptional thanks to one of our largest annual dividend payers. Otherwise the week was fairly ordinary. We received dividends on three out of five days, and one of them was a milestone for us: our first ever dividend from Estonia.

Tallinna Vesi paid us 61,56 €. At the moment this is our only Estonian holding, and part of the reason we bought it was to test how the dividend process works in practice with our bank. Everything went smoothly, which is not something you can take for granted with European companies. Some countries withhold too much tax, and then you need to deal with paperwork to reclaim the excess. Estonia is not one of those cases. Because of this positive experience we will likely increase our exposure to the Estonian market in the future.

The rest of the dividends this week were:

• 47,26 € from Saratoga Investment
• 655,43 € from Mandatum
• 1 share of Main Street capital worth of 43,53 €
• 15,52 € as a remainder from MAIN DRIP
• 26,16 € from Waypoint reit

The total amount of dividends this week was 849,46 €, which is a very solid result. With this, May has now become our third‑best month ever and the second‑best month of this year. The current total for May stands at 2093,59 €.

The remaining expected dividends for the month are not large enough to change the ranking, so May will almost certainly stay in third place overall. Still, crossing the 2000 € mark is always a satisfying milestone and shows that the portfolio continues to move in the right direction.

Our total dividends for the year have now passed the level we reached at the end of August last year. So far we have received 7290,50 €. At the end of August last year the total was 7102,61 €.

In other words, we are more than three months ahead of last year’s pace. From June onward the growth rate of our dividend accumulation will slow down.

On the purchasing side we were not as active as last week, even though we received more dividends. We made only two purchases, but both were relatively larger than usual. We bought 5 shares of Kone at 51,70 € and 17 shares of Eurocommercial Properties at 28,57529 €.

The Kone purchase will not increase our 2026 income, as the company has already paid its 2025 dividend. Eurocommercial Properties, however, will increase our 2026 income because it pays its dividend in July.

 

Second full week of May 2026

This week we received dividends on three different days. Most of the income came in euros and Australian dollars, and on Friday we received the usual mid‑month payments in US and Canadian dollars. Here is the full breakdown:

• 34,20 € from Huhtamäki
• 133,45 € from Signify
• 75,76 € from Washington H Soul Pattinson
• 7,42 € from Northland Power
• 26,53 € from Realty Income 
• 53,48 € from Omega Healthcare Investors
• 3,06 € from Apple Hospitality Reit
• 37,73 € from Main Street Capital 

This week’s dividend income totaled 371,63 €, which is a solid amount. Altogether we have accumulated 1237,09 € so far in May, and there are still one or two larger dividends on the way, along with several smaller ones in the tens‑of‑euros range. With these included, we expect May to become our third‑best month ever, with total passive income slightly above 2000 euros.

Year to date we have collected 6434 € in passive income. This is roughly the same amount we had reached by the end of July last year, so our pace is excellent. In fact, we have never earned this much passive income this early in the year. The chart below illustrates this clearly, as the 2026 cumulative line is well ahead of previous years at the same point in time.

 

Earlier weeks were fairly quiet in terms of new purchases. This week the pace picked up a little, even though we did not start any kind of shopping spree. These are the transactions we made:

• 1 unit of Arvo Sijoitusosuuskunta @80,40 €
• 25 shares of A&W Food Services of Canada @35,5616 CAD
• 9,94 shares of Emera @71,83099 CAD
• 19 shares of  EuroCommercial Properties @27,44636 €
• 141 Shares of IPH Limited @3,5656 AUD
• 2,5425 shares of Verizon @47,3353 USD
• 0,2055 shares of Bank of Montreal @210,17 CAD
• 1,6988 shares of Dynex Capital @13,0795 USD
• 26 shares of Kesko A @20,37692 €

This week’s purchases also added a nice layer of diversification. The buys were spread across several sectors and regions, and the additions outside North America helped balance the portfolio’s geographical weight. IPH Limited stood out as the most unusual new holding, while Arvo Sijoitusosuuskunta and Kesko A brought a bit of domestic flavor. Altogether the purchases were small but meaningful steps that strengthened the portfolio and increased our 2026 dividend income by roughly 60 euros.

