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.

Third week of March 2026

Yet another quiet week. We were expecting the Main Street Capital DRIP to arrive, but it never showed up. With our current bank, delays like this are rare, yet this is now the second one in a row. It’s definitely time to contact them and find out what’s going on.

This week also brought the annual tax report — and to our surprise, our bank had provided incorrect information to the tax authorities. We had to correct the details ourselves and, of course, sent feedback to the bank. It looks like we’ll be paying a few thousand euros in additional taxes. Not exactly the kind of news you hope for.

Now, on to the dividends. We received payouts on Monday and Thursday. The largest one was our first annual dividend from Kone, totaling 138,60 €. The rest were:

• Northland Power 7,60 €
• Saratoga Investment 48,24 €
•  Apple Hospitality REIT 8,06 €

This brings the weekly total to 194,90 €, which is a solid amount. Our total for March now stands at 495,46 €.

 

Looking ahead, we reinvested part of the dividends to boost future income and made the following purchases:

• 11 shares of Kemira @19,71182 €
• 1,7226 shares of Verizon @50,9949 USD
• 4 shares of Gladstone Commercial REIT @12,395 USD

These additions should increase our 2026 income by roughly 14 €. Not a huge jump, but progress is progress. Every step forward counts.

Second week of March

The second week of the month is always a quiet one, and March was no exception. The only notable events were the CO‑OP membership income and a handful of dividends that arrived on Friday.

Another small highlight was receiving the 2025 tax documents from our broker. Interestingly, this year the broker provided the forms earlier than the tax authorities published their own versions for review and filing. Usually it has been the other way around, and we have had to wait for the broker’s information before we could complete the tax report for the authorities.

Passive income for this week:

• 21,38 € from Co-op memberships. 
• 19,95 € from Exchange Income
• 45,42 € from Realty Income
• 38,51 € from Main Street Capital

Total passive income for the week came to 125,26 € which is quite decent for a quiet week. With these payments included, March’s passive income now stands at 297,94 €. At the same time, we crossed the 62,000 € mark in cumulative capital income for the period we have records for (from 2008 onward). Some of the earliest years (up to 2018) may have missing entries, but the total includes only confirmed figures, no estimates.

 

 

After tallying up the week’s passive income, it’s time to look at the purchases. This week we brought two positions up to their target levels. The first one was Kendrion NV, where we added 14 shares at 16,55143 €. The second one was Telus Corporation, a position we started building last week; this time we added 63,1874 shares at 13,24077 USD.

The rest of the purchases were:

• 1,3431 shares of Transcontinental @23,20006 CAD
• 0,4228 shares of Dynacor @5,73365 CAD
• 24 shares of Titanium Oyj @7,39333 €

This week's purchases will increase our 2026 passive income by 66,57 €. The main reason is Transcontinental's special dividend, which is 20 CAD per share. 

First week of March

This week was fairly ordinary overall. We received dividends on two days and the monthly interest payment on Thursday. On top of that, some withheld taxes were returned. Our passive income for the week came from:

• 53,68 € from Canadian Utilities
• 22,98 € from Cibus Nordic
• 73,10 € from returned withheld dividends
• 4,76 € as interests from February
• 18,16 € from Dynex Capital

This month was also the first time we received a higher payout from Cibus Nordic after increasing our position earlier this year. Altogether, our income for the first week came to 172,68 €, which is a pretty solid start to the month. This year we’ll fall behind last year’s March totals, since several of our larger dividend payers will distribute their dividends at the beginning of April. Last year those same companies paid at the end of March, which boosted that month’s numbers.