 

First full week of May 2026

The first full week of May was an unusual one for us. Most of the income arrived in euros rather than in other currencies. We only received a small portion of April’s interest payments in foreign currencies, and the rest of the week’s income was entirely in euros. Here is the breakdown:

• 11,57 € from April interests
• 37,39 € from cooperatives
• 672,21 € from Sampo
• 23,80 from Cibus
• 0,52 from PostNL N.V
• 15,56 from Acomo

It was a very strong week overall. Our total income reached 761,05 €, which is exceptionally high thanks to Sampo’s annual dividend.

 

 

This week we made a couple of new investments. We added a small portion of OP-Eurooppa Indeksi A, even though it does not generate any income. This is part of an automated setup where the bonus payments from OP are directed into this fund.

Our second purchase was Tallinna Vesi, which we bought using the dividends received from Sampo. The details are below:

0,085 units of OP-Eurooppa Indeksi A at 249,41176 € 61 shares of AS Tallinna Vesi at 11,68279 €

The Tallinna Vesi purchase will increase our 2026 income by 29,55 €.

 

 

End of the April

The last week of April was fairly ordinary. Nothing unusual happened, and everything went as expected. We anticipated reaching a new all time best monthly dividend income, and we achieved exactly that. These were the dividends we received.

In April;

• 3,62 € from Gladstone Commercial Reit
• 5,79 € from Gladstone investment BDC
• 11,38 € from Canada Imperial Bank
• 4,38 € Boston Pizza Royalties
• 14,62 € from LTC Properties 
• 16,62 € from Canadian Net Reit 

In May:

• 20,34 € from Dynex Capital
• 29,19 € from AT&T 
• 22,67 € from Verizon

In total we received 128,61 € this week, which is a typical result for us. This brings April to 2256,84 € and May to 72,20 €. April is now officially our best dividend month ever, surpassing May 2022 by 20,46 €. Compared to last year, April’s dividend income increased by an impressive 86,39 %.

 

And as usual, we reinvested the dividends we received. The purchases were small, but even small additions help increase our expected cashflow. These are the transactions we made:

• 8,1527 shares of Dynex Capital @13,73775 USD
• 8,8086 shares of Blue Owl Capital @11,23671 USD
• 2,7205 shares of Apple Hospitality Reit @13,69965 USD
• 0,2489 shares of Bank Of Montreal @207,55323 CAD
• 2,2680 shares of Ares Capital @19,55467 USD

The purchases were modest, but they still move us forward. We have some large expenses on the horizon, which is why we are currently holding back on investing and building up cash to cover those upcoming costs.

 

A Silent Week, A Small Step Ahead

Now that we are starting to write this week’s summary, we actually do not remember much about how the week went. So let’s check our bookkeeping and see what really happened. A few dividends and a few purchases came in, but the overall picture is still a bit hazy.

The first income of the week was 4 euros in interest from Cooperatives. This comes from a constant 1500 euro position that we have considered cashing out and reallocating to more lucrative holdings. We have not done it yet, since withdrawing money from cooperatives cannot be done online and would require a physical visit to a specific bank. The rest of the income this week was:

• 12,90 interests from Arvo investment cooperative
• 1 share from MAIN Drip worth of 48,03 €
• 10,41 € as a remainders from MAIN DRIP
• 59,50 € from Kendrion
• 46,88 € from Saratoga Investment
• 5,59 € from UPM Kymmene
• 18,78 € from MSC Industrial Direct Company

This brings the total passive income for the week to 206,09 euros. The total for April now stands at 2198,52 euros, making it the second best month ever. The remaining dividends this month will very likely push April to a new all time high. There is still a small uncertainty related to currency rates, but the direction looks very promising.

 

 

And then to building the future. We mainly reinvested dividends, but we also added a small amount of new cash to the portfolio. The first purchase of the week was Eurocommercial Properties. We bought 5 shares at 28,702 euros. Since we try to keep transaction costs relatively low, most of the euros used for this purchase were sitting idle in the portfolio until the Kendrion dividends arrived. With that timing, we were able to complete the purchase with a 1 percent fee, which is good enough for us when making small additions.

The rest of the purchases this week were:

• 2,3696 shares of Ares Capital @18,92725 USD
• 10 shares of Kesko A  @20,35 €

So overall, a very quiet week in terms of transactions. Nevertheless, we were able to increase our future income, even if only slightly, once again.

First two weeks of April 2026

We forgot to update the blog last weekend. Everyday life kept us busy, and writing simply slipped our minds. So now it’s time to catch up. April and May are usually the busiest months in terms of dividends, and this year is no exception, transactions have been plentiful.

The start of April has been excellent. Right after Easter, the first income came in the form of interest from March. Even though the amounts are small, interest payments are always nice to receive. For March, we collected 12.61 € in interest.

The rest of the income during the past two weeks consisted of:

• 21,20 € from cooperatives
• 17,14 € from Titanium
• 20,00 € from Neste
• 30,02 € from Kemira
• 133,40 € from Kesko
• 5,68 € from Fiera Capital
• 6,74 € from Keurig DrPepper
• 22,98 € from Cibus Nordic
• 72,00 € from Aktia Pankki
• 74,00 € from Fortum
• 7,34 € from Northland Power
• 19,26 € from Exchange Income
• 46,76 € from Realty Income
• 85,37 € from Blue Owl Capital
• 37,50 € from Taaaleri
• 0,02 € from Dynacor
• 3,09 € from Apple Hospitality Reit
• 38,10 € from Main Street Capital. 

The list is long, and the total is impressive. Over this two‑week period, dividends amounted to 653.21 €, which is exceptionally high.

With that, our passive income for April has reached 1,992.43 €, already surpassing every previous April. And there are still almost two full weeks left. Altogether, passive income in 2026 stands at 4,932.50 € so far, putting us on track for our best year ever.

Of course, the rest of the year can still change the trajectory. Last year we were also ahead in the early months, but fell behind the record pace in April. This time, at least, we’ve improved the situation by one month.

 

We haven’t reinvested everything, but most of the dividends have been put back to work. During this two‑week period, we made the following purchases:

• 8,5655 shares of Dynex Capital @13,07571 USD
• 0,6775 shares of Bank of Montreal @205,96659 CAD
• 7,6562 shares of Ares Capital @18,98461 USD
• 19,27 shares of Acomo @27,48054 €
• 3 units of Pohjanmaan Arvo Sijoitusosuuskunta @90,51667 €
• 14 shares of Huhtamäki @29,21571 €
• 0,0924 units of OP-Eurooppa Index A @246,42857 €

We estimate that these purchases will increase our 2026 income by a little more than 58 € after taxes. 

 

 

End of Q1 2026

We are a bit late with this update, because Easter pushed everything back a little.

The first quarter is now behind us. Even though the markets were uneasy and quite volatile, we still managed to grow our portfolio. Not by much, but growth is growth, especially in this kind of market.

During Q1 we returned to using leverage and took a modest 40 k€ investment loan while rearranging the rest of our loans. Financially this was a wise move. Our total debt increased, we managed to lower our interest expenses a little. On top of that, we get a small part of those interest payments back as income from the co-operative. Overall, the impact on our monthly cash flow is smaller than the amount we pay as principal on the investment loan.

Looking at the portfolio itself, our cash position rose slightly during the first quarter, while our investment funds dropped a bit. Since we took the investment loan, our share holdings grew clearly during Q1. The investment loan balance is now 39 333.32 €, as we have already made two payments. We have a fixed principal payment each month, while the total monthly payment changes from month to month with the interest.

Taking the loan into account, our portfolio grew by around 8 k€ during the first quarter.