We worked for our future. Since payday is approaching, we used the money already in the account to make some stock purchases, in addition to reinvesting the passive income we received. Purchases we made were:

• 7,7476 shares of Dynex Capital @14,0688 USD
• 1 share of Apple Hopitality REIT @12,41 USD
• 1 share of Dynacor @6,52 USD
• 10 shares of Kesko A @20,08 €
• 3,6921 shares of Transcontinental @23,43382 CAD
• 0,7969 shares of Verizon Communication @40,85 USD
• 2,5399 shares of Ares Capital Corp @18,91807 USD
• 6,4937 shares of Realty Income  Corp @66,25037 USD
• 46,8126 shares of Telus Corporation @46,8126 USD

Purchase prices includes fees. We have now reached our target position in Realty Income, so we opened a new purchase program for Telus. This doesn’t mean we won’t buy Realty Income anymore, it simply means we won’t be actively increasing that position for the time being. Altogether, these purchases will increase our dividend income in 2026 by approximately 62 €.

 

 

End of February 2026

We haven’t had the energy to update the blog lately, as a common cold knocked us out for a while. We also took a short vacation in the middle of the month and stayed offline during that time. So now there’s quite a bit to catch up on.

The markets have been somewhat volatile, but our portfolio has remained surprisingly stable. Individual stocks have swung up and down by around ±10% in a short time, yet the overall trend has still been positive.

We received the following passive income:

• 19,36 € from Exchange Income
• 30,79 € from Realty Income
• 7,38 € from Northland Power Inc
• 52,83 € from Omega Healthcare
• 46,68 € from Saratoga Investment
• 37,27 € from Main Street Capital
• 1 share worth of 51,34 € from Main Street Capital DRIP
• 6,03 € as remainders from MAIN DRIP
• 4,19 € from Boston Pizza Royalties
• 15,18 € from LTC Properties
• 16,43 € from Canadian Net REIT
• 1,39 € from CO-OP-memberships. 
• 1,64 € returns from withheld taxes
• 2,86 € from Apple Hospitality Reit
• 3,31 € from Gladstone Commercial Reit
• 5,75 € from Gladstone Investment Corp

Total passive income for this period was 302,43 €.
In February the total was 400,62 €, which ended up being slightly lower than last year. The drop was mainly due to two changes: we removed Telia from our portfolio, and Whitestone REIT switched from monthly to quarterly dividends. Since then, we’ve also exited Whitestone entirely.

 

 

Looking ahead, we expect to start receiving regular income from our newest co‑op investment as well. We currently hold memberships in 16 cooperatives in total, although only a handful still produce returns. One of them pays monthly — our local Osuuspankki, since we have loans there — and another pays irregularly through S‑Group cashback returns. The cashback is technically paid monthly, but our purchases are so small that we don’t receive it every month. The remaining S‑Group cooperatives pay either annual interest on the cooperative capital or an annual surplus refund, depending on the year.

Even so, the new co‑op should help smooth out the passive‑income flow going forward

We’ve also been considering whether it still makes sense to keep all of our S‑Group co‑op memberships. Most of them have stopped paying interest on the cooperative capital altogether, and only a few still provide any annual return. Without that interest, the memberships no longer function as meaningful investments — they’re essentially just tied‑up capital. Because of that, we may start trimming down the number of S‑Group co‑ops we hold. 

We’ve also been working on strengthening the future cash flow. Over the past three weeks we’ve made several new stock purchases, focusing on positions that support long‑term stability and dividend growth. We also entered a new market — Estonia — by opening a small position in AS Tallinna Vesi, buying 47 shares @11,2426 €. A water utility company is a steady addition to the portfolio and fits well with our long‑term approach.

• 22 shares of Titanium @7,43364 €
• 18,0952 shares of Realty Income @65,8379 USD
• 5,4171 shares of Ares capital @19,44583 USD
• 3,2389 shares of Transcontinental @23,55121 CAD
• 1,7871 shares of Apple Hospitality Reit @12,4387 USD
• 1,5772 shares of Dynacor @6,3717 CAD
• 4,3901 shares of Enbridge @73,11679 CAD
• 2,2574 shares of Dynex Capital @14,31675 USD

All in all, these moves should add roughly €124 to our 2026 income, a result we’re quite happy with.