Investment portfolio

Asset class	31st Mar 25	30th Jun 25	30th Sep 25	31st Dec 25	31st Mar 26
Cash	17 125,18 €	16 328,29 €	2 470,49 €	4 187,44 €	4 212,14 €
Investment funds	11 357,71 €	14 787,19 €	14 768,72 €	14 870,93 €	14 717,62 €
Coop memberships	1 500,00 €	1 500,00 €	1 500 €	1 600 €	1 600 €
Shares	155 816,03 €	161 148,83 €	173 833,68 €	183 112,10 €	228 664,73 €
Gross investment portfolio	185 798,92 €	193 764,31 €	192 572,89 €	201 530,75 €	249 194,49 €
Investment loan	0 €	0 €	0 €	0 €	39 333,32 €
Net investment portfolio	185 798,92 €	193 764,31 €	192 572,89 €	201 530,75	209 861,17

Now to income. Since we want to track our progress weekly, monthly and quarterly, the fact that months end in the middle of a week makes things a bit awkward. During the last week of March we received the following dividends:

• 10,21 € from Golub Capital
• 4,24 € from Boston Pizza Royalties Income fund
• 15,51 € from LTC Properties
• 16,62 € from Canadian Net Reit
• 25,53 € from A&W
• 51,77 € from Simon Property Group
• 101,29 € from Ares Capital
• 306,72 € from Skandinaviska Enskilda Banken
• 3,66 € from Gladstone commercial Reit
• 5,88 € from Gladstone Investment BDC

These bring our total March dividends to 1 836,49 €. March ended up being our best March ever by a wide margin. At the beginning of the month we actually expected it to finish in second place, so this was a pleasant surprise. Total amount of dividends in Q1 was 2940,07 € which is also all time high. 

During that same week we received those March payments, and as the month turned over into April we received the following dividends:

• 0,62 € from Iron Mountain
• 19,46 € from Dynex Capital
• 19,05 € from  Restaurant Brands International
• 1133,64 € from Nordea Bank
• 1 share from MAIN Drip worth of 45,78 €
• 22,48 € as a remainder from MAIN Drip
• 12,47 € from Telus
• 67,05 € from Orion 

This sums up to 1 320,55 € in April. These dividends alone were enough to lift April into second place among all Aprils so far, and we still have plenty of payments coming in. At this point we are already 9 percent ahead of last year’s April.

And then to purchases. We did not reinvest everything yet, but we did make a few transactions. We are planning to move some cash between accounts and wait for a few more dividends to arrive before investing the rest. The idea is simply to have the right cash in the right portfolio when the time comes to buy.

We bought:

• 17 shares of Huhtamäki @28,37765 €
• 5,4359 shares of Verizon @50,01012 USD
• 62 shares of Cibus Nordic Reit @146,90306 SEK

These purchases will increase our 2026 income by approximately 21,94 €.

All in all, the first quarter turned out steadier than we expected. The portfolio grew despite the market noise, dividends reached new highs and April has already started on a strong footing. There is still cash to allocate and more income on the way, so the next weeks will likely shape the rest of the quarter. For now it feels like we are moving in the right direction at a comfortable pace.

 

Fourth week of March

This week turned out to be something special. It completely shifted our expectations for the whole month. The reason? We received the special dividend from Transcontinental.

The funny part is that the payment itself wasn’t early at all. It arrived exactly when it was supposed to. It just hadn’t really registered in our own tracking, so when it showed up, it felt like a surprise anyway.

The payout came in at 659.64 €, and that single dividend was enough to push our March income into best-March-ever territory. With the current total, this year’s March is now sitting comfortably in second place.

The rest of this week’s dividends were:

• 1 share of Main Street Capital worth of 47,62 €
• 11,85 as remainders from MAIN Drip
• 36,47 from MidCap Financial Investment
• 44,12 € from Main Street Capital special dividend. 

We will receive second batch of MAIN special dividend next week as a DRIP. Total amount of dividends this week was 799,70 €. 

With the dividends rolling in, we made a couple of small purchases. We topped up our position in Transcontinental, which was an easy move since the share price dropped right in line with the special dividend. That brought our total to 220 shares at an average price of 5.03579 CAD.

We also opened a brand‑new position in Bank of Montreal. The long‑term target is 24 shares, and we started with a small first step: 1.3002 shares at 189.20166 CAD.